北京市中伦律师事务所（以下简称"本所"）接受青岛惠城环保科技集团股 份有限公司（以下简称"公司"）的委托，就公司 2023 年度股东大会（以下简称 "本次股东大会"）召开的有关事宜，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监 督管理委员会《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、 法规、规章及《青岛惠城环保科技集团股份有限公司章程》（以下简称"《公司章 程》"）、《青岛惠城环保科技集团股份有限公司股东大会议事规则》（以下简称"《股 东大会议事规则》"）的有关规定，出具本法律意见书。 公司已向本所律师保证和承诺，其所提供的所有文件正本及副本均为真实、 完整、有效，公司已向本所律师披露一切足以影响本法律意见书出具的事实和文 件，且无任何隐瞒、疏漏之处。 本所律师根据现行法律、法规的有关规定及要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，对公司提供的与本次股东大会召开有关的文件 和事实进行了核查和验证，在此基础上，本所律师对本法律意见书出具之日及以 前所发生的与本次股东大会相关事实发表法律意见如下： 北 ...

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2024-042 | | --- | --- | --- | | 债券代码：123118 | 债券简称：惠城转债 | | 青岛惠城环保科技集团股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次股东大会没有否决议案； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开时间： 1、 现场会议召开的时间：2024 年 5 月 15 日（星期三）14:00 2、 网络投票时间：2024 年 5 月 15 日（星期三） 其中通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 5 月 15 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统 （http://wltp.cninfo.com.cn）进行网络投票的具体时间为 2024 年 5 月 15 日 9:15- 15:00。 （二）股东大会召开的地点：山东省青岛市黄岛区萧山路 7 号 ...

Group 1: Company Strategy and Market Expansion - The company is adopting a low-price sales strategy to increase market share in the catalyst sales business, despite a decrease in profitability due to intensified industry competition [2] - In 2024, the company plans to enhance communication with international clients to expand orders and shipments, aiming for recognition in the international market [2] - The company is strategically planning to deploy waste plastic recycling operations across various regions in China, including Shandong, Guangdong, Xinjiang, Jiangxi, and Gansu [2] Group 2: Project Updates and Developments - The raw materials for the 20,000-ton mixed waste plastic deep cracking project are fully prepared [2] - The company has obtained preliminary calibration data for the petroleum coke hydrogen ash comprehensive utilization project, with further discussions planned with Guangdong Petrochemical [3] - The first phase of the 20,000-ton waste plastic project is producing products rich in ethylene dry gas, liquefied gas rich in propylene, and mixed aromatic naphtha, with no plans for separation at this stage [3] Group 3: Financial Management and Funding - The company plans to finance future projects through project loans, focusing on efficient use of funds and potential financing plans to reduce the asset-liability ratio [4] - The company is currently managing multiple construction projects with significant fixed asset investments, necessitating careful financial planning to ensure stable development [4]

惠城环保(300779) 公司点评 | --- | --- | --- | --- | --- | |--------------------|----------|-------------------------|--------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,071 | 1,473 | 2,078 | 2,685 | | 营业收入增长率 (%) | 194.76% | 37.54% | 41.13% | 29.17% | | 归母净利（百万元） | | 139 242 424 551 | | | | 净利润增长率 (%) | 5499.75% | 74.50% | 75.45% | 29.84% | | 摊薄每股收益（元） | | 1.17 1.73 3.04 3.95 | | | | 市盈率（PE） | | 44.10 34.61 19.73 15.19 | | | 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 公 司 研 究 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 投 ...

公 司 研 究 惠城环保(300779) | --- | --- | --- | --- | --- | |--------------|-------------------------------------------------|--------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ | 走势比较 | | | 事件：公司近期发布 2023 年报及 2024 年一季报， 2023 年实现营 | | 42% 60% | | | | 收 10.71 亿元，同比 +194.76% ，实现归母净利润 1.39 亿元，同比 +5499.75% ，公司 2023 年度拟以 1.38 亿股为基数，向全体股东每 10 | | (12%) 6% 24% | 23/5/12 23/7/23 ...

青岛惠城环保科技集团股份有限公司（以下简称"公司"）于 2024 年 2 月 6 日召开第三届董事会第二十九次会议、第三届监事会第二十四次会议，审议通过 《关于回购公司股份方案的议案》，公司拟使用不低于人民币 6,000 万元（含本 数）且不超过人民币 12,000 万元（含本数）自有资金以集中竞价交易方式回购部 分股份，并在未来根据公司实际情况、选择适宜时机用于员工持股计划或股权激 励，本次回购股份的价格上限为 60.00 元/股，回购期限为自公司董事会审议通过 本次回购方案之日起 12 个月内。具体回购股份数量及占公司总股本的比例以实 际回购的股份数量和占公司总股本的比例为准。具体内容详见公司于 2024 年 2 月 7 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公 告》（公告编号：2024-006）。 | 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2024-041 | | --- | --- | --- | | 债券代码：123118 | 债券简称：惠城转债 | | 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—— ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 70.20 CNY, maintaining the rating from previous assessments [21][20]. Core Insights - The company reported significant growth in 2023, achieving an operating revenue of 1.1 billion CNY, a year-on-year increase of 195%, and a net profit attributable to shareholders of 140 million CNY, up 5500% [2][7]. - In Q1 2024, the company achieved an operating revenue of 300 million CNY, a year-on-year increase of 24% and a quarter-on-quarter increase of 4%. However, the net profit attributable to shareholders decreased by 43% year-on-year but increased by 818% quarter-on-quarter [2][3]. - The company has successfully launched new projects that have increased the sales volume of resource products, although it faces challenges from intense industry competition, declining sales prices, and rising operational costs [3][7]. Financial Data and Valuation - The projected operating revenues for 2024, 2025, and 2026 are 1.519 billion CNY, 2.515 billion CNY, and 3.291 billion CNY, respectively, with growth rates of 41.87%, 65.55%, and 30.86% [5]. - The net profit attributable to shareholders is expected to be 245 million CNY in 2024, 441 million CNY in 2025, and 592 million CNY in 2026, with corresponding growth rates of 76.71%, 80.30%, and 34.22% [5][20]. - The company’s earnings per share (EPS) are projected to be 1.76 CNY in 2024, 3.16 CNY in 2025, and 4.25 CNY in 2026, indicating a compound annual growth rate (CAGR) of 62% over three years [20]. Industry Position and Technological Development - The company is focused on technological innovation and has made progress in the industrialization of waste plastic recycling projects, which are expected to address significant industry pain points and have high commercial value [8][19]. - The company is actively advancing a 200,000 tons/year mixed waste plastic resource utilization demonstration project and has received feasibility recognition for its innovative technologies [8][19].

中德证券有限责任公司 关于青岛惠城环保科技集团股份有限公司 2021 年向不特定 对象发行可转换公司债券之保荐总结报告书 中德证券有限责任公司（以下简称"中德证券"、"保荐机构"或"本机 构"）作为青岛惠城环保科技集团股份有限公司（以下简称"惠城环保"、"发 行人"、"上市公司"或"公司"）2021 年向不特定对象发行可转换公司债券 的保荐机构，持续督导期限截至 2023 年 12 月 31 日。目前，持续督导期已经届 满，中德证券根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则》等法规和规范性文件的相关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构名称 | 中德证券有限责 ...

中德证券有限责任公司 关于青岛惠城环保科技集团股份有限公司 2023年度跟踪报告 | 保荐机构名称：中德证券有限责任公司 | 被保荐公司简称：惠城环保 | | --- | --- | | 保荐代表人姓名：陈超 | 联系电话：010-59026705 | | 保荐代表人姓名：毛传武 | 联系电话：010-59026777 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | | | | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | | 12次，保荐代表人每月获取并核查募集资金 | | （1）查询公司募集资金专户次数 | 专户的银行对账单 | | （2 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][18]. Core Insights - The company's gross margin decreased to 23.9% in Q1 2024, down 12.5 percentage points year-over-year, primarily due to reduced profits despite increased revenue [2][15]. - Operating cash flow showed significant improvement, with a net cash flow from operating activities of 10.776 million yuan, up 97.9% year-over-year, attributed to a slight decrease in cash expenditures [2]. - The company is focusing on hazardous waste treatment projects, with a notable project in Guangdong that is expected to enhance revenue and profit [5][6]. Financial Performance - In Q1 2024, the company achieved revenue of 300 million yuan, a year-over-year increase of 23.6%, driven by new project operations and increased sales of resource products [15]. - The net profit attributable to the parent company was 20.536 million yuan, down 43.2% year-over-year, influenced by competitive pricing in the catalyst industry and increased operational costs [15]. - The company expects revenues of 1.33 billion yuan, 2.07 billion yuan, and 2.66 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 240 million yuan, 430 million yuan, and 540 million yuan [6][7]. Business Development - The company has made significant advancements in its proprietary technology for deep cracking of mixed waste plastics, with a demonstration project in Guangdong expected to contribute to future profit growth [16]. - The hazardous waste treatment project, which began production in 2023, is projected to generate substantial revenue and profit for the company [5][6].