[Table_Page] 深度分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 垃圾焚烧多元特性，AI 时代下重估其价值 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-01 | [Table_Pic 相对市场表现 2025Quote] -10% -3% 4% 10% 17% 24% 10/24 01/25 03/25 05/25 08/25 10/25 环保 沪深300 | [Table_Author 分析师： ]陈龙 | | | --- | --- | | SAC 执证号：S0260523030004 | | | 021-38003623 | | | shchenlong@gf.com.cn | | | 分析师： | 郭鹏 | | SAC 执证号：S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | | 分析师： | 荣凌琪 | ...

Core Thesis - JBS N.V. is viewed positively due to its strong market position and growth potential in the protein sector, with shares trading at $16.18 and a trailing P/E of 15.53 and forward P/E of 3.87 [1][2] Company Overview - JBS S.A. operates as a global leader in protein production, with extensive operations across beef, pork, poultry, and diversified products, including plant-based proteins, leather, and biodiesel [3] - The company has over 250 facilities and operates in more than 180 countries, providing significant bargaining power and distribution advantages [3] Market Dynamics - There is strong secular demand for protein driven by population growth and rising incomes in emerging markets, which supports long-term growth [4] - Geographic expansion, particularly in Europe through acquisitions, is expected to enhance market share [4] Financial Performance - In Q3 2025, JBS reported net sales of approximately $22.6 billion, reflecting a ~13% increase, although profit and EBITDA declined due to tight U.S. beef supplies and rising input costs [5] - The company is pursuing around $2 billion in annual capital expenditures for facility modernization and higher-margin segments, supported by a dual NYSE listing for cheaper capital [5] Competitive Landscape - JBS's competitive strength is derived from its scale, integration, and diversification, but it faces moderate competition from rivals like Tyson Foods, Marfrig, and BRF, as well as changing consumer preferences towards alternative proteins [5] - The company’s leverage is approximately 2.4x, indicating a need for careful financial discipline amidst cyclical risks [5] Risks and Opportunities - Key risks include commodity cycles, disease outbreaks, ESG/legal pressures, and trade disruptions, which could significantly impact profitability [6] - Upside potential exists through European acquisitions, operational improvements, and growth in prepared foods or plant-based proteins, while downside risks are linked to cyclicality and regulatory pressures [6] - JBS's valuation appears attractive with a forward P/E of ~9.1 and a strong return on equity of ~23.7%, although earnings volatility necessitates caution [6]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从资金流向上来看，当日生物柴油板块主力资金净流入4185.96万元，游资资金净流入941.35万元，散户 资金净流出5127.31万元。生物柴油板块个股资金流向见下表： 证券之星消息，2月27日生物柴油板块较上一交易日上涨1.57%，山高环能领涨。当日上证指数报收于 4162.88，上涨0.39%。深证成指报收于14495.09，下跌0.06%。生物柴油板块个股涨跌见下表： ...

证券之星消息，2月25日生物柴油板块较上一交易日上涨0.98%，ST嘉澳领涨。当日上证指数报收于 4147.23，上涨0.72%。深证成指报收于14475.86，上涨1.29%。生物柴油板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从资金流向上来看，当日生物柴油板块主力资金净流出5576.69万元，游资资金净流入594.15万元，散户 资金净流入4982.53万元。生物柴油板块个股资金流向见下表： ...

A股迎来马年开门红，三大指数节后集体上涨。截至收盘，沪指涨0.87%，报4117.41点，深成指涨 1.36%，报14291.57点，创业板指涨0.99%，报3308.26点，科创50指数跌0.34%，报1465.37点。沪深两市 合计成交额22020.62亿元。市场超4000只个股上涨，其中109只个股涨停。 开源证券认为，春季躁动并非一次性走完，过去十年有6次在经历回调后走出第二波上涨，且第二轮上 涨往往比第一波更具赚钱效应，方向与当时市场主线强相关。 中信建投指出今年A股处于慢牛格局中，投资者做多热情高涨，前期在"主动降温"引导下指数完成了一 轮回调整固，节后有望开启新一轮上行。和以往不同的是，由于今年春节时间较晚，春节后两会前仅一 周的交易时间。两会期间则常出现"兑现行情"，重点关注细分产业政策超预期情况。 国金宏观指出，市场波动主要源于流动性与风险偏好变化，而非AI产业方向逆转。未来美股对业绩兑 现要求将更严苛，资本开支容忍度持续下降，波动大概率加剧，但科技股是否已经走到右侧仍需观察。 股票频道更多独家策划、专家专栏，免费查阅>> 午后化工（核心股）">磷化工（核心股）板块涨势扩大，云天化、六国化工 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 海螺集团拟对海螺创业增持 10.61%；重视矿 山双碳；持续关注 UCO 端山高、朗坤 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 24 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -10% 0% 10% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 环保 沪深300 相关研究 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 2026-02-14 《矿业双碳：绿能、装备、资源&再生 资源！》 2026-02-13 东吴证券研究所 1 / 27 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：龙净环保，高能环境，赛恩斯，瀚蓝环境，绿色动力环保，绿色动力， 海螺创业， ...

Core Viewpoint - The Chinese biodiesel industry is actively seeking new export paths and product forms in response to the EU's imposition of anti-dumping tariffs, which have significantly impacted export volumes and market dynamics [1][3]. Export Trends - In 2025, China's biodiesel exports are projected to decline to 916,500 tons, a year-on-year decrease of 17.57%, with major destinations being the Netherlands, Malaysia, and Singapore [1]. - The EU's anti-dumping measures have led to a drastic reduction in exports, with a reported 42.4% decline in the first half of 2025, resulting in only 381,000 tons exported [3]. Strategic Transformation - The industry is shifting focus towards Sustainable Aviation Fuel (SAF), with production capacity expected to reach between 3 billion to 3.8 billion liters by 2025, potentially surpassing Europe [5]. - Companies are exploring new export routes and product forms, including bio-marine fuel, to adapt to the changing market landscape [5]. Market Reconstruction - As traditional European markets shrink, Malaysia and Singapore have rapidly filled the gap, collectively absorbing 63% of China's biodiesel exports in the first half of 2025 [6]. - The export structure has shifted, with the top three destinations now being the Netherlands, Malaysia, and Singapore, reflecting a rise in Southeast Asia's demand for green marine fuel [6]. Domestic Market Development - Domestic initiatives are underway, with companies successfully implementing bio-marine fuel practices in locations like Qingdao and Shanghai, contributing to international shipping carbon reduction efforts [7]. - The biodiesel export market is now seen as critical for the survival and development of the entire industry, as it navigates through various challenges [7].

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net income of $67 million or $1.97 per diluted share, with adjusted net income of $70 million or $2.04 per diluted share, compared to adjusted net income of $47 million or $1.36 per diluted share in Q4 2024 [8] - Fourth quarter gross profit was $231 million, an 8% increase year-over-year, primarily due to higher volume and margins in renewables [8] - Full year gross profit was $714 million, a 3% increase, driven by the Skyland investment [9] Business Line Data and Key Metrics Changes - Agribusiness reported Q4 pre-tax income of $46 million, with adjusted pre-tax income of $45 million, down from $56 million in 2024 [11] - Renewables generated Q4 pre-tax income of $54 million, significantly up from $17 million in 2024, reflecting strong operations in ethanol plants [13] - Adjusted EBITDA for renewables in Q4 was $69 million, compared to $41 million in Q4 2024, while full-year adjusted EBITDA was $203 million, up from $189 million in 2024 [14] Market Data and Key Metrics Changes - The fall harvest produced larger than expected volumes of grain in the Western Corn Belt, leading to significant corn and sorghum accumulation [4] - Exports for wheat and sorghum from Western assets saw sizable increases in Q4 compared to earlier quarters [4] - The eastern grain assets had solid performance, with strong elevation margins and a significant portion of corn moving into export markets [12] Company Strategy and Development Direction - The company is committed to profitable growth in both agribusiness and renewables, with ongoing investments in ethanol production and infrastructure [5] - Strategic investments include expanding the Climer, Indiana facility and enhancing the Port of Houston grain elevator [6] - The company aims to connect supply to end users and export demand, focusing on continuous improvement in safety culture and enterprise support [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting better financial results in agribusiness due to more certainty in global grain markets and strong demand for ethanol [16] - The company anticipates higher than normal planted acres in 2026, which may benefit the fertilizer business [18] - Management highlighted the importance of domestic demand and supportive biofuels policies for the agricultural economy [19] Other Important Information - The effective tax rate for Q4 was 19%, and for the full year, it was 16%, influenced by non-controlling interests and biofuels credits [9] - The company generated Q4 cash flow from operations of $110 million, up from $100 million in 2024, indicating stability throughout the agricultural cycle [10] - Long-term debt to EBITDA at year-end was 1.8 times, below the target of less than 2.5 times, supporting future investments [11] Q&A Session Summary Question: Strength of the Skyland business - Management noted that the performance was not surprising due to the large fall harvest, with Skyland's EBITDA contribution finishing just shy of $20 million [24][25] Question: Fertilizer application outlook - Management indicated that they expect stronger than normal applications in Q1, with a focus on corn acres despite some uncertainty [27][28] Question: Agribusiness segment profit opportunities - Management highlighted more certainty around export policies and increased nitrogen application as key profit opportunities for 2026 [32][33] Question: Ethanol business momentum - Management reported slightly stronger Board Crush than expected entering Q1, with strong fundamentals for both export and domestic ethanol [35][36] Question: Skyland contribution for 2026 - Management expects Skyland's EBITDA contribution for 2026 to be in the range of $25 million to $35 million, normalizing over time [43] Question: Farmer selling dynamics - Management stated that higher prices would drive farmer selling, with substantial selling expected before the next harvest [45][46]

Group 1 - The Munich Security Conference highlighted the ongoing tensions between the U.S. and Europe, with U.S. Secretary of State Rubio emphasizing that Europe must take responsibility for its own security and that the U.S. will adjust its ally strategy based on Europe's actions [1][4] - Rubio criticized European energy policies, stating they have led to increased poverty and high living costs due to a reliance on renewable energy while neglecting domestic energy production [4][7] - California's gas prices have surged to an average of $4.582 per gallon, significantly higher than the national average of approximately $2.93, attributed to strict environmental policies and the closure of refineries [5][7] Group 2 - The Democratic Party and European leaders hope that Trump's presidency is a temporary issue, with aspirations for a return to more traditional U.S. policies post-Trump [2][4] - California's energy policies, which reject traditional energy promotion, have resulted in the state being unable to meet its oil demands, producing only 30% of its required oil domestically [7][8] - The rising gas prices in California are expected to impact logistics and overall costs, leading to increased taxation on households with multiple vehicles due to budget deficits [7][8]

证券之星消息，2月11日生物柴油板块较上一交易日上涨0.07%，中粮科技领涨。当日上证指数报收于 4131.98，上涨0.09%。深证成指报收于14160.93，下跌0.35%。生物柴油板块个股涨跌见下表： 从资金流向上来看，当日生物柴油板块主力资金净流出2756.91万元，游资资金净流入198.51万元，散户 资金净流入2558.4万元。生物柴油板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...