机构：华福证券 研究员：尚硕 高筑墙，广积粮：CCUS 技术是基于我国资源禀赋实现碳中和的必要途径，当前我国CCUS 产业发展正 处于早期阶段，技术发展还面临着技术成熟度不高、成本竞争力较低和工程示范水平不足的问题。截至 2024 年11 底，我国已投运和规划建设中的CCUS 示范项目超120 项，CO2 捕集能力达600 万吨CO2/ 年。低成本、低能耗的新一代碳捕集技术呈现快速发展态势，正由中试逐步向工业示范过渡。2025 年9 月，由大唐环境公司牵头，联合清华大学等开发的"20MWth 化学链燃烧发电成套装备"正式入选能源领 域首台（套）重大技术装备名单，本项目在国际上率先开展首台20MWth 煤/生物质化学链燃烧发电工 业示范，进行全链条系统化建设，突破化学链燃烧工业放大难题，填补国际上化学链燃烧发电的技术空 白，实为"国之重器"。 盈利预测与投资建议：随着脱硝催化剂行业弹性释放，特许经营业务稳步运营，碳捕捉技术推广应用。 我们预测25-27 年公司营收分别为57.05亿元、57.67 亿元、58.66 亿元，归母净利润分别为5.69 亿元、 6.34 亿元、6.67 亿元，对应PE 分别为5.6/5 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Datang Environment [4]. Core Views - Datang Environment has established itself as a leader in the environmental governance sector, backed by the Datang Group, with a focus on sustainable operations and high dividend capabilities [2][4]. - The company is positioned to benefit from the growing demand for desulfurization and denitrification services, as well as advancements in carbon capture technology [4][41]. Summary by Sections 1. Company Overview - Datang Environment has been deeply involved in environmental governance for over 20 years, with core businesses including environmental facility operation, denitrification catalyst manufacturing, resource recycling, and new energy services. As of mid-2025, the company has a cumulative installed capacity of 47.61 GW for desulfurization and 40.60 GW for denitrification [2][13]. - The company has transitioned to an operational model since 2022, enhancing profitability and cash flow while reducing capital expenditures, which supports a sustainable high dividend capability [2][4]. 2. Industry Dynamics - The thermal power industry is balancing the dual goals of ensuring power supply security and promoting low-carbon transformation. The installed capacity of thermal power is expected to continue growing steadily [3][41]. - The desulfurization and denitrification sectors are experiencing supply and demand growth, driven by stringent environmental policies and the need for upgrades in existing facilities [41][49]. 3. Carbon Capture Utilization and Storage (CCUS) - CCUS technology is essential for achieving carbon neutrality in China, with over 120 CCUS demonstration projects planned or operational by the end of 2024, capable of capturing 6 million tons of CO2 annually [4][41]. - Datang Environment is leading the development of a 20 MWth chemical looping combustion power generation system, which has been recognized as a significant technological advancement in the energy sector [4][41]. 4. Financial Forecast and Investment Recommendations - Revenue projections for Datang Environment are estimated at 5.71 billion CNY, 5.77 billion CNY, and 5.87 billion CNY for 2025, 2026, and 2027, respectively, with corresponding net profits of 569 million CNY, 634 million CNY, and 667 million CNY [4][6]. - The report assigns a target price of 1.48 HKD per share, based on a 7x PE valuation for 2025, leading to a market capitalization estimate of 4.4 billion HKD [4][6].