证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 增持（维持） [Table_Tag] [投资要点 Table_Summary] SAF 扩产+能源价值中枢上行，持续关注 UCO 端山高、朗坤，重视矿业双碳 ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 2025/3/3 2025/7/2 2025/10/31 2026/3/1 环保 沪深300 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 2026-02-14 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：龙净环保，高能环境，赛恩斯，瀚蓝环境，绿色动力环保， ...

环保行业跟踪周报 SAF 扩产+能源价值中枢上行，持续关注 UCO 端山高、朗坤，重视矿业双碳 证券研究报告·行业跟踪周报·环保 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 2025/3/3 2025/7/2 2025/10/31 2026/3/1 环保 沪深300 相关研究 《 海 螺 集 团 拟 对 海 螺 创 业 增 持 10.61%；重视矿山双碳；持续关注 UCO 端山高、朗坤》 2026-02-24 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 202 ...

Group 1 - The core viewpoint of the report emphasizes the recovery in the environmental protection industry, particularly in lithium battery recycling, with a noted decline in lithium and cobalt prices leading to improved profitability [1][7] - Key recommendations include companies such as Longjing Environmental (龙净环保), High Energy Environment (高能环境), and others, indicating a strong focus on firms with growth potential in the environmental sector [2] - The report highlights the performance of Jingjin Equipment (景津装备) as a leading filter press manufacturer, with a market share exceeding 40% and a projected dividend of 6.1 billion yuan for 2023-2024, reflecting a dividend yield of 4.5% [3] Group 2 - The 2026 strategy focuses on value and growth resonance, emphasizing the importance of market-oriented improvements and operational value reassessment in the solid waste sector [4] - The report identifies three main themes: value-driven growth, quality growth, and dual carbon initiatives, with specific recommendations for companies involved in renewable energy and waste management [5] - The sanitation equipment sector is projected to see significant growth, with a 150% increase in unmanned sanitation project bids and a 71% increase in sales of new energy sanitation vehicles [6][7]

Investment Rating - The report maintains an "Outperform" rating for the environmental protection industry [2] Core Insights - The environmental protection industry is entering a significant performance period, with expectations for intensified carbon reduction efforts [1] - The year 2026 marks the transition from energy consumption control to carbon emission control, with substantial progress anticipated in carbon reduction initiatives [5] - The report highlights the importance of companies focusing on performance and increased dividends, with 61 environmental companies expected to release their 2025 performance forecasts [5] Summary by Sections 2025 Performance Forecast - 61 environmental companies have released performance forecasts, with 14 companies expecting significant positive growth, 4 companies experiencing declines, 8 companies turning losses into profits, and 35 companies reporting losses [12] - Notable performers include: - Anhui Instrument Technology: Expected net profit of 42-62 million CNY, a year-on-year increase of 191.52%-330.34% [12] - GaoNeng Environment: Expected net profit of 750-900 million CNY, a year-on-year increase of 55.66%-86.79% [12] - Yuehai Investment: Expected net profit growth of 43%, reaching nearly 4.5 billion HKD [13] Biodiesel and UCO Market - The average export price of UCO is expected to reach 7,742 CNY/ton in 2025, a year-on-year increase of 21.6% [19] - UCO export volume remains high, with a total of 2.7558 million tons exported in 2025, despite a 17% decline in biodiesel exports [19] - The price of UCO has shown a consistent upward trend, with the latest price reaching 1,075 USD/ton, a 9.1% increase from early 2025 [29] Policy and Market Tracking - The report tracks significant developments in carbon reduction policies, including the establishment of a dual control system for carbon emissions and energy consumption [33] - The carbon trading market has seen a total transaction volume of 862,100 tons, with a closing price of 79.00 CNY/ton as of January 30, 2026 [36] - Recent policies emphasize energy efficiency and carbon reduction in public institutions, aligning with the "14th Five-Year Plan" goals [38]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a key strategic player in the renewable energy sector under the Shankao Group, focusing on the green transformation of its business model, particularly in kitchen waste treatment and heating [2][3]. - The company has returned to a growth trajectory since 2021, with significant revenue increases following its strategic pivot towards environmental and green energy sectors [4][19]. - The demand for sustainable aviation fuel (SAF) is expected to grow significantly, driven by global carbon reduction initiatives, positioning the company favorably within this expanding market [8][58]. Summary by Sections Company Overview - The company, originally established as Sichuan Meiya Silk (Group) Co., Ltd., has undergone multiple ownership changes and strategic pivots, ultimately focusing on renewable energy and environmental services [3][12]. - Following a major restructuring in 2020, the company shifted its focus to kitchen waste resource utilization, becoming the only listed company in China primarily engaged in this sector [3][19]. Financial Performance - The company reported a revenue of 827 million yuan in 2021, a year-on-year increase of 138.33% [4][19]. - In 2024, despite a reduction in trading volume, the company achieved a 47.3% year-on-year increase in net profit attributable to shareholders [21]. - The first quarter of 2025 saw revenues of 434 million yuan, reflecting a 4.21% year-on-year growth, with net profit reaching 28.27 million yuan, up 222.23% [21][30]. Market Dynamics - Used cooking oil (UCO) is a critical raw material for SAF, with China accounting for over 60% of global UCO supply, highlighting its strategic importance in the SAF production chain [5][45]. - The global demand for SAF is projected to increase significantly, with various countries implementing policies to boost its usage in aviation fuels [8][59]. Operational Capacity - The company has established a robust operational capacity in kitchen waste treatment, with a daily processing capacity of 4,380 tons as of the end of 2024, with plans to expand to 8,000-10,000 tons [9][68]. - The company employs a heavy asset operation model, maintaining a high debt ratio of over 70%, which is typical for the industry [9][71]. Profitability Forecast - The company forecasts net profits of 104 million yuan, 179 million yuan, and 299 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 31.2, 18.1, and 10.8 [1][9].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in overseas HVO/SAF prices, with European prices rising by 13.97% and 11.60% respectively since the lowest points in Q2 2025, driven by strong seasonal demand [5] - The EU is gradually implementing a 2% SAF blending policy, which is expected to enhance the demand for SAF and subsequently increase the price of UCO, benefiting the entire UCO-HVO/SAF industry chain [6] - The demand for UCO is anticipated to grow steadily due to the increasing SAF demand, with domestic UCO prices rising as a result of heightened procurement levels from SAF and biodiesel plants [7] Summary by Sections Industry Trends - The report indicates a positive outlook for the basic chemical industry, with a maintained investment rating [1] - A notable trend is the increase in UCO prices in China, with prices for gutter oil and waste oil rising by 3.31% and 2.31% respectively since Q2 2025 [5] Market Dynamics - The report discusses the EU's measures to support the SAF market, including subsidies for airlines purchasing sustainable aviation fuel, which is expected to drive up costs and demand [6] - The report notes that China's SAF production costs are lower due to abundant and cheaper UCO resources, positioning China to capture a significant market share in the EU [6] Company Insights - The report provides a table of companies involved in HVO/SAF production, highlighting their planned capacities and market valuations, with 嘉澳环保 leading with a planned capacity of 740,000 tons [10] - The report identifies key beneficiaries of the SAF demand increase, including 嘉澳环保, 海新能科, 卓越新能, and 鹏鹞环保 [6][10]