德创环保成立于2005年9月6日，于2017年2月7日在上海证券交易所上市，注册地址和办公地址均为浙江省 绍兴市。该公司是国内领先的烟气治理综合服务商，拥有先进的环保技术和丰富的项目经验，在烟气治理 领域具有较强的竞争力。 德创环保主营业务为烟气治理产品及服务，所属申万行业为环保 - 环境治理 - 大气治理，所属概念板块包 括微盘股、小盘、QFII持股、核聚变、超导概念、核电。 经营业绩：营收行业第三，净利润第六 2025年三季度，德创环保营业收入7.93亿元，在行业8家公司中排名第3。行业第一名远达环保营收29.36亿 元，第二名福鞍股份营收8.79亿元，行业平均数为7.61亿元，中位数为4.12亿元。主营业务构成中，烟气治 理工程2.17亿元占比44.16%，脱硝催化剂1.49亿元占比30.20%，脱硫设备7861.28万元占比15.97%等。当期 净利润740.94万元，行业排名第6，行业第一名远达环保7283.82万元，第二名同兴科技6270.51万元，行业 平均数为 - 65.42万元，中位数为1703.19万元。 资产负债率高于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度德创环保资 ...

10月30日，德创环保发布2025年三季报。报告显示，公司前三季度营业收入为7.93亿元，同比增长 17.48%；归母净利润为1310.82万元，同比下降45.88%；扣非归母净利润为540.00万元，同比下降 73.12%；基本每股收益0.06元。 报告期内，德创环保基本每股收益为0.06元，加权平均净资产收益率为3.44%。 以10月30日收盘价计算，德创环保目前市盈率（TTM）约为118.10倍，市净率（LF）约为6.09倍，市销 率（TTM）约为2.43倍。 2025年前三季度，公司毛利率为21.27%，同比下降2.34个百分点；净利率为0.93%，较上年同期下降 2.56个百分点。从单季度指标来看，2025年第三季度公司毛利率为17.65%，同比下降1.89个百分点，环 比下降3.87个百分点；净利率为-2.04%，较上年同期下降3.67个百分点，较上一季度下降3.53个百分 点。 2025年三季度，公司期间费用为1.49亿元，较上年同期增加2535.97万元；期间费用率为18.82%，较上 年同期上升0.47个百分点。其中，销售费用同比增长18.42%，管理费用同比增长6.27%，研发费用同比 增 ...

Core Viewpoint - Longking Environmental has shown a positive stock performance with a year-to-date increase of 9.94% and a market capitalization of 17.273 billion yuan as of September 19 [1] Financial Performance - For the first half of 2025, Longking Environmental reported a revenue of 4.683 billion yuan, reflecting a year-on-year growth of 0.24%, and a net profit attributable to shareholders of 445 million yuan, which is a 3.27% increase compared to the previous year [2] - Cumulatively, the company has distributed 3.184 billion yuan in dividends since its A-share listing, with 763 million yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Longking Environmental was 44,300, a decrease of 0.52% from the previous period, with an average of 28,642 circulating shares per shareholder, an increase of 0.53% [2] - The top ten circulating shareholders include Guangfa Multi-Factor Mixed Fund, holding 40.223 million shares, and Southern CSI 1000 ETF, which is a new entrant holding 9.387 million shares [3] Stock Performance - On September 19, the stock price of Longking Environmental reached 13.60 yuan per share, with a trading volume of 96.845 million yuan and a turnover rate of 0.57% [1] - The stock has experienced a 3.58% increase over the last five trading days, a 9.41% increase over the last 20 days, and a 14.38% increase over the last 60 days [1] Business Overview - Longking Environmental, established on February 23, 1998, and listed on December 29, 2000, is primarily engaged in the manufacturing of environmental protection equipment, which accounts for 64.93% of its revenue, followed by new energy business at 24.59% [1] - The company operates in various sectors including ecological forestry, energy storage, soil remediation, hydrogen energy, and offshore wind power [1]

Industry Overview - Flue gas purification equipment is essential for air pollution control, including dust removal, desulfurization, denitrification, and VOCs treatment, widely used in power, metallurgy, and chemical industries [1][2] - The market size of the flue gas purification industry reached 125.8 billion yuan in 2023, expected to grow to 140 billion yuan by 2025, with a compound annual growth rate of 6-8% [1][10] - The industry is undergoing significant transformation, with a shift towards high-efficiency technologies, full industry chain services, and a focus on non-electric sectors [1][10] Technological Development - Major technical routes in China's flue gas purification include electrostatic dust removal, wet desulfurization, SCR denitrification, and VOCs catalytic combustion, each with its advantages and limitations [4][5] - The industry is moving from single pollutant control to collaborative governance and intelligent operation, with innovations like low-temperature electrostatic dust removal and wet electrostatic dust removal being promoted [4][10] Policy Environment - The industry is benefiting from a series of government policies aimed at promoting high-quality development in environmental protection equipment manufacturing, setting clear energy-saving and emission reduction targets [6][7] - Policies include tax incentives, green credit support, and guidelines for equipment updates and technological transformations in key industrial sectors [6][7] Market Structure - The flue gas purification equipment industry has a complete supply chain, with upstream materials like steel and catalysts, midstream equipment manufacturing, and downstream applications primarily in the power sector [9][10] - The market exhibits a multi-tiered competitive landscape, with leading companies like Longking Environmental and Qingxin Environment dominating the mainstream market, while mid-sized and small companies focus on niche segments [14][16] Competitive Landscape - The industry is characterized by a "multi-level, differentiated" competition structure, with top-tier companies leveraging full industry chain layouts and technological advantages [14][16] - Longking Environmental leads the market with a comprehensive approach, while companies like Fida Environmental and Yuanda Environmental focus on specific segments through differentiated technologies [14][16] Future Trends - The industry is transitioning towards non-electric sectors and emerging markets, with steel, cement, and waste incineration becoming key growth areas [19][20] - Carbon capture technologies are accelerating commercialization, pushing the industry towards "zero carbon" transformation [20][21] - Integration of AI and 5G technologies is fostering "one-stop" governance solutions, enhancing operational efficiency and reducing costs [22]

Core Viewpoint - Dechuan Environmental Protection (603177) reported significant growth in 2024, achieving profitability and focusing on air pollution control as a key development direction for 2025 [1][2] Financial Performance - In 2024, the company achieved operating revenue of 919 million yuan, a year-on-year increase of 15.43% [1] - The net profit attributable to shareholders was 22.87 million yuan, marking a turnaround from loss to profit [1] - The smoke governance business generated 846 million yuan in revenue, up 13.11% year-on-year [1] Business Segments - The smoke governance engineering revenue reached 273 million yuan, a year-on-year increase of 54.43% [1] - Revenue from dust removal equipment was 57.55 million yuan, up 72.22% year-on-year [1] - Waste salt and slag resource utilization revenue was 35.94 million yuan, increasing by 29.22% [1] - Hazardous waste treatment revenue was 31.99 million yuan, a significant increase of 173.48% [1] International Expansion - India has become the company's first overseas production base for air pollution control products, with local production for the overseas market [2] - Contracts worth a total of 10.136 billion Indian Rupees (approximately 866 million yuan) were signed with Adani Group for multiple flue gas desulfurization projects [2] Strategic Focus for 2025 - The company will focus on air pollution control, technological innovation, cost reduction, and seizing opportunities in the sodium battery industry [2][3] - Plans include optimizing global layout and expanding into mature European markets while deepening presence in Southeast Asia [2] - Emphasis on developing differentiated products to meet customer needs, including various catalysts [2][3] Sodium Battery Development - The company aims to optimize its business structure by focusing on sodium battery customization and high-rate cylindrical cell development [3] - A production line for sodium battery cathode materials with an annual capacity of 3,000 tons has been established, with plans for an anode material production line [3] - Collaboration with universities has led to the development of high-performance anion exchange membranes for hydrogen production, currently undergoing scale-up testing [3]

Core Viewpoint - The company, 德创环保, is focused on environmental protection and waste management, with significant developments in air pollution control, hazardous waste treatment, and sodium battery materials, driven by government policies and market demand. Group 1: Company Overview - 德创环保 operates in the air pollution control industry, which is supported by national policies aimed at enhancing environmental protection and reducing emissions in various sectors such as power generation and steel production [4][5]. - The company has a traditional business in air pollution control, providing solutions including desulfurization, dust removal, and denitrification catalysts, with a wide application across multiple industries [14]. Group 2: Business Segments - The hazardous waste treatment sector is facing challenges due to overcapacity and price declines, leading the company to pause new expansions in this area while focusing on improving operational efficiency [9][15]. - The sodium battery segment is emerging as a key area of growth, with the company developing materials that are cost-effective and environmentally friendly, positioning itself for future market opportunities [12][17]. Group 3: Financial Performance - For the reporting period, the company achieved a revenue of 91,864.28 million yuan, representing a year-on-year growth of 15.43%, and turned a profit with a net income of 2,286.55 million yuan [23][24]. - The company plans to distribute a cash dividend of 0.4 yuan per share, totaling 8,246,160 yuan, subject to approval at the upcoming annual shareholders' meeting [3][45]. Group 4: Market Opportunities - The demand for air pollution control solutions is expected to grow, particularly in the context of new regulations for coal-fired boilers and industrial emissions, which will drive the need for the company's services [4][5]. - Internationally, markets in India and Indonesia present significant opportunities for expansion, with both countries planning substantial investments in coal-fired power generation to meet rising electricity demands [7][8].