每经AI快讯，有投资者在投资者互动平台提问：尊敬的公司领导，请教以下3个问题，一、废塑料裂解 产品下游销售协议签定了没有？二、20万吨装置是否已正常运行？三、公司有足够的资金维持运转和扩 产吗？ 惠城环保（300779.SZ）9月16日在投资者互动平台表示，目前公司针对该产品下游销售协议正在积极与 相关方推进洽谈与协商中。公司20万吨/年混合废塑料资源化综合利用示范性项目已于2025年7月11日试 生产成功，目前公司正积极推进后续工作，项目的进展情况请关注公司的相关公告或新闻。未来若有扩 产计划，资金来源可通过股权融资、向银行申请贷款等多种融资方式相结合。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock price of Huicheng Environmental Protection has surged over 80% in 2024, reaching around 176 yuan, despite a significant decline in its fundamental performance, including a 69.25% drop in net profit [1][3]. Financial Performance - In 2024, the company reported a net profit of 42.6 million yuan, down 69.25% year-on-year [1]. - For the first half of 2025, total revenue decreased by 5.09%, with net profit plummeting 85.63% to 502,040 yuan [1]. - The net profit margin fell from 6.57% to 0.97%, and operating cash flow turned negative, dropping nearly 413% year-on-year [1]. Business Challenges - The company faces multiple challenges in its main business, including a significant decline in gross margins for its petroleum coke hydrogen ash disposal services and waste catalyst disposal services [3]. - Period expenses have been increasing, rising as a proportion of total revenue each year [3]. - There is a notable concentration risk with downstream customers, particularly with a high dependency on sales to China National Petroleum Corporation [3]. Innovation and Future Prospects - Despite poor fundamentals, the company's stock price is buoyed by its claimed "world's first mixed waste plastic deep catalytic cracking (CPDCC)" technology, which is expected to be a future profit growth point [3]. - The first demonstration project for the CPDCC technology, capable of processing 200,000 tons per year, has successfully entered trial production [3]. Project Financing - Huicheng Environmental Protection recently disclosed a new round of fundraising, aiming to raise 850 million yuan, with approximately 250 million yuan allocated for working capital and the remainder for two project investments [5]. - Successful implementation of these projects is expected to help reduce the debt-to-asset ratio and enhance financial stability [5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company experienced a slight decline in revenue and a significant drop in net profit due to rising costs, with H1 2025 revenue at 560 million yuan (down 5.1% YoY) and net profit at 5.02 million yuan (down 85.6% YoY) [1]. - The resource utilization revenue decreased, while hazardous waste disposal revenue increased, with hazardous waste services generating 350 million yuan (up 5.8% YoY) [2]. - The gross margin improved to 25.5%, with resource utilization and hazardous waste services achieving gross margins of 24.4% and 27.1%, respectively [3]. - The successful trial production of the mixed waste plastic resource utilization project is expected to drive high growth for the company [3]. Financial Summary - Revenue projections for 2025-2027 are 1.77 billion yuan, 2.75 billion yuan, and 4.2 billion yuan, respectively, with corresponding net profits of 170 million yuan, 500 million yuan, and 880 million yuan [4]. - The company’s P/E ratios are projected to be 215.0x, 73.9x, and 42.0x for 2025, 2026, and 2027, respectively [4][5]. - The company’s total assets are expected to grow from 6.5 billion yuan in 2025 to 12.7 billion yuan in 2027 [10].