（来源：普华有策） 烟气治理行业赛道解析：政策驱动、格局分层、壁垒凸显 "十五"期间（2001-2005年），《GB13223-1996》标准实施，烟尘排放限值大幅收紧，治理重点集中于"除尘"；"十一五"期间（2006-2010 年），《GB13223-2003》颁布，二氧化硫（SO₂）排放限值显著降低，该阶段核心任务为"脱硫"；"十二五"期间（2011-2015年）， 《GB13223-2011》出台，氮氧化物（NOx）排放控制成为重点，"脱硝"成为行业关键词；"十三五"期间（2016-2020年），国家推动火电行业 实现烟尘、SO₂和NOx的"超低排放"，与此同时，治理重点开始逐步向钢铁、水泥等非电行业拓展；进入"十四五"时期，火电行业超低排放改 造持续深化，非电行业烟气治理工作亦稳步推进，行业进入全面、系统化治理阶段。 3、烟气治理产业链 从烟气治理工程的建设流程来看，该行业主要可分为三个关键阶段：烟气治理设备制造、烟气治理工程设计及建设，以及烟气治理项目的运 营与维护。 行业上游主要包括以下领域：通用类设备制造商，如风机、循环泵、阀门、搅拌器、电气设备以及PLC/DCS控制系统；专用类设备供应商， 包 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.683 billion yuan for the first half of 2025, a year-on-year increase of 0.2%, with a net profit attributable to shareholders of 445 million yuan, up 3.3% year-on-year. In Q2 alone, revenue reached 2.718 billion yuan, reflecting a 13.5% increase year-on-year, and net profit was 260 million yuan, up 12.0% year-on-year [2][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 4.683 billion yuan, with a net profit of 445 million yuan and a non-recurring net profit of 416 million yuan, marking increases of 0.2%, 3.3%, and 6.6% respectively. Q2 figures showed a revenue of 2.718 billion yuan and a net profit of 260 million yuan, with respective year-on-year growth rates of 13.5% and 12.0% [2][4]. Business Segments - The company’s flue gas treatment business showed revenue fluctuations, but the gross profit margin improved. The clean energy segment reported nearly 100 million yuan in net profit, with ongoing projects both domestically and internationally progressing smoothly. The energy storage segment has begun to turn a profit, and mining equipment capabilities are rapidly developing [2][4]. Operational Efficiency - The company is focused on enhancing operational quality and efficiency, with a steady increase in gross profit margins for its main business. Cash flow is expected to improve, and the interest-bearing debt ratio remains low. The company has seen continued support from major shareholders, indicating confidence in its long-term development [2][4]. Market Position - The company secured new orders worth 5.370 billion yuan in H1, with a stable order backlog of 19.971 billion yuan, reflecting a year-on-year increase of 2.22%. The company is actively managing contract quality and controlling project margins, which supports future performance [2][4]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.103 billion yuan, 1.402 billion yuan, and 1.701 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.8%, 27.1%, and 21.4%. The corresponding PE ratios are projected to be 14.6x, 11.5x, and 9.4x [2][4].