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 ...

证券研究报告·公司点评报告·环境治理 伟明环保（603568） 2025 年中报点评：环保运营稳健增长，设备 订单高增，新材料业务陆续投产 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,025 | 7,171 | 9,765 | 13,482 | 17,292 | | 同比（%） | 34.66 | 19.03 | 36.17 | 38.07 | 28.26 | | 归母净利润（百万元） | 2,048 | 2,704 | 3,003 | 3,574 | 4,029 | | 同比（%） | 23.09 | 31.99 | 11.06 | 19.02 | 12.73 | | EPS-最新摊薄（元/股） | 1.20 | 1.59 | 1.76 | 2.10 | 2.36 | | P/E（现价&最新摊薄） | 16.16 | 12.24 | 11.02 | 9.26 | 8.22 | [Table_Tag] [ ...

Core Viewpoint - Junxin Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand its operations in the solid waste treatment industry, where it is a leading player in Hunan Province and a national high-tech enterprise [1][4]. Financial Performance - In 2024, Junxin Co., Ltd. achieved significant revenue growth, surpassing 2.4 billion RMB, primarily due to increased construction service income from the Liuyang and Pingjiang projects, as well as the acquisition of Renhe [4]. - The company's revenue from 2022 to 2025 shows a consistent upward trend, with figures of approximately 1.548 billion RMB, 1.837 billion RMB, 2.411 billion RMB, and 697 million RMB for the respective years, while net profits were around 587 million RMB, 653 million RMB, 686 million RMB, and 236 million RMB [3]. - The gross profit margin has shown a downward trend from 55.9% in 2022 to 41.5% in 2024, with a slight recovery to 53.9% in the first quarter of 2025 [3]. Industry Position - Junxin Co., Ltd. ranks fourth nationally in terms of daily processing capacity for waste incineration power plants and third in the single project capacity for kitchen waste treatment, with the highest oil recovery rate in the country [5]. - The company operates in one of the largest environmental comprehensive parks in China, which includes various projects related to waste incineration and comprehensive waste treatment [5]. Market Trends - The global generation of municipal solid waste is projected to increase from 1,894.1 million tons in 2020 to 2,619.1 million tons by 2029, with China's municipal solid waste expected to grow from 235.1 million tons in 2020 to 260.6 million tons in 2024 [6]. - The incineration treatment volume in China is also on the rise, with a compound annual growth rate of 10.8% from 2020 to 2024, and a forecasted growth rate of 7.0% from 2025 to 2029 [6]. International Expansion - Junxin Co., Ltd. is actively expanding its business into Central Asia, having signed service concession agreements in Kyrgyzstan for green energy projects and plans to develop similar projects in Kazakhstan [8][9]. - The company has initiated four overseas expansion plans in Kyrgyzstan and Kazakhstan, targeting regions with inadequate waste collection and treatment infrastructure, where Chinese companies are well-positioned to fill the gap [9]. Future Funding - The upcoming IPO on the Hong Kong Stock Exchange aims to raise funds for future projects related to comprehensive waste treatment and resource utilization, ongoing research and innovation, and general corporate purposes [9].

Group 1 - The establishment of Shenneng Yudong Environment (Longchuan) Co., Ltd. has been officially registered with a capital of 10 million yuan, focusing on kitchen waste treatment, power generation, and environmental protection services [1][2]. - The company is co-owned by Shenneng International Environment (Shenzhen) Co., Ltd. and Shenzhen Energy Environmental Protection Co., Ltd., among others [1][3]. - The legal representative of the new company is Li Jinxiang, and it is located in Longchuan County, Heyuan City, Guangdong Province [2][3]. Group 2 - The company is classified under solid waste management (N7723) in the national industry standards [2]. - The shareholding structure indicates that Shenneng International Environment holds 51% of the shares, while Longchuan Kending Environmental Technology Co., Ltd. holds 43%, and Shenzhen Energy Environmental Protection Co., Ltd. holds 6% [3].

人民财讯8月15日电，企查查APP显示，近日，深能昱东环境(龙川)有限公司成立，法定代表人为李金 祥，注册资本为1000万元，经营范围包含：餐厨垃圾处理；发电业务、输电业务、供(配)电业务；环境 保护专用设备制造；大气环境污染防治服务等。企查查股权穿透显示，该公司由深能国际环境(深圳)有 限公司、深圳能源（000027）旗下深圳能源环保股份有限公司等共同持股。 ...

Summary of the Conference Call for Everbright Environment Company Overview - **Company**: Everbright Environment - **Period**: First half of 2025 Key Points Financial Performance - Revenue decreased by approximately 1 billion HKD in the first half of 2025, primarily due to the appreciation of RMB against HKD and impairment of fixed assets in hazardous waste business, although core profitability remained stable and showed slight improvement [2][3] - Free cash flow was positive in the first half of 2025, benefiting from reduced capital expenditures, but national subsidy recovery was lower than the same period last year [2][4] - The company plans to maintain a stable dividend, with discussions ongoing among management, including the CEO and CFO, to formulate an actionable plan [2][5][6] National Subsidy Recovery - Progress was noted in national subsidies, with some previously unlisted projects now included in the social list, potentially converting to receivables within the year [2][8] - The Ministry of Finance is raising 200 billion RMB to address subsidy arrears, which could positively impact cash recovery [2][8] Capital Expenditure - Total capital expenditure for 2025 is expected to be controlled between 4 to 5 billion HKD, influenced by the progress of international projects, particularly in Uzbekistan [2][10] - The water and green environmental sectors are projected to have capital expenditures of approximately 1.5 billion HKD and 450 to 500 million HKD, respectively [11] Uzbekistan Projects - Two new projects in Uzbekistan commenced in April 2025, with a total investment of 2.16 billion RMB, benefiting from higher processing and electricity fees compared to domestic rates [12][13] - The projects operate under a 100% guaranteed model, ensuring payment even if actual processing volume is below capacity [12][13] Waste Treatment Sector - The hazardous waste sector underwent fixed asset impairment in the first half of 2025 to stabilize annual performance, with processing prices showing some recovery but not significantly improved [2][9] Operational Efficiency and New Revenue Streams - The company is expanding into kitchen waste treatment and heating services to diversify income sources, with a focus on developing the IDC business in collaboration with major operators [17][18] - The heating business aims to increase output from 6 million tons in 2024 to at least 7 million tons in 2025, as it has a higher profit margin than power generation [17][18] Reducing Dependence on National Subsidies - Measures to reduce reliance on national subsidies include adjusting processing fees and developing new business lines such as heating and kitchen waste treatment [21] - The company aims to eliminate dependence on national subsidies by 2030 through various operational improvements and revenue diversification strategies [21] Shareholder Engagement - The new chairman values shareholder feedback and incorporates it into decision-making processes, ensuring ongoing communication with investors [25] Additional Important Information - The company is currently working on eight power network construction projects with a total investment of approximately 1.4 billion RMB to enhance operational efficiency and support new business developments [20] - The company is actively pursuing ABN or ABS financing models, contingent on stable national subsidy recovery [15]

证券研究报告 环保 | 环境治理 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 06 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： | 基本数据 | | 2025 | 年 | 06 | 04 | 日 | | | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 21.79 | | | | | | | 一 年 内 最 | 高 | | | | 24.00/13.62 | | 最 | 低 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 12,281.79 | | | | | | | 流通市值（百万元） | | | | | ...

Core Viewpoint - Wangneng Environment reported a slight decline in revenue but improved cash flow, indicating resilience in its core waste management business while expanding into new areas [3][4]. Financial Performance - As of December 31, 2024, total assets were 14.48 billion yuan, with equity attributable to shareholders at 6.68 billion yuan and a weighted average return on equity of 8.47% [1]. - The company achieved an annual revenue of 3.173 billion yuan, a year-on-year decrease of 0.17%, while net profit attributable to shareholders was 561 million yuan, down 6.90% [3]. - Operating cash flow improved significantly, reaching 1.596 billion yuan, a year-on-year increase of 26.75% [3]. Business Development - Wangneng Environment focuses on comprehensive urban solid waste management, operating 21 waste-to-energy plants with a total processing capacity of 21,820 tons per day [4]. - The company has expanded its service capabilities into various sectors, including kitchen waste treatment and sewage treatment, with notable growth in kitchen waste processing revenue, which increased by 27.29% to 462 million yuan [3][4]. Technological Innovation - The company has implemented advanced technologies, such as the high-efficiency waste-to-energy project in South Taihu, which improved thermal efficiency from 22% to 30% and doubled the electricity generated per ton of waste [4]. - Continuous optimization in kitchen waste processing has led to an increase in oil extraction rates and a reduction in residue rates, enhancing profitability [4]. International Expansion - Wangneng Environment has made significant strides in its international strategy, signing contracts worth approximately 393.5 million yuan for waste-to-energy projects in Thailand and establishing its first overseas office in Vietnam [5][6]. ESG Practices - The company has developed a sustainable framework focusing on environmental, social, and governance (ESG) aspects, processing 9.2836 million tons of waste annually and generating approximately 3.036 billion kWh of clean energy [7]. - The company aims to leverage its technological advantages to enhance its competitive edge in the waste management sector while contributing to ecological civilization [7].