华福证券 乘"一带一路"东风，海外业务持续推进。公司积极在南亚、东南亚和中 东区域开拓海外市场。南亚、东南亚地区人口密集，水务行业尚处发展初期， 供水及污水处理市场空间广阔；中东地区淡水资源匮乏，在供水和园区的工业 污水处理方面颇具前景。目前，孟加拉达卡项目一期正常运营中，项目二期 DMA 管网、泵房设计工作基本完成、采购招投标等前期工作正在准备，共分 四期建设完成。公司积极配置资源致力于新的海外水务项目持续落地，有望乘 "一带一路"东风，开启第二成长曲线。 华福证券 证 券 研 盈利预测与投资建议。水价调整方案有望落地，业绩将有所改善；降本增 效成果显著，受益"量价齐升"；海外业务有条不紊，有望开启第二成长曲线。 结合公司整体经营情况，预计公司 2025-2026 年归母净利润分别为 1.70/1.97 亿 元（前值 2.07/2.39 亿元），新增 2027 年归母净利润 2.16 亿元；2025-2027 年 EPS 分别为 0.40、0.47、0.51 元/股（前值 25-26 年为 0.49、0.56 元/股），对应 PE 分别为 26.9、23.2、21.2 倍，维持"持有"评级。 究 报 风险提 ...

乘"一带一路"东风，海外业务持续推进。公司积极在南亚、东南亚和中东区域开拓海外市场。南亚、东 南亚地区人口密集，水务行业尚处发展初期，供水及污水处理市场空间广阔；中东地区淡水资源匮乏， 在供水和园区的工业污水处理方面颇具前景。目前，孟加拉达卡项目一期正常运营中，项目二期DMA 管网、泵房设计工作基本完成、采购招投标等前期工作正在准备，共分四期建设完成。公司积极配置资 源致力于新的海外水务项目持续落地，有望乘"一带一路"东风，开启第二成长曲线。 盈利预测与投资建议。水价调整方案有望落地，业绩将有所改善；降本增效成果显著，受益"量价齐 升"；海外业务有条不紊，有望开启第二成长曲线。 结合公司整体经营情况，预计公司2025-2026 年归母净利润分别为1.70/1.97 亿元（前值2.07/2.39 亿 元），新增2027 年归母净利润2.16 亿元；2025-2027 年EPS 分别为0.40、0.47、0.51 元/股（前值25-26 年为0.49、0.56 元/股），对应PE 分别为26.9、23.2、21.2 倍，维持"持有"评级。 事件：4 月24 日，公司发布2024 年年报及2025 年一季报。202 ...

Core Viewpoint - The company reported a slight increase in revenue but a decrease in net profit, indicating challenges in core operations and ongoing upgrades in wastewater treatment facilities [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.14 billion yuan, a year-on-year increase of 1% - The net profit attributable to shareholders was 150 million yuan, a year-on-year decrease of 6% - For Q1 2025, the company reported operating revenue of 253 million yuan, a year-on-year increase of 7% - The net profit attributable to shareholders for Q1 2025 was 13 million yuan, a significant year-on-year decrease of 63% [1][2]. Business Segments - Water supply and related businesses generated revenue of 595 million yuan, a year-on-year decrease of 4%, with a gross margin of 36.82%, down 2.44 percentage points - Wastewater treatment and resource utilization businesses achieved revenue of 313 million yuan, a year-on-year increase of 5%, with a gross margin of 38.14%, down 0.97 percentage points - EPC and BOT construction businesses combined generated revenue of 217 million yuan, a year-on-year increase of 49% [2]. Project Development - Domestic projects are progressing steadily, including the "Second Water Plant Phase V Project" in Suqian and the "Wangying Reservoir Water Supply Phase II Project" in Xianning, which will enhance regional water supply capacity - The "Tongxiang Shenhe Wastewater Treatment Plant Upgrade Project" has completed acceptance and registration, while price adjustments for wastewater treatment in Jingzhou and Tongxiang are actively being pursued - The company is also focusing on cost reduction and efficiency improvement through technological innovation, including the implementation of solar projects and a precision dosing system [3]. International Expansion - The company is deepening its "Belt and Road" initiative, with ongoing operations in the Purbachal New City Water Supply and Distribution Facilities Development PPP Project in Dhaka, Bangladesh - Future international business efforts will focus on South Asia, Southeast Asia, and the Middle East, with increased investment in overseas project development [3]. Emerging Industries and Green Development - The company is exploring industrial layouts in carbon neutrality, energy conservation, and high-tech sectors - Investments include acquiring a 50% stake in Unitedearth4Earth Holding for CCUS development and establishing a venture capital partnership focused on environmental and ESG technology [4]. Profit Forecast - The company forecasts operating revenues of 1.29 billion yuan, 1.46 billion yuan, and 1.66 billion yuan for 2025-2027, with year-on-year growth rates of 13.18%, 13.24%, and 13.29% - Net profits attributable to shareholders are projected to be 172 million yuan, 198 million yuan, and 229 million yuan for the same period, with growth rates of 14.52%, 15.56%, and 15.26% respectively [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603291 证券简称：联合水务 公告编号：2025-022 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提高上市公司质量的意见》 要求，推动上市公司高质量发展和投资价值提升，保护投资者尤其是中小投资者合法权益，增强投资者 信心，江苏联合水务科技股份有限公司（以下简称"公司"）于2024年6月19日在上海证券交易所网站披 露了《2024年度"提质增效重回报"行动方案》。 2024年，公司坚持聚焦主业，强化战略引领，持续优化资源配置和产业布局；加快推进智慧化、数字化 运营，全面开展精细化、系统化管理；致力于做优做强水务主业，不断提升水务资产收益率。2024年 度，公司实现营业收入114,040.29万元，较上年同期增长1.12%，主要原因为自来水售水量及污水处理 与资源化利用业务的结算量同比增加及BOT建造工程收入同比增加带动公司营业收入实现增长。实现 EBITDA金额44,657.12万元，较上年同 ...