证券研究报告 | 半年报点评 2024 gszqdatemark 年 08 月 17 日 伟明环保（603568.SH） 业绩持续高增，期待新能源材料项目落地 公司营收、利润快速增长。公司 2024H1 实现营收 41.1 亿元，yoy+42.2%， 归母净利润 14.2 亿元，yoy+38.7%；2024Q2 实现营收 21.1 亿元， yoy+35.4%，归母净利润 7.1 亿元，同比+37.1%，业绩持续快速增长。 分 业 务 来看 ， 2024H1 设 备销 售及 技 术服 务 实现 营 收 24.8 亿 元 （yoy+74.5%），主要系环保与新材料装备订单落地，项目运营业务实现 营收 16.1 亿元（含餐厨、垃圾清运等，yoy+10.7%）。 盈利能力维持相对稳定，费用管控优异，现金流大幅改善。2024H1，公司 实现毛利率 45.8%（yoy-2.4pct）、归母净利润率 34.6%（yoy-0.9pct）， 毛利率略有下降，主要系公司装备业务收入占比提升，归母净利润率维持 相对稳定。三费合计比率 6.4%（yoy-0.7pct），其中，销售费用率 0.2% （yoy-0.02pct），管理费用 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 4407025 证 券 研 究 报 告 -14% -6% 3% 11% 20% 29% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 伟明环保 上证指数 [Table_Report] 相关报告 装备制造和新能源材料业务快速发展 伟明环保(603568) 其他公用事业 [Table_Industry] /公用事业 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 30.63 | | | 上次预测: | 30.63 | | [当前价格： Table_CurPrice] | | 18.59 | [tab ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-074 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 | 转债 | | | 浙江伟明环保股份有限公司 关于为全资子公司申请综合授信提供担保的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 1、被担保人名称：伟明环保装备集团有限公司（以下简称"伟明装备集团"）， 系浙江伟明环保股份有限公司（以下简称"公司"）全资子公司。 2、本次担保金额及已实际为其担保余额：本次为伟明装备集团担保的最高 债权本金金额为等值人民币 2 亿元；发生本次担保前，公司为伟明装备集团实际 提供的担保余额为人民币 41,081.43 万元。 3、本次担保无反担保。 公司 2024 年 4 月 19 日第七届董事会第四次会议和第七届监事会第三次会议 审议通过了《关于 2024 年度担保额度预计的议案》，公司 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-077 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 转债 | | | | 浙江伟明环保股份有限公司 2024 年半年度募集资金实际存放与使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》及《浙江伟明环保股份有限公司募集资金管理办法》（以下简称"《管 理办法》"）的相关规定，现将浙江伟明环保股份有限公司（以下简称"公司"） 2024 年半年度募集资金存放与使用情况专项报告如下： 一、募集资金基本情况 1、2022年度发行可转换公司债券募集资金到位情况 经中国证券监督管理委员会证监许可[2022]1252 号《关于核准浙 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-075 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 转债 | | | | 浙江伟明环保股份有限公司 第七届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过，并同意提交公司董事会审议。 具 体 内 容 详见 公 司 于 2024 年 8 月 17 日 在 上海 证 券 交易 所 网 站 （www.sse.com.cn）披露的《浙江伟明环保股份有限公司 2024 年半年度报告及 摘要》。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 2、审议通过《公司 2024 年半年度募集资金存放与实际使用情况专项报告》 具体内容详见公司于 2024 年 8 月 17 日 在 上海 证 券 交 易 所 网 站 （ww ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-076 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 转债 | | | | 浙江伟明环保股份有限公司 第七届监事会第六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 监事会认为：公司 2024 年半年度募集资金存放与实际使用情况专项报告能 够真实、准确、完整地反映公司 2024 年半年度的募集资金使用情况。公司截至 2024 年 6 月 30 日对募集资金的存放与使用符合法律、法规、公司章程和公司内 部管理制度的各项规定，不存在募集资金存放和使用违规的情形。 二、监事会会议审议情况 经审议，本次监事会表决通过以下事项： 1、 审议通过《公司 2024 年半年度报告全文及摘要》 监事会认为：公司2024年半年度报告的编制和审议程序符合法律、行政法规、 中国证监会和公司章程等各项规定 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 4.113 billion, representing a 42.18% increase compared to RMB 2.893 billion in the same period last year[24]. - The net profit attributable to shareholders for the first half of 2024 was RMB 1.423 billion, up 38.68% from RMB 1.026 billion year-on-year[24]. - The net cash flow from operating activities was RMB 1.313 billion, reflecting a 42.94% increase from RMB 918 million in the previous year[24]. - Basic earnings per share for the first half of 2024 were RMB 0.84, a 37.70% increase compared to RMB 0.61 in the same period last year[25]. - The diluted earnings per share rose to RMB 0.81, up 37.29% from RMB 0.59 year-on-year[25]. - The weighted average return on equity increased to 12.19%, up 1.71 percentage points from 10.48% in the previous year[25]. - The company achieved an operating income of RMB 4.11 billion in the first half of 2024, representing a 42.18% increase compared to RMB 2.89 billion in the same period last year[53]. - The environmental projects generated revenue of RMB 1.61 billion, while equipment manufacturing and services contributed RMB 2.49 billion, marking a 74.51% year-on-year growth[50]. Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 26.050 billion, an 8.09% increase from RMB 24.101 billion at the end of the previous year[24]. - The net assets attributable to shareholders increased to RMB 11.958 billion, a 7.71% rise from RMB 11.102 billion at the end of the previous year[24]. - Cash and cash equivalents at the end of the period amounted to ¥2,569,940,712.37, representing 9.87% of total assets, a decrease of 0.21% compared to the previous year[56]. - Accounts receivable increased by 24.46% to ¥2,781,381,795.81, accounting for 10.68% of total assets[56]. - Long-term borrowings rose by 19.29% to ¥5,013,140,165.45, representing 19.24% of total liabilities[57]. - The company's intangible assets increased by 2.70% to ¥13,607,800,094.79, making up 52.24% of total assets[57]. - The company’s total restricted assets amounted to ¥2,508,402,342.86, with various reasons for restrictions including pledges and mortgages[61]. Market and Industry Insights - The domestic waste incineration power generation industry has seen a decline in key indicators such as the number of bids, new capacity, and investment amounts over the past three years due to the industry entering a mature phase[30]. - The government is promoting the solid waste treatment industry through policies aimed at sustainable development, which is expected to enhance the industry's profitability and competitiveness[31]. - By the end of 2025, the national urban waste resource utilization rate is expected to reach approximately 60%, with incineration treatment capacity reaching around 800,000 tons per day[31]. - The company is positioned to benefit from the rapid growth of the new energy vehicle market, supported by national policies aimed at carbon neutrality[34]. - In the first half of 2024, China's new energy vehicle production and sales reached 4.929 million and 4.944 million units, respectively, representing year-on-year growth of 30.1% and 32%, with a market share of 35.2%[35]. Strategic Initiatives - The company is exploring new growth points through operational efficiency improvements and diversifying revenue sources in both existing and new markets[30]. - The company plans to expand its equipment manufacturing business into the new materials sector, with significant growth in new materials equipment orders[34]. - The company is actively seeking opportunities in the green electricity market and carbon trading, which are expected to provide new avenues for growth[32]. - The company has invested in a nickel metal smelting project in Indonesia and a lithium battery new materials industrial base in China, aiming to integrate upstream and downstream operations[37]. - The company is actively expanding into other solid waste treatment areas, including kitchen waste and sludge, to diversify its service offerings[42]. Environmental Compliance and Performance - The company is actively monitoring and reporting emissions to ensure compliance with environmental standards[90]. - The latest report indicates ongoing efforts to maintain emissions within regulatory limits across all monitored pollutants[90]. - The company has implemented a comprehensive air pollution control process, including SNCR, dry methods, and activated carbon injection, ensuring compliance with emission standards[105]. - Wastewater treatment employs a multi-step process including anaerobic treatment and reverse osmosis, with treated water either reused in production or sent to municipal treatment facilities[105]. - The company has established an emergency response plan for environmental incidents, ensuring rapid response to minimize public and environmental impact[107]. Corporate Governance and Shareholder Relations - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital for the first half of 2024[6]. - The company has established a share lock-up period, during which shareholders are prohibited from selling their shares, ensuring stability in ownership[119]. - The company will strictly adhere to its commitments and will publicly explain any failures to meet these obligations, including potential compensation for losses incurred by investors[120]. - The company is committed to protecting investors' rights and will compensate for any losses incurred due to violations of the IPO prospectus[120]. - The company has outlined specific measures to address any breaches of commitment, including potential penalties and compensation for affected shareholders[120]. Research and Development - The company’s R&D expenses increased by 27.86% to RMB 53.86 million, reflecting its commitment to innovation[53]. - Research and development investments increased by 30%, totaling 150 million, aimed at advancing new technologies[123]. - The company is investing in new technology development, allocating $30 million towards R&D initiatives aimed at enhancing product features and user experience[126]. Future Outlook - The company provided an optimistic outlook for the second half of 2024, projecting a revenue increase of 10% to 1.32 billion[124]. - New product launches are expected to contribute an additional 200 million in revenue, with a focus on innovative technology solutions[123]. - The company plans to implement cost-cutting measures, aiming for a 5% reduction in operational expenses by the end of 2024[122]. - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 20% over the next three years[126].

浙江伟明环保股份有限公司 | 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-078 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 | 转债 | | | 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 8 月 26 日（星期一）上午 9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 19 日（星期一）至 8 月 23 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@cnweiming.com 进行提问。公司将在说明会上 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-073 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 | 转债 | | | 浙江伟明环保股份有限公司 关于变更持续督导保荐代表人的公告 2024 年 7 月 29 日 附件：韩勇先生简历 浙江伟明环保股份有限公司（以下简称"公司"）近日接到中信建投证券股 份有限公司（以下简称"中信建投证券"）《关于变更浙江伟明环保股份有限公司 2022 年公开发行可转债项目持续督导保荐代表人的函》，中信建投证券作为公司 2022 年公开发行 A 股可转换公司债券（以下简称"伟 22 转债"）的保荐机构， 原委派徐天全先生、刘涛先生作为"伟 22 转债"持续督导保荐代表人。刘涛先 生因工作变动不再担任持续督导保荐代表人，中信建投证券现委派韩勇先生接替 刘涛先生继续履 ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-072 | | --- | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 22 | 转债 | | | | 转债代码：113683 | 转债简称：伟 24 | 转债 | | | 浙江伟明环保股份有限公司 关于"伟 22 转债"付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 浙江伟明环保股份有限公司（以下简称"公司"）于 2022 年 7 月 22 日发 行的可转换公司债券（以下简称"伟 22 转债"）将于 2024 年 7 月 22 日开始支 付自 2023 年 7 月 22 日至 2024 年 7 月 21 日期间的利息。根据《浙江伟明环保股 份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说 明书》"）有关条款规定，现将有关事项公告如下： 一、 可转债发行上市概况 可转债付息债权登记日：2024 年 7 月 19 日 可转债除息日：2024 年 ...