头部工程承包公司，转型科工贸一体化中工国际工程股份有限公司隶属于中国机械工业集团有限公司， 具有丰富的国际工程承包经验。其前身为1982 年成立的中国工程与农业机械进出口总公司成套工程 部，2001 年为拓展海外工程总承包业务正式组建，2006 年在深交所上市公司实控人为国资委，国机集 团为公司控股股东。2024 年公司营收、业绩维持稳增长，公司聚焦"一带一路"重点国别市场和油气、 新能源、医疗等重点领域，国际工程承包重点执行项目进展顺利，2025Q1-Q3 新签合同额增速显著提 升。公司聚焦设计咨询与工程承包、先进工程技术装备开发与应用、工程投资与运营三大业务板块，通 过整合设计咨询与高端装备制造双重优势，已构建起覆盖70 余国的全球化业务网络，实现了从传统工 程承包商向科工贸一体化跨国企业的转型升级。 设计咨询与工程承包 企业出海成为我国企业开拓重要选择，公司国际工程承包业务营收规模总体上行。多年出海经验下，工 程企业倾向于向高技术含量、全产业链输出或综合运营商方式转型，减少低价市场竞争和传统劳务输出 方式。 公司国际工程承包业务营收规模总体上行，设计咨询盈利质量提升。2024 年国际工程承包业务营业收 ...

Group 1: Environmental Business Growth - The company is focusing on new profit growth points in its environmental business through refined management and operational upgrades in waste-to-energy, urban sanitation services, and environmental equipment manufacturing [2][4] - New business models such as combined heat and power, collaborative disposal, and "waste-to-energy + IDC" partnerships are being explored to integrate environmental services with digital economy [2][4] Group 2: International Expansion and "Belt and Road" Initiative - The company is actively expanding its overseas business along the "Belt and Road" by leveraging its core technology in waste-to-energy and comprehensive service capabilities [4][5] - In 2025, the company aims to enhance its presence in high-quality solid waste disposal projects in "Belt and Road" countries, transitioning from a single project operator to a comprehensive environmental service provider [4][5] Group 3: Hydrogen Energy Development - The company is advancing into the hydrogen energy sector, investing in green methanol and methane projects, and establishing a complete industrial chain from wind and solar power to hydrogen production [6][7] - The Liao Yuan project includes a total installed capacity of 514.8 MW for grid-connected wind power and 443 MW for off-grid wind power, with a production capacity of 170,000 tons/year of methanol [6][7] Group 4: Green Methanol and Methane Production - The company plans to achieve a production capacity of 1 million tons of ISCC RFNBO standard methanol by 2030, supporting the shipping industry's carbon reduction goals [7][8] - The Liao Yuan integrated project aims to produce 100,000 tons of green methanol and 190,000 tons of green methane annually, with construction expected to be completed by Q2 2026 [7][8] Group 5: Policy Support and Financial Backing - The company has received 280 million yuan in policy financial support for its Liao Yuan and An Da projects, which is a significant endorsement of their technical feasibility and environmental value [9][10] - The national government has launched a 500 billion yuan financial tool to support green low-carbon transitions, with the company benefiting from this initiative [9][10]

Core Viewpoint - The company, Energy Conservation Environment, focuses on waste-to-energy projects and solid waste management, with a significant portion of its revenue derived from these operations [2] Group 1: Business Overview - The company's main business includes solid waste comprehensive disposal, environmental equipment, and electrical equipment, with waste-to-energy as the core [2] - The waste-to-energy business primarily operates under BOO and BOT concession models, allowing the company to earn waste disposal fees and electricity revenue during the concession period, which typically lasts 25 to 30 years [2] - In addition to waste-to-energy, the company can also process various solid wastes such as kitchen waste, sludge, and dead livestock, enhancing economic benefits [2] Group 2: Revenue Contribution - For the fiscal year 2024, the revenue from solid waste comprehensive disposal is expected to account for over 85% of the company's total operating income [2]

Group 1: Business Overview - The company primarily focuses on waste-to-energy projects, with solid waste comprehensive disposal, environmental equipment, and electrical equipment as core business areas. The waste-to-energy segment accounts for over 85% of total revenue in 2024 [1] - The company operates under BOO and BOT models, with typical project operation periods ranging from 25 to 30 years, generating waste disposal fees and electricity revenue [1] Group 2: Financial Performance - Net profit has shown significant growth in the first three quarters of the year due to enhanced operational efficiency, reduced costs, and increased other income [1] - The company has implemented detailed management practices across all business lines to improve value creation capabilities [1] Group 3: Future Growth and M&A Plans - Future growth is expected from three main areas: improving existing projects, acquiring or developing external projects (including overseas), and expanding into other solid waste business sectors [2] - The company is preparing for the injection of waste-to-energy projects to resolve industry competition issues, with commitments from related parties to address these within five years post-major asset restructuring [2]

Core Viewpoint - The company reported steady revenue growth driven by cost reduction and efficiency improvements, achieving a revenue of 4.42 billion yuan and a net profit of 883 million yuan in the first three quarters of 2025, representing year-on-year increases of 2.38% and 32.97% respectively [2][3] Financial Performance - In Q3 alone, the company generated a revenue of 1.46 billion yuan, up 5.20% year-on-year, with a net profit of 338 million yuan, reflecting a significant increase of 49.11% [2] - The net cash flow from operating activities reached 1.74 billion yuan, marking an 11.26% increase year-on-year, indicating a healthy financial status [2] Cost Management and Profitability - The company effectively reduced financial expenses to 261 million yuan from 329 million yuan in the same period last year, primarily due to lower interest expenses [3] - The company’s focus on quality improvement and efficiency has led to a decrease in total operating costs, enhancing profitability [3] Business Development - The company’s waste incineration projects have a daily processing capacity of over 50,000 tons, handling more than 20 million tons of solid waste annually, accounting for approximately 7%-8% of the national waste incineration volume [3] - The external supply of steam reached 914,500 tons in the first half of 2025, a year-on-year increase of 38.11%, while the external heat supply increased by 14.30% [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 6.09 billion, 6.63 billion, and 7.22 billion yuan, with corresponding net profits of 798 million, 937 million, and 1.08 billion yuan, reflecting growth rates of 31.75%, 17.42%, and 14.97% respectively [4] - The company is expected to maintain a price-to-earnings ratio (PE) of 24.20, 20.61, and 17.93 for the years 2025, 2026, and 2027 [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 27.94 [1]. Core Insights - The company reported a 66% year-on-year increase in new equipment orders, indicating strong demand in the equipment manufacturing sector [6]. - The new materials segment has achieved profitability, with significant revenue contributions from its subsidiaries [7]. - The company's environmental operations and equipment manufacturing are expected to support steady growth in performance [4]. Financial Performance - For Q3, the company achieved revenue of RMB 1.976 billion, a year-on-year increase of 2.28% and a quarter-on-quarter increase of 4.35% [4]. - The net profit attributable to the parent company for Q3 was RMB 710 million, reflecting a year-on-year increase of 3.23% [4]. - The company expects a compound annual growth rate (CAGR) of 8.54% in net profit from 2025 to 2027, with projected net profits of RMB 28.91 billion, RMB 31.55 billion, and RMB 34.58 billion for those years respectively [8]. Business Segments - Environmental Operations: The company processed a total of 10.5526 million tons of waste in the first three quarters, a year-on-year increase of 7.5% [5]. - Equipment Manufacturing: The total new equipment orders amounted to approximately RMB 4.47 billion in the first three quarters, marking a 66% increase year-on-year [6]. - New Materials: The subsidiary companies have started generating profits, with projected contributions from new material projects expected to increase in 2026 [7]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2024, 2025, 2026, and 2027 are RMB 1.59, RMB 1.70, RMB 1.85, and RMB 2.03 respectively [3]. - The price-to-earnings (PE) ratio is expected to decrease from 13.86 in 2025 to 10.83 in 2027, indicating potential undervaluation [3]. - The target price of RMB 27.94 is based on a PE of 15.1 for 2026, reflecting the company's growth potential in solid waste revenue and new materials [8].

Group 1 - The industrial sector is a backbone of the national economy, with China's industrial added value surpassing 40.5 trillion yuan, achieving an average annual growth of 5.4% over the past five years [1] - In the first half of 2025, industrial added value grew by 6.2%, contributing 36.3% to the GDP, indicating a strong economic performance [1] - Innovation has been a primary driver, with R&D expenditure in large-scale manufacturing enterprises exceeding 1.6% of operating income, and over 570 industrial companies ranking among the global top 2500 in R&D investment [1] Group 2 - The "Cangyuan" super-large diameter shield machine has set new records in major construction projects, reflecting breakthroughs in China's equipment manufacturing and high-tech manufacturing sectors, which saw average annual growth rates of 7.9% and 8.7% from 2020 to 2024 [2] - In Jiangxi's Xinyu, the lithium salt processing base has seen a surge in orders, with a notable 72% year-on-year increase in lithium battery production in August, driven by favorable national policies [2] - The rapid development of green low-carbon industries such as new energy vehicles, lithium batteries, and photovoltaic equipment has contributed significantly to global green transformation [2] Group 3 - The integration of the real economy and digital economy has accelerated during the 14th Five-Year Plan, with the establishment of the world's largest and most extensive network infrastructure, including 4.598 million 5G base stations [3] - The industrial and information technology sectors have laid a solid foundation for future growth, with a focus on enhancing the resilience of industrial economic growth through systematic and forward-looking measures [3]

Group 1 - The 15th Henan Investment and Trade Fair resulted in the signing of 80 projects, showcasing strong development momentum for Henan's "14th Five-Year Plan" [1] - The event focused on serving Henan's characteristic industries, emphasizing practicality, precision, and efficiency, with 268 projects reaching preliminary cooperation intentions [1] - Over 80% of the signed projects are in advanced manufacturing and strategic emerging industries, indicating a clear path for industrial upgrading and transformation in Henan [1] Group 2 - Yongdao Holdings Group is investing 4 billion yuan in an environmental equipment manufacturing project in Zhengzhou, covering the entire industrial chain of wastewater equipment manufacturing and hazardous waste [2] - A low-carbon digital circular economy industrial base project is being established in Xinxiang, focusing on resource recycling, including waste electronic product recovery and processing [2] - The signing of projects in the new energy sector, such as a battery production project by Guangzhou Penghui Energy Technology Co., Ltd., reflects Henan's strong attractiveness in this field [2] Group 3 - The investment by Jack Technology Co., Ltd. in Shouqian City aims to promote the digital transformation of traditional industries, leveraging Henan's textile and apparel industry foundation [3] - The expectation is that these quality projects will elevate the industrial chain level and accelerate the development of new productive forces in Henan [4]

Group 1: Research Overview - Research object: Zhonghuan Equipment [17] - Industry: Environmental protection [2] - Reception time: September 26, 2025 [17] - Company receptionist: Yi Tian, Securities Affairs Representative [17] Group 2: Detailed Research Institutions - Institution: Guotai Haitong Securities [20] - Institution type: Securities company [20] - Representative: Yang Yichen [20] Group 3: Company Business and Development - Main business: Solid waste comprehensive disposal (centered on domestic waste incineration power generation), environmental protection equipment, and electrical equipment [22] - Waste incineration scale: Daily treatment capacity exceeds 50,000 tons, annual solid waste treatment exceeds 20 million tons, accounting for 7%-8% of the national domestic waste incineration volume [22] - Business expansion: Expand diversified revenue sources through market development, mergers, and fine - management [22] Group 4: Profit Growth - Reason for profit growth: Strengthen quality and efficiency improvement, optimize costs, and reduce expenses [23] Group 5: Accounts Receivable - Composition: Mainly accounts receivable for waste disposal fees and national subsidies [25] - Collection measures: Monitor large - value debts, use information technology, and follow government debt - resolution policies [25] - Recovery outlook: Expected to improve with government debt - resolution measures [25] Group 6: Heating Revenue - Growth in the first half of the year: External steam supply increased by 38.11% to 914,500 tons, external heat supply increased by 14.30% to 227,300 gigajoules [26] Group 7: Overseas Business - Electrical equipment: Overseas business has grown rapidly in recent years [27] - Waste power generation: Expand overseas markets in a risk - controlled manner, focusing on "Belt and Road" countries [27]

Group 1: Business Overview - The company primarily focuses on waste-to-energy projects, with a daily processing capacity of over 50,000 tons and an annual waste treatment exceeding 20 million tons, accounting for approximately 7%-8% of the national waste incineration volume [1] - The company aims to enhance its market development, pursue mergers and acquisitions, and optimize management to diversify revenue sources while improving profitability in its core waste incineration business [1] Group 2: Financial Performance - The company has experienced significant profit growth in the first half of the year due to enhanced operational efficiency, stable revenue, optimized costs, and reduced expenses [1] - The company is actively working on collecting accounts receivable, focusing on major debt recovery risks and utilizing information technology for better management [2] Group 3: Revenue Growth - The company supplied 914,500 tons of steam, marking a year-on-year increase of 38.11%, and provided 227,300 gigajoules of heat, which is a 14.30% increase compared to the previous year [2] Group 4: International Expansion - The overseas business for electrical equipment has seen rapid growth, and the company plans to cautiously expand its waste-to-energy operations in international markets, particularly in countries aligned with the Belt and Road Initiative [2]