证券研究报告 英科再生 (688087 CH) 看好公司装饰建材和成品框收入增长 2025 年 8 月 27 日│中国内地 环保及水务 英科再生发布半年报，1H25 实现营收 16.66 亿元（yoy+16.13%），归母净 利 1.46 亿元（yoy-6.01%），扣非净利 9343.54 万元（yoy-37.87%）。其中 2Q25 实现营收 8.73 亿元（yoy+8.98%，qoq+10.18%），归母净利 7350.25 万元（yoy-11.28%，qoq+1.63%），归母净利同比下降主要系人民币相对美 元升值导致产生汇兑损失。公司拟分派 2025 年中期股息 0.1 元/股，分红比 例 13.26%。看好公司越南英科产能提升对成品框和装饰建材板块营收增长 推动作用，维持"增持"评级。 1H25 装饰建材收入同比快速增长，公司整体毛利率 25.27% 分产品看，1H25，公司成品框/装饰建材/再生塑料/环保设备营收同比 +11.0/+38.4/+0.3/-32.9%至 6.80/6.21/3.46/0.11 亿元，成品框和装饰建材收 入合计占总收入的比例高达 78.07%，同比+4.11pp。毛利 ...

据证券之星公开数据整理，近期菲达环保（600526）发布2025年中报。截至本报告期末，公司营业总收 入15.9亿元，同比上升5.13%，归母净利润1.27亿元，同比上升8.68%。按单季度数据看，第二季度营业 总收入9.68亿元，同比上升5.99%，第二季度归母净利润8598.85万元，同比上升9.26%。本报告期菲达 环保盈利能力上升，毛利率同比增幅19.66%，净利率同比增幅2.43%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率27.31%，同比增20.91%，净利率8.43%，同比增 0.92%，销售费用、管理费用、财务费用总计1.96亿元，三费占营收比12.35%，同比增18.94%，每股净 资产4.92元，同比增3.84%，每股经营性现金流0.03元，同比减85.76%，每股收益0.14元，同比增7.69% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.12 乙 | 15.9亿 | 5.13% | | 归母净利润(元) | 1.17亿 | 1.27亿 | 8.68% | | 扣非净利润 ...

8月26日晚，英科再生(688087)发布2025年半年报。报告期内，公司实现营业收入16.66亿元，同比增加 16.13%，其中，前两季度经营业绩逐季连创历史同期新高；净利润1.46亿元；经营性现金流净额2.45亿 元，同比增加17.5%。 目前，英科再生构建起覆盖"回收、再生、利用"三大业务板块的完整产业链，形成"成品框、装饰建 材、再生塑料、环保设备"四大主营产品矩阵。 据公告，报告期内，英科再生成品框营收占比41%，同比增长11%；装饰建材营收占比37%，同比增长 38%。在装饰建材领域，英科再生两大核心产品在渠道资源共享、场景协同赋能上高度契合，在终端渠 道上约有20%—25%的复用空间，充分发挥全产业链与多元产品的优势，多管齐下拓宽市场版图。 从"成品框到装饰建材"的拓展，从"小品类到大赛道"的跨越，英科再生锚定"面向全球消费者提供家居 墙面装饰一站式解决方案"的战略主轴，不断实现新的突破。 海外市场方面，报告期内，英科再生产品整体出口份额接近90%，服务全球超130个国家，其中欧美区 域占比超过70%，经营韧性持续增强。报告期内，英科越南基地营收2.1亿元，同比增长48.89%。英科 再生称，英 ...

Group 1 - The company, Qidi Environment, stated on August 8 that its business does not currently involve the field of household smart cleaning robots [1] - The main business focus of the company is on digital sanitation, water ecology, solid waste disposal, sanitation vehicles, and the research and manufacturing of environmental protection equipment [1]

Core Viewpoint - The recent joint issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven Chinese government departments aims to enhance financial support for key industries, promote technological innovation, and facilitate the transformation and upgrading of traditional industries. Group 1: Key Technology Breakthroughs - Financial institutions are encouraged to provide medium- and long-term financing for key industries such as integrated circuits, industrial mother machines, and basic software [1] - Companies that achieve breakthroughs in core technologies can access "green channels" for listing, bond issuance, and mergers and acquisitions [1] - More financial support will be available for the promotion of first sets of equipment and first batches of materials [1] Group 2: Transformation of Technological Achievements - Initiatives like "monthly chain" investment roadshows and "thousand sails and hundred boats" listing cultivation will be implemented to optimize the evaluation system for hard technology attributes [2] - Social capital is encouraged to invest early, small, and long-term in hard technology [2] - High-level talent entrepreneurship will receive comprehensive services including credit and financial advisory [2] Group 3: Upgrading Traditional Industries - Banks will increase credit support for the high-end, intelligent, and green transformation of the manufacturing sector [3] - Companies can update intelligent and environmental protection equipment through financing leasing, and related debts can be securitized [3] - Listed companies can achieve industry consolidation and upgrading through overall listings and targeted placements [3] Group 4: Emerging Future Industries - New industries such as information technology, new energy, and biomedicine can access financing in multi-tiered capital markets [4] - Long-term funds from government investment funds and insurance funds will focus on future manufacturing and energy industries under controllable risks [4] - Financing will be made easier for technology companies through mechanisms like "innovation points system" and "intellectual property pledge loans" [4] Group 5: Financing for Small and Medium Enterprises - Financial institutions can provide accounts receivable, order, and warehouse receipt financing based on "data credit" and "object credit" [5] - Exploration of supply chain "de-nuclearization" models will allow loans without relying on core enterprise credit [5] - A national credit information platform for small and micro enterprises will be accelerated to facilitate credit for first-time borrowers [5] Group 6: Green Transformation - Financial institutions are encouraged to support projects in high-carbon industries that comply with green and low-carbon technological transformations [6] - Green credit and green bonds will be directed towards environmental protection, energy saving, and low-carbon fields [6] - A dedicated financial standard system will be established to enhance support for transformation funding [6] Group 7: Digital Integration - Digital infrastructure such as 5G and industrial internet can receive medium- and long-term loans, and financing leasing and asset securitization can be utilized [7] - Banks will build digital industrial platforms to provide "one-stop" services for financing and settlement [7] - Big data and AI technologies will simplify procedures and improve service efficiency for small and medium enterprises [7] Group 8: Risk Prevention - Financial institutions are required to monitor the use of funds to prevent misappropriation and "involution" competition [8] - Joint assessment of industrial and financial risks will be conducted, with timely sharing of high-risk information [8] - Non-performing loans in the manufacturing sector can be legally disposed of through restructuring and write-offs [8]

Group 1 - The stock price of Jintour Environment closed at 21.90 yuan on July 29, 2025, down 2.88% from the previous trading day, with a trading volume of 1.09 billion yuan and a turnover rate of 9.17% [1] - Jintour Environment's main business includes environmental sanitation management, environmental protection equipment manufacturing, and urban and rural appearance services, making it a significant player in Anhui Province's environmental protection industry [1] - The company has been actively investing in the smart sanitation sector, integrating AI technology with traditional sanitation services [1] Group 2 - Recently, Jintour Environment established a wholly-owned subsidiary, Suxian Jintour Environmental Sanitation Management Co., Ltd., which will focus on urban and rural appearance management and water pollution control [1] - A temporary shareholders' meeting is scheduled for July 30 to review proposals related to the 2025 restricted stock incentive plan [1]

Core Points - The articles of association of Shanghai Electric Group Co., Ltd. were approved by the board of directors on July 22, 2025, and are subject to shareholder meeting approval before becoming effective [1] - The company is established in accordance with the Company Law of the People's Republic of China and other relevant laws and regulations [1][2] - The company is a permanent limited liability company and its articles of association serve as a legally binding document governing the organization and behavior of the company and the rights and obligations between the company and its shareholders [4][5] Company Structure - The company was approved by the Shanghai Municipal Government and obtained its business license in September 2004 [2] - The registered name of the company is Shanghai Electric Group Co., Ltd. with its address located at 16, Lane 1100, Huashan Road, Shanghai [2][3] - The legal representative of the company is the chairman of the board, and the company must appoint a new legal representative within 30 days if the current one resigns [3][4] Share Capital and Stock - The company has issued a total of 12,507,686,405 ordinary shares, with 9,534,774,405 A shares and 2,972,912,000 H shares [12][14] - The initial issuance of H shares was 2,972,912,000 shares, representing 25% of the total share capital [12] - The company’s registered capital was adjusted to RMB 15,579,809,092 as of March 17, 2022, following various capital increases and stock issuance events [17] Business Objectives and Scope - The company's business objectives include honest operation, creating wealth and benefits for society, and providing high-quality equipment products and services through technological innovation [7] - The business scope includes power generation and distribution, electromechanical integration, environmental protection equipment, lithium-ion batteries, and various engineering services [7][8] Shareholder Rights and Obligations - Shareholders have the right to receive dividends, request meetings, supervise company operations, and transfer their shares in accordance with the law [36][40] - Shareholders are obligated to comply with laws and regulations, pay their subscribed capital, and not abuse their rights to harm the company or other shareholders [47]

Core Viewpoint - The stock price of Dongfang Electric (01072.HK) experienced a dramatic surge, reaching a peak of 119.9 HKD per share, which is over a 700% increase compared to the previous trading day's closing price, likely due to a trading error [1][3]. Company Overview - Dongfang Electric is a large enterprise controlled by Dongfang Electric Group, listed on the Hong Kong Stock Exchange since June 1994. The group, founded in 1958, is a significant state-owned enterprise responsible for national energy security and is one of the largest energy equipment manufacturing groups globally [3]. - The company has established a diversified industrial structure, including six types of power generation (wind, solar, hydro, nuclear, gas, and coal) and six industries (high-end petrochemical equipment, energy conservation and environmental protection, engineering and international trade, modern manufacturing services, power electronics and control, and emerging industries) [3]. Financial Performance - For the year 2024, Dongfang Electric reported total revenue of 69.695 billion CNY, reflecting a year-on-year growth of 14.86%. However, the net profit attributable to shareholders decreased by 17.70% to 2.922 billion CNY [3]. Industry Insights - According to CITIC Securities, the ongoing construction of the Yarlung Tsangpo River downstream hydropower project is expected to benefit leading suppliers of hydropower equipment and core equipment for power grid delivery projects in the long term [3]. - China International Capital Corporation (CICC) estimates that the installed capacity of the Yarlung Tsangpo project could be approximately three times that of the Three Gorges Project, indicating significant potential for long-term benefits for companies in the industry [4]. - The hydropower equipment sector in China has achieved full localization, and the Yarlung Tsangpo project is expected to utilize GIL technology, which will be advantageous for related companies in securing orders and improving performance [5].

Group 1 - The environmental industry has shown significant growth, with the Shenwan (2021) environmental industry index rising by 3.34% as of June 20, 2025, ranking 9th among 31 industries. Key sectors such as monitoring/detection, air pollution control, and solid waste treatment have experienced substantial increases of 18.3%, 7.9%, and 7.8% respectively [8][10][11] - The overall PE ratio for the environmental sector is 35.62X as of June 20, 2025, indicating a notable increase compared to the first half of 2024. Specific sectors like water treatment and solid waste management have PE ratios of 23.8X and 30.2X respectively, suggesting a positive outlook for the industry driven by policy incentives and market mechanisms [10][12][17] Group 2 - The public utility price reform is progressing, with water price adjustments becoming a trend. Major cities like Shanghai, Guangzhou, and Shenzhen have implemented water price increases ranging from 10% to 30%, indicating a shift towards a more sustainable pricing mechanism [18][21][22] - The ongoing debt reduction efforts are expected to improve the accounts receivable situation for some operational companies in the water and solid waste sectors. The government’s commitment to resolving local debt risks is anticipated to facilitate quicker recovery of receivables [28][30][31] Group 3 - The report highlights the potential for domestic substitution and intelligent upgrades in the environmental sector, particularly in scientific instruments and sanitation equipment. The demand for carbon measurement and monitoring devices is expected to rise due to supportive national policies and the expansion of the carbon trading market [17][19] - The sanitation equipment market is poised for growth, with a notable increase in the sales of new energy sanitation vehicles, which reached a penetration rate of 15.4% in Q1 2025. The integration of autonomous sanitation solutions is also gaining traction [19][21][26] Group 4 - Investment recommendations focus on stable operational assets in the waste incineration and water sectors, as well as growth opportunities in scientific instruments and sanitation equipment. Companies such as Huanlan Environment, Xinyuan Environment, and Hongcheng Environment are highlighted for their strong performance and dividend potential [5][6][30] - The report emphasizes the importance of companies with high operational efficiency and significant water service revenue, as they are likely to benefit from the anticipated water price increases [24][25]

Core Viewpoint - The company has provided a guarantee of RMB 3 million for its wholly-owned subsidiary, Yichang Yinghan Ultrasonic Electric Co., Ltd., to support its financing needs, with no overdue guarantees reported [1][4]. Group 1: Guarantee Overview - The company signed a guarantee contract with China Shipbuilding Finance Co., Ltd. for the financing of Yinghan Ultrasonic, with a total guarantee amount of RMB 3 million [1][3]. - The company has provided a total guarantee amount of RMB 3 million for Yinghan Ultrasonic as of the announcement date [1][6]. - There are no counter-guarantees associated with this guarantee [1]. Group 2: Subsidiary Information - Yinghan Ultrasonic is a wholly-owned subsidiary of the company, engaged in the design, development, production, sales, installation, and after-sales service of various equipment and systems [2]. Group 3: Financial Status of the Subsidiary - As of March 31, 2025, Yinghan Ultrasonic reported total assets of RMB 219.78 million and total liabilities of RMB 146.50 million, resulting in net assets of RMB 73.28 million [3]. - For the year 2024, the subsidiary's operating income was RMB 210.15 million, with a net profit of RMB 12.12 million, while for the first quarter of 2025, the operating income was RMB 1.98 million, resulting in a net loss of RMB 1.02 million [3]. Group 4: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary and reasonable as the company has control over the subsidiary and its current operating status is good, indicating manageable risk [4]. Group 5: Board Approval - The guarantee has been approved by the company's board of directors and is within the limits set by the 2024 annual shareholders' meeting, thus not requiring further approval [6]. Group 6: Total Guarantee Amount - As of the announcement date, the total amount of external guarantees provided by the company is RMB 238.70 million, which accounts for 2.93% of the company's net assets as of December 31, 2024 [6].