旺能环境：厚植固废处理行业，出海&数据中心协同带 来新生机 —旺能环境（002034.SZ）公司首次覆盖报告 2025 年 8 月 25 日 证券研究报告 公司研究 [公司首次覆盖报告 Table_ReportType] [Table_StockAndRank] 旺能环境(002034) 投资评级 买入 [Table_Chart] -20% 0% 20% 40% 60% 24/08 24/12 25/04 旺能环境 沪深300 资料来源：聚源，信达证券研发中心 邮 箱：wuboying@cindasc.com [Table_BaseData ] 公司主要数据 收盘价（元） 18.19 52 周内股价波动区间 (元) 20.44-13.15 最近一月涨跌幅(％) 4.72 总股本(亿股) 4.34 流通 A 股比例(％) 78.94 总市值(亿元) 45.26 资料来源：聚源，信达证券研发中心 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 [旺能环境：厚植固废处理行业，出海 Table_Title] &数据中心协同带 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The expansion of the CCER (China Certified Emission Reduction) market is expected to benefit agricultural and forestry biomass, while the EU's Circular Economy Act emphasizes the importance of recycling resources [1][10] - The report highlights the potential for increased cash flow and profitability in the waste-to-energy sector as capital expenditures decline, similar to trends observed in the waste incineration industry [19][23] - The report suggests that the water services sector is approaching a cash flow inflection point, positioning it as the next growth area akin to waste incineration [23][24] Summary by Sections CCER Methodology and Market Expansion - The third batch of CCER methodologies focuses on agricultural biomass and methane reduction from oil and gas, indicating a growing supply and demand in the carbon market [8][10] - The average price of CCER has been reported at 89 RMB/ton, showing a premium over carbon allowances, reflecting tight supply conditions [10][12] EU Circular Economy Act - The EU is seeking public opinion on the Circular Economy Act, which aims to enhance the value of recycled materials and impose stricter regulations on waste management and recycling [15][16] - Key objectives include improving electronic waste collection and recycling rates, and extending producer responsibility for product lifecycle management [16][18] Waste-to-Energy Sector - The report notes a significant improvement in free cash flow for waste-to-energy companies as capital expenditures decrease, with projected dividend increases for major players [20][21] - The sector is expected to see a shift towards higher dividends and improved return on equity (ROE) as companies optimize operations and reduce costs [21][22] Water Services Sector - The water services market is anticipated to experience a cash flow boost as capital expenditures decline, with companies like Xingrong Environment and Yuehai Investment highlighted for their strong dividend potential [23][25] - The report emphasizes the importance of water pricing reforms in ensuring sustainable growth and returns for water service providers [24][25] Key Recommendations - The report recommends focusing on companies such as Guangda Environment, Xingrong Environment, and Green Power for their strong market positions and growth potential in the environmental sector [1][19][25]