证券日报网1月8日讯，中国天楹（000035）在接受调研者提问时表示，公司氢基能源板块的整体战略规 划与发展方向没有变化，继续坚定地以打造氢基能源一体化项目为核心，致力于构建完整的"风光发电 —储能—制氢—氢基衍生物"产业链，通过"绿电制绿氢、绿氢合成绿色燃料"的模式解决新能源消纳并 生产高附加值产品。公司目前正在全力推进吉林辽源、黑龙江安达等氢基能源一体化标杆项目建设，计 划2026年具备年产20万吨符合欧盟认证标准的电制甲醇生产能力，2030年前后具备100万吨电制甲醇供 货能力，建成后将投产多条氢基能源化工衍生品产线，为航运业多条绿色替代燃料产品线需求、严苛的 全生命周期碳足迹降碳目标，提供"中国方案"。氢基能源业务作为公司"环保+新能源"双轮驱动战略的 核心支柱，目前相关战略正通过具体项目的稳步推进与产能目标的逐步达成，得到扎实有效的执行与落 地。 ...

证券日报网1月8日讯 ，中国天楹在接受调研者提问时表示，公司的核心战略方向是坚定且连续的，将 继续坚定不移地深化"环保+新能源"双轮驱动的发展路径。在环保业务基本盘保持稳健增长的同时，公 司将把氢基能源产品业务提升至更为核心的战略位置，作为驱动公司未来增长的第二引擎。具体而言， 新的一年公司把工作重心集中于全力确保吉林辽源、黑龙江安达等氢基能源一体化标杆项目按既定规划 加速建设与投产，计划2026年具备年产20万吨符合欧盟认证标准的电制甲醇生产能力，从而将公司在全 产业链的先发与技术优势，快速转化为实质性的商业化成果与收入贡献，推动公司向国际一流的环保与 氢基能源产品综合服务商全面转型。 （编辑 丛可心） ...

Core Viewpoint - The company is strategically positioning itself to build a complete industrial chain of "wind and solar power - energy storage - hydrogen production - hydrogen-based derivatives" to address the challenges of renewable energy consumption and produce high-value green fuels [1] Project Plans - The company has initiated benchmark projects in Jilin Liaoyuan and Heilongjiang Anda, with the Liaoyuan project including 514.8 MW of grid-connected wind power, 443 MW of off-grid wind power, water electrolysis for hydrogen production, biomass waste heat utilization, and a 170,000 tons/year methanol production facility, aiming for green methanol production capability by the end of Q2 2026 [1] - The Anda project is expected to follow the Liaoyuan project by approximately two quarters [1] Long-term Production Goals - The company plans to achieve an annual production capacity of 200,000 tons of EU-standard methanol by 2026, with a target to increase this capacity to 1 million tons by around 2030, while simultaneously launching multiple production lines for hydrogen-based chemical derivatives to meet the green fuel demands of the shipping industry [1] - The company's products have received EU ISCC EU green certification and are collaborating with several leading domestic and international enterprises to secure end-use application scenarios [1]

Core Viewpoint - The company is strategically transitioning to a "dual-wheel drive" model of "environmental protection + new energy," aiming to become a leading international operator in environmental and hydrogen-based energy products [2][4]. Group 1: Business Operations - The company's core business is built on three pillars: waste-to-energy incineration, urban and rural sanitation services, and environmental equipment manufacturing [2]. - The company has developed a full range of new high-efficiency waste incineration power generation equipment, maintaining a leading position in the national market [2]. Group 2: Energy Utilization and Growth - The company has explored an energy cascading utilization model, achieving a steam sales volume of 1.16 million tons from 10 domestic projects by mid-2025, representing a year-on-year increase of 59.6% [3]. - The traditional waste incineration business is viewed as an energy production process, facilitating the transition into the new energy sector [4]. Group 3: International Expansion - The company has expanded its waste incineration power project in Hanoi, Vietnam, increasing its total installed capacity from 75 MW to 90 MW, marking it as one of the largest overseas projects by a Chinese enterprise [5]. - The company has successfully exported waste incineration equipment to multiple countries, including Vietnam, Singapore, India, Maldives, and France [5]. Group 4: New Energy Market Position - The global hydrogen-based energy market is experiencing explosive growth, particularly in sectors like shipping, aviation, and steel, where decarbonization is challenging [6]. - The company plans to achieve an annual production capacity of 200,000 tons of EU-certified methanol by 2026, with a goal to increase this to 1 million tons by 2030 [6]. - The company has obtained ISCC EU certification, allowing its products to meet EU market entry standards, facilitating access to the European market [6].

仅供内部参考，请勿外传！ 股 票 研 究 新能源全链加速落地，传统业务平稳运营 中国天楹(000035) 公司首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 杨寅琛(分析师) | 021-23188562 | yangyinchen@gtht.com | S0880525070008 | 本报告导读： 重力储能切入新能源，"环保+新能源"齐头并进，新能源全链条布局加速落地，垃 圾焚烧项目高效运营，海外市场稳步推进。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 5,324 | 5,667 | 5,843 | 7,092 | 7,609 | | (+/-)% | -20.6% | 6.5% | ...

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]

Core Viewpoint - China Tianying reported a slight revenue increase for 2024, but a significant drop in net profit due to a one-time tax payment, indicating underlying growth potential when excluding this impact [1] Financial Performance - 2024 revenue reached 5.667 billion yuan, a slight year-on-year increase - Net profit attributable to shareholders was 279.9 million yuan, a decrease of 17% - Excluding the one-time tax impact, net profit would have been 463 million yuan, reflecting a year-on-year growth of 37.41% [1] Business Operations - The company operates 20 domestic and international waste-to-energy projects with a total daily processing capacity of 21,550 tons - The annual waste processed reached 8.49 million tons, a 20% increase year-on-year - Electricity generated was 2.197 billion kWh, a 15% increase year-on-year - Steam sales volume increased by 177.35% to 1.7 million tons, contributing an additional gross profit of 193 million yuan [1] Cost Management - The company successfully reduced sales and management expenses by over 46 million yuan through organizational reforms and process optimization [1] Cash Flow - Operating cash flow for 2024 was 655 million yuan, indicating strong cash generation capabilities [1] International Expansion - China Tianying is actively pursuing overseas projects, particularly in Southeast Asia, where waste incineration treatment is underdeveloped, presenting significant market opportunities [2] - The company has established a strong presence in Vietnam with projects recognized as benchmarks for cooperation [2] New Business Ventures - The company is expanding its business model from traditional waste incineration to integrated urban environmental services, enhancing revenue sources and economic efficiency [3] - Investments in green hydrogen production facilities are underway, with plans to achieve an annual production capacity of 200,000 tons of methanol by Q1 2026 [3] Strategic Partnerships - A strategic cooperation agreement was signed with China Ship Fuel, enhancing the company's position in the green supply chain [4] - The company has obtained ISCC EU certification, facilitating entry into the EU market for green hydrogen derivatives [4] Management Confidence - Company executives have demonstrated confidence in future growth by increasing their holdings by over 58 million yuan [4]