证券日报网讯惠城环保（300779）10月23日发布公告，在公司回答调研者提问时表示，公司20万吨/年 混合废塑料资源化综合利用项目产出的液化塑料裂解气和塑料裂解轻油已实现正常销售。其中，液化塑 料裂解气的客户为茂化实华（000637）。塑料裂解轻油的客户为福建联合石化，目前产品供其试用。公 司生产出的产品经SGS检测，产品质量符合要求。鉴于不同客户不同装置针对原料指标要求存在差异， 公司正积极建设加氢装置以提升产品品质。 ...

证券之星消息，2025年10月23日惠城环保（300779）发布公告称公司于2025年10月22日组织现场参观活 动，一九私募、国泰海通、平安基金、国盛证券、杭州柏乔投资、信达证券、Andon Hong Kong、星石投 资、国都证券、正信控股、松熙资产、众合创赢、国海证券、乾瞻投资、中银证券、中财集团、华西证 券、健顺投资、上海鎏熙资产、恒泽投资、中融协众资本、深圳宇轩创富、鸿途私募、Ascent Fund、汐 泰投资、北京合创友量私募、太平洋、逐流资产、前海辰星、兆信资产参与。 具体内容如下： 问：请介绍一下销售和发货进展？ 答：公司 20 万吨/年混合废塑料资源化综合利用项目产出的液化塑料裂解气和塑料裂解轻油已实现正常销 售。其中，液化塑料裂解气的客户为茂化实华。塑料裂解轻油的客户为福建联合石化，目前产品供其试 用。公司生产出的产品经 SGS 检测，产品质量符合要求。鉴于不同客户不同装置针对原料指标要求存在 差异，公司正积极建设加氢装置以提升产品品质。 问：600 度的反应温度下，催化剂会选择怎样的一个体系？从市场销售的角度看，溯源如何做准备的？公 司 20 万吨的项目已经逐步稳定运行，后续做优化升级， ...

青岛惠城环保科技集团股份有限公司 证券代码：300779 证券简称：惠城环保 3、未来三到五年，公司国内外能完成 1500 万吨到 2000 万吨的概 率？未来扩产的过程中，公司的资金规划如何？主要侧重于哪些 方式？ 鉴于各地加快构建绿色低碳循环发展规划，多地政府与公司洽 谈当地区域废塑料资源循环利用项目建设计划，同时国外企业也有 合作意愿，公司将顺势拓展海外业务，积极探索全球发展机遇，稳 步推进国内外业务布局。对于扩产项目建设资金，公司将通过一级 市场、二级市场、金融贷款多种方式结合解决。资金并非主要问题， 核心挑战在于原料化建设进度和地方政府资源供给。 4、加氢装置投入运行时间？加氢后溢价情况如何？ 加氢装置预计 2026 年年初进行调试。公司与下游客户谈判时明 确公司产品享受绿色溢价，产品相关定价已与客户谈好并形成协议， 客户合同及订单中的产品定价、供应量等涉及保密，暂不披露。 5、您讲到了化学再生和物理再生的区别，对于化学再生产品市场 如何？应用在哪些中端客户？化学再生的市场容量如何？ 投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | ...

惠城环保（300779.SZ）10月15日在投资者互动平台表示，尊敬的投资者您好，公司20万吨/年混合废塑 料资源化综合利用项目产出的产品主要有液化塑料裂解气及塑料裂解轻油。塑料裂解轻油的客户为福建 联合石化，目前产品供其试用。液化塑料裂解气的客户为立拓新材料和茂化实华。同时与安姆科等多家 公司在原材料供应、化学循环产品（液化塑料裂解气和塑料裂解轻油）供应环节达成深度合作。未来公 司若有新的协议签署，将严格按照相关规定及时履行信息披露的义务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司20万吨试生产项目成功启动，但订单是否 有着落？ ...

Core Viewpoint - The company Huicheng Environmental Protection (300779.SZ) reported that its production and operational status is normal as of October 15 [1] Group 1: Production and Operations - The company has a project for the comprehensive utilization of 200,000 tons/year of mixed waste plastics, producing liquefied plastic cracking gas and plastic cracking light oil [1] - The customer for plastic cracking light oil is Fujian United Petrochemical, which is currently testing the product [1] - The customers for liquefied plastic cracking gas include Litop New Materials and Maohua Shihua [1] Group 2: Partnerships and Collaborations - The company has established deep cooperation with several companies, including Amco, in the areas of raw material supply and chemical recycling products (liquefied plastic cracking gas and plastic cracking light oil) [1] - The company commits to timely information disclosure in accordance with relevant regulations for any new agreements signed in the future [1]

责任编辑：小浪快报 点击查看公告原文>> 近日，青岛惠城环保科技集团股份有限公司举行了投资者关系活动，野村资管、胤胜资产、农银汇理等 70家机构通过电话会议参与其中。以下为本次活动的详细情况： 1.基本信息-投资者活动关系类别：其 他（电话会议） -时间：2025年10月12日20:30 - 21:30 -地点：电话会议 -参与单位名称：野村资管、胤 胜资产、农银汇理等70家机构 -上市公司接待人员姓名：首席技术官张新功先生、董事会秘书茹凡先生 2.投资者关系活动主要内容-20万吨废塑料项目运行情况：该项目于7月11日首次投料成功，验证了工 艺。8月试生产发现油气管线设计问题，经技术升级改造，9月29日复产。复产产出的塑料裂解轻油产品 经检测符合预期标准，已交付下游客户，目前装置持续稳定生产，公司还建设了加氢装置以提升产品品 质。 -产品销售与合作：塑料裂解轻油客户为福建联合石化，正供其试用；液化塑料裂解气客户为立拓 新材料和茂化实华。同时，公司与安姆科等多家公司在原材料供应、化学循环产品供应环节达成深度合 作，产品享受绿色溢价，产品定价已与客户达成协议，但具体合同及订单细节暂不披露。 -未来扩产计 划：20 ...

Core Viewpoint - Huicheng Environmental Protection's stock price has experienced a significant increase despite a drastic decline in its financial performance, leading to an extraordinarily high price-to-earnings ratio exceeding 2500 times [1][8]. Financial Performance - In the first half of 2024, Huicheng Environmental Protection reported a revenue of 564 million yuan, a year-on-year decrease of 5.09%, and a net profit of 5.02 million yuan, down 85.63% [2]. - The company's non-recurring net profit was only 762,000 yuan, a staggering decline of 97.53% year-on-year, marking the second-lowest point since its listing [2][4]. - The main business segments include resource utilization products and waste disposal services, with the resource utilization segment experiencing a revenue drop of 25.21% to 170 million yuan [2]. Business Segments - The hazardous waste disposal service revenue increased by 5.81% to 354 million yuan, primarily driven by services provided to Guangdong Petrochemical [2][3]. - The high-sulfur petroleum coke resource utilization project, which began operations in December 2022, generated 374 million yuan in revenue in the first half of 2024, with net profits of 51.28 million yuan [3]. Cost Structure - Despite a slight decline in revenue, the company's net profit saw a dramatic drop due to significantly increased expenses, including sales, management, and financial costs, which rose by 11.12%, 27.73%, and 17.94% respectively [4][5]. - The increase in costs is attributed to the establishment of multiple subsidiaries and the expansion of business operations across the country [5]. Market Performance - Since its listing, Huicheng Environmental Protection's stock has shown extreme volatility, with a peak increase of nearly 24 times since late 2022, despite inconsistent profit levels [6][7]. - The stock's performance has been driven by its small market capitalization, allowing for significant price movements with relatively small capital inflows [7]. Analyst Ratings - Despite the high valuation and declining performance, Guosheng Securities has maintained a "buy" rating on the stock, projecting revenues of 4.2 billion yuan by 2027, which would represent a 3.65-fold increase from 2024 [1][8]. - The company is currently investing in several projects, including waste plastic resource utilization, which are still under development and may impact future performance [8][9].

Project Progress - The company's 200,000 tons/year mixed waste plastic resource utilization project successfully commenced trial production on July 11, 2025, with a product yield of over 92% [2][3] - The project is expected to undergo a month-long inspection and rectification process, aiming to resume production in the third quarter of 2025 [2][3] Product Output and Sales - The main products from the project include plastic cracking gas, liquefied plastic cracking gas, and light oil, with liquefied plastic cracking gas being the highest in proportion [2][3] - The first batch of products has been sold to downstream customers, with pricing determined based on product quality and market conditions [3] Raw Material Sources - The project utilizes a mix of waste plastics from household garbage and industrial paper mills, maintaining a product yield of over 92% [4] - The company anticipates that increasing the diversity of waste plastic sources will not negatively impact yield or operations, provided the materials meet project specifications [4] Future Projects and Capacity - The company is involved in a government-led 3 million tons project, with a framework agreement signed for a two-phase construction plan (120,000 tons/year and 180,000 tons/year) [5] - The 120,000 tons project requires an estimated investment of 8 billion RMB, with funding sourced through equity financing and bank loans [10] Tax Incentives - The company benefits from tax incentives, including a 70% VAT refund policy and a "three exemptions and three reductions" policy for corporate income tax [9] Technical Aspects - The catalyst used in the trial production has shown satisfactory activity and stability, meeting expected performance standards [11] - The company has developed a proprietary mixed waste plastic deep catalytic cracking (CPDCC) technology, which has been validated over eight years and is considered to have a high technical barrier [14][15]

Core Viewpoint - The company faces short-term profit pressure in 2024, with a significant decline in net profit due to intense competition and rising operational costs [1][2]. Financial Performance - The company reported a revenue of 1.15 billion, a year-over-year increase of 7.3%, while the net profit attributable to shareholders was 40 million, reflecting a year-over-year decrease of 69.24% [1]. - In Q4, the company achieved a revenue of 290 million, showing a slight year-over-year decrease of 0.11%, and a net profit of -839,000, indicating a year-over-year decline of 137.5% [1]. - The overall gross margin decreased by 7.5 percentage points to 24.7%, with specific segments showing varied performance: resource utilization products at 24.8% (down 5.0 percentage points), hazardous waste treatment services at 23.5% (down 10.4 percentage points), and three waste governance services at 33.6% (up 1.8 percentage points) [2]. - The net cash flow from operating activities was 160 million, a year-over-year decrease of 40.0%, primarily due to increased cash payments for goods and services [2]. - The company's expenses increased, with sales, management, and financial expense ratios at 3.0%, 10.7%, and 5.3%, respectively, reflecting increases of 0.5, 2.5, and 0.5 percentage points year-over-year [2]. Strategic Initiatives - The company is committed to technological innovation, having launched a mixed waste plastic deep catalytic cracking technology (CPDCC) that converts mixed waste plastics into high-value products [3]. - A demonstration project for resource utilization of 200,000 tons/year of mixed waste plastics is under construction in Guangdong Province, expected to significantly reduce CO2 emissions from plastic production and incineration [3]. - The company has established strategic partnerships with several firms, which may contribute to its growth trajectory [3]. - The hazardous waste projects are operating steadily, and the vanadium extraction project is anticipated to provide new growth opportunities, with plans for a 1,000 tons/year production facility and two additional 4,500 tons/year facilities [3]. Investment Outlook - The company is projected to achieve revenues of 2.12 billion, 2.75 billion, and 3.43 billion in 2025, 2026, and 2027, respectively, with net profits of 250 million, 500 million, and 710 million, corresponding to price-to-earnings ratios of 113.5, 55.8, and 39.8 [4].