Group 1: Company Overview - Zhejiang Weiming Environmental Protection Co., Ltd. is a leading enterprise in waste incineration and power generation in China, with a daily processing capacity of 37,000 tons [7] - The company has maintained steady growth in revenue and net profit since its listing in 2015, with significant contributions from both environmental protection and equipment manufacturing sectors [5][7] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 2.485 billion CNY in equipment manufacturing, representing a year-on-year increase of 74.51% [5] - The revenue distribution for the first three quarters is 39.2% from environmental governance and 60.4% from equipment manufacturing, with the new energy materials segment yet to contribute revenue [7] - The company’s total assets reached 26.9 billion CNY, with a net asset of 14.3 billion CNY and a debt ratio of 46.7% as of the end of Q3 2024 [8] Group 3: Business Segments - The company operates in three main sectors: environmental governance, equipment manufacturing, and new energy materials, with a focus on synergy among these areas [6][7] - The environmental governance segment includes waste incineration power generation, which has seen an increase in operational projects, reaching 55 projects with a total processing capacity of approximately 37,000 tons per day [9] - The equipment manufacturing segment has expanded into new materials, with a focus on nickel smelting and production [12][15] Group 4: Future Plans and Market Expansion - The company aims to double its solid waste processing capacity by 2030 and is actively exploring opportunities in Southeast Asia for waste incineration projects [9][12] - Plans are in place to enhance the new energy materials business, with a projected annual production capacity of 130,000 tons of high-nickel materials and significant investments in related projects [15][17] Group 5: ESG and Corporate Governance - The company has been proactive in ESG initiatives, publishing annual social responsibility and ESG reports, and has established a dedicated committee to oversee these efforts [19] - It has maintained a strong focus on environmental management and has improved its ESG ratings across various platforms [19]

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-092 | | --- | --- | --- | --- | --- | | 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 | | | 公司董事会对于魏乃平先生在本公司持续督导期间所做出的贡献表示衷心 的感谢！ 特此公告。 浙江伟明环保股份有限公司 浙江伟明环保股份有限公司 2024 年 11 月 25 日 附件：韩勇先生简历 关于变更持续督导保荐代表人的公告 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。 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 2024 年向不特定对象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 2024 年向不特定对象发行可转换公司债券（以下简称"伟 24 转债"） 的保荐人，原委派徐天全先生、魏乃平先生作为"伟 ...

公司大股东伟明集团有限公司（以下简称"伟明集团"）、温州市嘉伟实业有 限公司（以下简称"嘉伟实业"）、项光明先生和一致行动人王素勤女士、朱善银 先生、朱善玉先生、章锦福先生、章小建先生、陈少宝先生、项奕豪先生、上海 迎水投资管理有限公司-迎水兴盛 6 号私募证券投资基金（以下简称"迎水兴盛 6 号"）、上海迎水投资管理有限公司-迎水飞龙 20 号私募证券投资基金（以下简称 "迎水飞龙 20 号"）和上海迎水投资管理有限公司-迎水巡洋 12 号私募证券投资 基金（以下简称"迎水巡洋 12 号"）合计配售 2,003,060 张，占本次发行总量的 70.28%。 | 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-091 | | --- | --- | --- | --- | --- | | 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 关于大股东及一致行动人减持"伟 24 转债"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 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [5][13]. Core Views - The company has maintained rapid growth, with a 30.83% year-on-year increase in revenue to 6.046 billion yuan for the first three quarters of 2024, and a 34.37% increase in net profit to 2.111 billion yuan [1]. - The company's cash flow remains robust, with a net cash flow from operating activities of 1.820 billion yuan, reflecting a year-on-year increase of 440 million yuan [1]. - The company is set to benefit from the upcoming production of the high ice nickel project, which is expected to enhance its raw material supply and cost advantages [3]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 6.046 billion yuan, a 30.83% increase year-on-year, and a net profit of 2.111 billion yuan, up 34.37% [1]. - The third quarter alone saw revenues of 1.932 billion yuan, an 11.82% increase, and a net profit of 688 million yuan, which is a 26.24% increase year-on-year [1]. - The company forecasts net profits for 2024-2026 to be 2.727 billion, 3.504 billion, and 4.204 billion yuan, respectively, with growth rates of 33.15%, 28.45%, and 19.99% [4]. Operational Highlights - The company’s waste incineration projects have seen a 12.79% increase in waste processed, totaling 9.8167 million tons, and a 15.38% increase in electricity generated from waste, reaching 2.680 billion kWh [2]. - The company has successfully launched several waste treatment projects, which are expected to contribute stable revenue and cash flow [2]. - The equipment sales segment has maintained high order levels, with new orders amounting to approximately 1.475 billion yuan in the third quarter alone [3]. Future Outlook - The company is expected to continue its growth trajectory, with a projected revenue increase of 40.80% in 2024, followed by 54.39% in 2025 [4]. - The high ice nickel project is anticipated to enhance the company's competitive position in the new materials sector, creating synergies within its supply chain [3]. - The company’s financial metrics indicate a favorable valuation, with projected P/E ratios decreasing from 13.37 in 2024 to 8.68 in 2026, suggesting potential for price appreciation [4].

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-090 | | --- | --- | --- | --- | --- | | 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 关于大股东及一致行动人减持"伟 24 转债"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。 经中国证券监督管理委员会证监许可[2024]267 号文同意注册，浙江伟明环 保股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日向不特定对象发行可 转债 285.00 万张，每张面值 100 元，发行总额 28,500.00 万元，期限 6 年。经上 海证券交易所自律监管决定书[2024]46 号文同意，公司本次发行的 28,500.00 万 元可转换公司债券于 2024 年 4 月 22 日起在上海证券交易所上市交易，债券简称 "伟 24 转债"，债券代码"113683"。 公 ...

证券代码：603568 证券简称：伟明环保 编号：2024-06 浙江伟明环保股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------------|-------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| 证券代码：603568 | 证券简称：伟明环保 | | 公告编号：临 | 2024-089 | | --- | --- | --- | --- | --- | | 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 关于大股东及一致行动人减持"伟 24 转债"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。 经中国证券监督管理委员会证监许可[2024]267 号文同意注册，浙江伟明环 保股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日向不特定对象发行可 转债 285.00 万张，每张面值 100 元，发行总额 28,500.00 万元，期限 6 年。经上 海证券交易所自律监管决定书[2024]46 号文同意，公司本次发行的 28,500.00 万 元可转换公司债券于 2024 年 4 月 22 日起在上海证券交易所上市交易，债券简称 "伟 24 转债"，债券代码"113683"。 公 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has shown significant overall revenue growth, with a revenue of 6.05 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 30.8%, and a net profit attributable to shareholders of 2.11 billion yuan, up 34.4% year-on-year [1] - The growth in revenue is attributed to strong operational performance, increased income from equipment, EPC, and service businesses, as well as project operations [1] - The company is expected to see further profit growth from its new energy materials projects, which are set to release capacity soon [1] Financial Performance Summary - For the first three quarters of 2024, the gross margin was 47.6%, an increase of 0.5 percentage points year-on-year, and the net profit margin was 34.9%, up 0.9 percentage points [1] - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 1.82 billion yuan, a year-on-year increase of 31.7% [1] - The company’s equipment manufacturing segment saw a substantial increase in new orders, totaling approximately 1.48 billion yuan, a year-on-year increase of 74.6% [1][2] Future Projections - The company is projected to achieve net profits of 2.81 billion yuan, 3.56 billion yuan, and 4.27 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.65 yuan, 2.09 yuan, and 2.51 yuan [2][3] - The expected P/E ratios for the same years are 12.9X, 10.2X, and 8.5X, indicating a favorable valuation outlook [1][2] Market Position - The company is recognized as a leading player in the private waste incineration sector, with a robust project pipeline supporting its growth [1] - The company has made significant progress in green certificate trading, enhancing its profitability [1]

证券研究报告·公司点评报告·环境治理 伟明环保（603568） 2024 年三季报点评：设备订单高增，新材料 进入试生产 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4474 | 6025 | 9098 | 15260 | 23852 | | 同比（ % ） | 4.31 | 34.66 | 51.01 | 67.74 | 56.31 | | 归母净利润（百万元） | 1664 | 2048 | 2774 | 3612 | 4514 | | 同比（ % ） | 3.69 | 23.09 | 35.42 | 30.19 | 24.99 | | EPS- 最新摊薄（元 / 股） | 0.98 | 1.20 | 1.63 | 2.12 | ...

| 证券代码：603568 | 证券简称：伟明环保 | 公告编号：临 | 2024-087 | | --- | --- | --- | --- | | 转债代码：113652 | 转债简称：伟 | 转债 | 22 | | 转债代码：113683 | 转债简称：伟 | 转债 | 24 | 浙江伟明环保股份有限公司 2024 年度第三季度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》，浙 江伟明环保股份有限公司（以下简称"公司"）现将项目运营并发电业务 2024 年第三季度主要经营数据公告如下： 据公司初步统计，2024 年第三季度，公司及下属相关控股子公司合计完成 发电量 116,177.12 万度，上网电量 94,906.69 万度，平均上网电价 0.565 元/度， 垃圾入库量 347.61 万吨（含生活、餐厨、污泥等垃圾，其中生活垃圾入库量 330.17 万吨）。2024 年 1-9 月，公司及下属相关控股子公司合计完成累计发电量 326 ...