丨证券研究报告丨 公司研究丨点评报告丨浙富控股（002266.SZ） [Table_Title] 浙富控股 2025H1 点评：危废资源化业务稳健， 清洁能源设备表现亮眼 报告要点 [Table_Summary] 2025H1 公司实现营收 106.42 亿元，同比增长 3.22%；归母净利润 5.66 亿元，同比增长 16.8%； 扣非归母净利润 4.25 亿元，同比增长 6.77%。危废资源化业务稳健，清洁能源设备表现亮眼， 此外期间费用率下降、资产减值损失减少等因素增厚利润。看好公司清洁能源装备领域订单释 放带来的业绩增量。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 浙富控股（002266.SZ） cjzqdt11111 公司基础数据 [Ta ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 4.50 [5][4]. Core Insights - The company achieved a revenue of RMB 106.42 billion in H1 2025, representing a year-over-year increase of 3.22%, and a net profit of RMB 5.66 billion, up 16.80% year-over-year, driven primarily by strong performance in the clean energy equipment segment [1][4]. - The clean energy equipment business saw a revenue increase of 37.11% year-over-year in H1 2025, contributing significantly to the overall profitability of the company [2]. - The hazardous waste treatment and resource recovery segment remains a leader in the industry, although it experienced a slight decline in gross margin due to industry pressures [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of RMB 57.05 billion, a decrease of 2.59% year-over-year but an increase of 15.55% quarter-over-quarter, with a net profit of RMB 2.95 billion, reflecting a year-over-year increase of 69.87% [1]. - The clean energy equipment segment's revenue for H1 2025 was RMB 6.15 billion, accounting for 6% of total revenue, with a gross margin of 44.67%, up 7.31 percentage points year-over-year [2]. Business Segments - The hazardous waste treatment and resource recovery business generated RMB 99.99 billion in revenue in H1 2025, making up 94% of total revenue, but faced a slight gross margin decline to 9.54% [3]. - The company has maintained effective cost control, with R&D and financial expenses decreasing by 3.48% and 37.40% year-over-year, respectively [3]. Profit Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to RMB 11.48 billion, RMB 11.82 billion, and RMB 12.65 billion, respectively, with corresponding EPS estimates of RMB 0.22, RMB 0.23, and RMB 0.24 [4]. - The report suggests a target price based on a 20.5x PE ratio for 2025, reflecting confidence in the clean energy equipment segment's future profitability [4].

Core Insights - The company reported a revenue of 10.642 billion yuan for the first half of 2025, representing a year-on-year growth of 3.22%, and a net profit attributable to shareholders of 566 million yuan, with a year-on-year increase of 16.80, indicating steady improvement in profitability [1] Group 1: Business Performance - Both main business segments, clean energy equipment and hazardous waste resource utilization, demonstrated strong resilience during the reporting period [2] - The clean energy equipment segment achieved a revenue of 615 million yuan, a significant increase of 37.11% year-on-year, with a gross margin improvement of 7.31 percentage points, reaching 44.67%, well above the industry average [2] - The nuclear power equipment segment, particularly through its subsidiary Sichuan Huadu Nuclear Equipment Manufacturing Co., contributed a net profit of 120 million yuan, supporting overall profitability [3] Group 2: Hazardous Waste Resource Utilization - The hazardous waste resource utilization business maintained steady growth, supported by national policies promoting a "waste-free city" and circular economy [4] - The company established a full industry chain model for hazardous waste management, enhancing the recovery rates and purity of recycled metals, and achieving an annual processing capacity of 40,000 tons for used power batteries [4] Group 3: Technological Innovation - The company holds 378 valid patents, including 83 invention patents, which bolster its competitive edge in key areas such as pumped storage units and nuclear power equipment [5] - The company invested 450 million yuan in R&D during the reporting period, maintaining a high level within the industry, which supports technological advancements and new field explorations [5] Group 4: Shareholder Returns and Future Strategy - The company distributed cash dividends totaling 258 million yuan, accounting for 26.58% of the net profit attributable to shareholders, and has repurchased shares worth 173 million yuan to support employee stock ownership plans [6] - For the second half of 2025, the company plans to focus on enhancing its clean energy and environmental protection strategies, optimizing production capacity, and exploring new fields such as nuclear fusion equipment [6]

Group 1: Investment and Financial Highlights - The recent capital increase project by State Grid New Energy Holdings raised 36.5 billion RMB, marking the largest cash fundraising in the history of state-owned assets transactions, aimed at promoting high-quality development in pumped storage [2][3] - The funds will be fully invested in pumped storage projects, expected to leverage over 300 billion RMB in project investments and stimulate related industry growth [3] Group 2: Company Capabilities and Projects - Zhejiang Fuchunjiang Hydropower Equipment Co., Ltd. is recognized as a leading player in the domestic hydropower sector, with advanced technology and capabilities in designing and undertaking pumped storage units [3] - The company plans to invest 1 billion RMB in a high-end equipment R&D project in Tonglu County, Hangzhou, focusing on the development of key components for liquid metal reactors and pumped storage units [3] - Current pumped storage orders include projects like Songyang Pumped Storage Power Station (4*350MW) and Shahe Pumped Storage Power Station (4*350MW), with a total order value of approximately 2 billion RMB [3] Group 3: Major Projects and Environmental Impact - The Yarlung Zangbo River downstream hydropower project commenced on July 19, 2025, with a total investment of approximately 1.2 trillion RMB and an installed capacity of 60-70 million kW, equivalent to three Three Gorges power stations [4] - This project is expected to replace 9 million tons of standard coal annually, reducing carbon dioxide emissions by 200 million to 300 million tons [4] Group 4: Technical Innovations and Challenges - The company has successfully supplied and installed equipment for high-altitude hydropower stations, overcoming challenges posed by harsh environments and thin air [4] - In the Shuangjiangkou Hydropower Station project, which has an installed capacity of 2 million kW, the company implemented innovative designs to enhance equipment performance under high-altitude conditions [4] Group 5: Future Directions in Nuclear Energy - The company is actively involved in the research and development of controlled nuclear fusion technology, focusing on liquid metal pumps as a key component [5] - The first fourth-generation commercial fast reactor in China, with a capacity of 1.2 million kW, is being developed, with the company leading the R&D of liquid metal nuclear pumps [6]

Group 1 - Northern Rare Earth stated that the amount of rare earth permanent magnet materials used in a humanoid robot is approximately 3.5 to 4 kilograms, which is crucial for the robot's joint movements and overall functionality [1] - With the increasing demand for humanoid robots, the market for rare earth permanent magnet materials is expected to expand, benefiting Northern Rare Earth as an industry leader, further solidifying its technological advantages and market position [1] Group 2 - Zhejiang Fu Holdings announced that its wholly-owned subsidiary, Zhejiang Fu Hydropower, focuses on the research, design, manufacturing, and service of large and medium-sized water turbine generator sets, including various types of turbine generator sets and hydropower project contracting [2] - The company is paying attention to the recent market interest in the Yarlung Tsangpo River downstream hydropower project, which aligns well with Zhejiang Fu Hydropower's core business, indicating potential market opportunities despite the project's large scale and long duration [2] Group 3 - Far East Holdings is actively following the Yarlung Tsangpo River hydropower station project, optimizing its products and technology to match the characteristics of the project, leveraging its experience from previous projects in Tibet [3] - The company has accumulated mature service capabilities and a professional team through its involvement in significant projects like the ±400kV Qinghai-Tibet interconnection project, indicating readiness to participate in future opportunities [3]

Group 1: Company Overview - Zhejiang Fu Holding Group Co., Ltd. is a leading player in the hydropower industry, recognized for its advanced technology and capabilities in pumped storage hydropower systems [3]. - The company has a strong presence in the domestic market, with its hydropower business ranked among the top tier in China [3]. Group 2: Investment and Projects - The company plans to invest approximately 1 billion RMB in a high-end equipment R&D project in Tonglu County, Zhejiang Province [3]. - The total investment for the Yarlung Zangbo River downstream hydropower project is around 1.2 trillion RMB, with an installed capacity of 60,000 to 70,000 MW, equivalent to three times the capacity of the Three Gorges Dam [4]. Group 3: Orders and Revenue Recognition - Current orders for pumped storage projects include: - Songyang Pumped Storage Power Station (4*350 MW) - Jinshuitan Pumped Storage Power Station (3*99 MW) - Shahe Pumped Storage Power Station in Shaanxi (4*350 MW) - Total order value is approximately 1 billion RMB [3]. - Revenue from hydropower equipment is recognized based on the percentage of completion method, with a typical contract duration of around three years [3]. Group 4: Technological Advancements - The company is actively involved in the research and development of controlled nuclear fusion technology, focusing on liquid metal pumps [4]. - Zhejiang Fu Hydropower has successfully completed projects in high-altitude areas, demonstrating its technical expertise and ability to adapt equipment for challenging environments [5]. Group 5: Production Capacity - The company has the capacity to produce 40 sets of large and medium-sized hydropower generator units annually, with a total capacity of 4,500 MW [4]. - It operates over 100 specialized equipment and large CNC machining centers, achieving world-class manufacturing standards [4].

Group 1 - The stock of Zhejiang Fuhua Holdings Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days on July 18, July 21, and July 22, 2025 [1] - The company's board of directors conducted an investigation into the abnormal trading situation and confirmed that there are no undisclosed significant information or major changes affecting the company [1][2] - Zhejiang Fuhua's wholly-owned subsidiary, Zhejiang Fuchunjiang Hydropower Equipment Co., Ltd., specializes in the research, design, manufacturing, and service of large and medium-sized complete sets of hydraulic turbine generator units [1] Group 2 - The company confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's listing rules, nor any significant information that could impact the stock price [2] - The company is currently in the early stages of construction for the Yaxia project, which has a large investment scale, long construction period, and high technical requirements [2]

Core Viewpoint - The company has noted increased market attention on the Yarlung Tsangpo River downstream hydropower project, indicating potential investment interest and market volatility [1] Company Overview - Zhejiang Fuchunjiang Hydropower Equipment Co., Ltd., a wholly-owned subsidiary of Zhejiang Fuchu Holdings, specializes in the research, design, manufacturing, and service of medium and large complete sets of hydraulic turbine generator units [1] - The product range includes three main types of hydraulic turbine generator units: through-flow, axial-flow, and mixed-flow, as well as pumped storage generator units and comprehensive contracting for hydropower engineering electromechanical projects [1] Project Status - As of the date of the announcement, the Yarlung Tsangpo project is still in the early stages of construction, characterized by a large investment scale, long construction period, and high technical requirements [1] - The company will adhere to relevant regulations and fulfill information disclosure obligations based on the project's progress [1]