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]

丨证券研究报告丨 公司研究丨点评报告丨宇通重工（600817.SH） [Table_Title] 信用减值损失冲回带动利润提升，拟挂牌出售环 卫业务聚焦设备主业 报告要点 [Table_Summary] 宇通重工 2025Q1 实现营业收入 7.07 亿元，同比增长 0.79%，归母净利润 0.52 亿元，同比增 长 62.47%，扣非归母净利润 0.40 亿元，同比增长 51.09%，资产减值减少及信用减值冲回两 者合计影响 Q1 税前利润 6,655.44 万元，是造成 Q1 利润大增的主要影响因素。2025Q1 公司 毛利率继续下行，费用率略有提升，公司近期挂牌出售环卫服务业务，聚焦设备主业，长期看 好公司竞争优势带动业绩回暖增长。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宇通 ...

在业绩大幅回暖之时，宇通重工（600817）(600817.SH)进一步聚焦优势业务。 在分红方面，宇通重工介绍，公司拟向全体股东每10股派发现金红利2.8元(含税)，合计拟派发现金红利 1.49亿元(含税)。2024年度公司现金分红(包括中期已分配的现金红利)总额2.02亿元，占公司2024年合并 报表中归属于母公司股东的净利润比例为89.04%。 标的增值率35.14% 4月23日晚间，宇通重工发布公告，公司全资子公司重工有限及余礼祥，拟以公开挂牌方式转让所持傲 蓝得85%的股权和相关债权，其中重工有限拟转让傲蓝得72.25%的股权和对傲蓝得享有的1.2亿元债权 本金，余礼祥拟转让傲蓝得12.75%的股权，意向方须整体受让傲蓝得85%的股权和相关债权。 资料显示，余礼祥为傲蓝得董事长，持有该公司15%股权。 宇通重工介绍，如果本次交易达成，公司持有标的公司12.75%的股权，标的公司将不再纳入公司合并 报表的范围；公司主营业务将变更为环卫设备、矿用装备和工程机械业务。 4月23日晚间，宇通重工公告，公司全资子公司郑州宇通重工有限公司(简称"重工有限")及余礼祥，拟 以公开挂牌方式转让所持傲蓝得环境科技有限 ...