证券代码：300070 证券简称：碧水源 水厂，是我们技术落地的典型案例之一。 问：公司近期提出聚焦海水资源综合利用，此前海水淡化业务占比较小， 当前该领域的技术优势、产能情况如何，是否有重点推进的项目？ 答：之前公司确实以污水资源化及高品质饮用水业务为主，海水淡化业务 占比较小。但随着国家海经济的兴起和公司技术持续研发精进，公司近几年也 在积极拓展海水淡化领域业务。现在我们海淡相关膜产品的技术指标已与国际 龙头看齐，处理成本下降、处理效能快速提升，逐步实现国产化应用替代。技 术优势上，我们有各系列反渗透膜产品、苦咸水膜产品，能针对不同水质要求 和用途适配相应产品，"UF-RO"双膜集成技术的反渗透膜脱盐率达 99.8%，产 能稳居世界前三，还开发出超纯水反渗透膜 SC 系列，打破了半导体膜国际垄断， 加快了高端膜材料国产化替代进程。产能方面，当前年产能达 300 万平方米， 极限产能可至 700 万平方米，既能满足自身项目需求，还能实现"自产转外销"。 重点推进的"渤海新区黄骅市海水综合利用一体化工程项目"，总投资超 5 亿 元，涵盖取排水、预处理、海水淡化及光伏储能系统，未来将实现"绿电制绿 水"，会成为 ...

Core Viewpoint - The company's performance in 2024 declined significantly due to poor operating conditions of its key associate company, resulting in a substantial drop in net profit and revenue [2][3] Financial Performance - In 2024, the company achieved operating revenue of 8.549 billion yuan, a year-on-year decrease of 5% [1] - The net profit attributable to shareholders was 59 million yuan, down 92% year-on-year [1][2] - The non-recurring net profit was 33 million yuan, also down 92% year-on-year [1][2] - The associate company, Yunnan Water, reported operating revenue of 2.798 billion yuan, a decline of 11% year-on-year, and a net loss of 1.739 billion yuan, a decrease of 153% [2] Business Segments - Water treatment and ecological business generated revenue of 7.230 billion yuan, down 13% year-on-year, with a gross margin increase of 0.23 percentage points to 30.45% [2] - Municipal and water supply, along with optical technology business, saw a significant revenue increase of 92% year-on-year, totaling 1.320 billion yuan, with a gross margin increase of 8.97 percentage points to 21.73% [2] Order Growth and Market Expansion - The company experienced continuous growth in new orders, with 178 new EPC orders amounting to 11.714 billion yuan, and a total of 334 orders on hand valued at 9.648 billion yuan [3] - The company is actively expanding into overseas markets, including Malaysia, Mauritania, and Namibia, while exporting industrial reverse osmosis membranes to Dubai and household reverse osmosis membrane components to Mexico, Russia, and Italy [3] Research and Development - The R&D expenditure for 2024 was 343 million yuan, with an R&D expense ratio of 3.51%, an increase of 0.01 percentage points from 2023 [4] - The company is focusing on strategic emerging industries, particularly in seawater desalination, industrial zero discharge, and salt lake resource utilization [4] - The company developed a new series of high desalination rate, low energy consumption, and low leaching ultra-pure water reverse osmosis membranes, accelerating the domestic replacement of high-end membrane materials [4] Profit Forecast - The company is projected to achieve operating revenues of 9.017 billion yuan, 9.531 billion yuan, and 10.098 billion yuan for 2025-2027, with year-on-year growth rates of 5.47%, 5.70%, and 5.95% respectively [5] - The net profit attributable to shareholders is expected to be 231 million yuan, 262 million yuan, and 295 million yuan for the same period, with growth rates of 294.78%, 13.24%, and 12.47% respectively [5]