Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is a leading player in waste-to-energy in Hunan Province, focusing on stable revenue growth and profitability through its waste incineration projects and strategic acquisitions [9][14]. - The integration of waste incineration with IDC (Intelligent Data Center) presents significant collaboration potential, especially in the Changsha region, and the company is actively expanding its overseas projects [9][14]. - The company has a strong cash flow position, supporting high dividend payouts, with a commitment to maintain a cash dividend ratio of no less than 50% in the long term [9][14]. Summary by Sections 1. Hunan Province Waste-to-Energy Leader - The company focuses on waste incineration power generation, with a compound annual growth rate (CAGR) of 19.5% in revenue and 11.0% in net profit from 2019 to 2024 [9][18]. - As of Q1 2025, the company has a waste incineration capacity of 11,800 tons per day, contributing significantly to local energy needs and carbon reduction [14][18]. 2. Strong Asset Base and Expansion - The company holds a 46.31% market share in Hunan's waste incineration market, with ongoing projects enhancing its competitive edge [30][31]. - The acquisition of 63% of Renhe Environment allows for vertical integration in the waste management chain, enhancing operational efficiency [52][54]. 3. Synergy of Waste Incineration and IDC - The company is leveraging its waste incineration capabilities to support IDC operations, which is expected to benefit from government policies promoting green computing [57][75]. - The integration of waste-to-energy solutions with data centers is projected to improve energy efficiency and reduce operational costs [57][63]. 4. Profitability and Financial Outlook - The company is expected to achieve net profits of 750 million, 797 million, and 841 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 15.7, 14.7, and 13.9 [9][11]. - The company maintains a robust cash flow, with operating cash flow reaching 971 million yuan in 2024, supporting its high dividend payout policy [22][27].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Insights - The company is a leading player in waste-to-energy in Hunan Province, focusing on stable revenue growth with a compound annual growth rate (CAGR) of 19.5% in revenue and 11.0% in net profit from 2019 to 2024 [9][18]. - The company has a strong cash flow that supports high dividend payouts, with a commitment to maintain a cash dividend ratio of no less than 50% in the long term [9][27]. - The integration of waste incineration and IDC (Intelligent Data Center) presents significant collaboration potential, especially in the Changsha project and overseas market expansion [9][57]. Summary by Sections 1. Hunan Province Waste-to-Energy Leader - The company has established itself as a leader in solid waste treatment, focusing on waste incineration power generation, with operational capacity reaching 11,800 tons per day as of Q1 2025 [14][30]. - The company achieved a revenue of 2.43 billion yuan in 2024, with a net profit of 536.28 million yuan, reflecting a stable growth trajectory [9][18]. 2. Cash Flow and Dividend Policy - The operating cash flow has shown a steady increase, with a CAGR of 7.5% from 2019 to 2024, reaching 971 million yuan in 2024 [22][27]. - The company has maintained a high dividend payout ratio, with total dividends exceeding 1.2 billion yuan from 2022 to 2024 [27][29]. 3. Domestic and International Expansion - The company has a significant market share in Hunan, with a 46.31% share in the waste incineration market as of 2023, and is expanding its international footprint with projects in Kyrgyzstan [30][34]. - The acquisition of 63% of Renhe Environment enhances the company's operational capabilities and market reach, allowing for better integration of waste management services [52][54]. 4. Profitability and Competitive Advantage - The company benefits from high electricity prices and efficient operations, with a gross profit margin of 68.45% in 2024, significantly higher than industry peers [41][42]. - The average electricity price in Hunan is 0.45 yuan per kWh, ranking second nationally, which contributes to the company's strong profitability [41][42]. 5. Synergy with IDC - The collaboration between waste incineration and IDC is expected to enhance energy efficiency and reduce operational costs, with a focus on sustainable and clean energy solutions [57][60]. - The company is well-positioned to leverage government policies promoting green computing and energy efficiency, aiming for a PUE of 1.3 by 2030 [75].

证券代码：301109 证券简称：军信股份 公告编号：2025-063 湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理到期赎回的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 2 | | 中国建设银行股 | 中国建设银行单 | 保本固定收 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | 份有限公司长沙 | 位大额存单2023 | 益型 | 12,000 | 2023/07/19 | 2026/07/19 | 2.90% | 自有资金 | | | 华兴支行 | 年第064期 | | | | | | | | | 兴业证券股份有限 | 兴业证券兴动系列 | 保本浮动收 | | | 2024/6/24 | 收益金额 | | | 公司 | 公司湖南分公司 | 二元浮动收益凭证 | 益型 | 2,000 | 2024/05/21 | （已到期， | 31,671.23元 | 自有资金 | | | | 第176期（湖南） | | | | 赎回） | | | ...

国浩律师（长沙）事务所 国浩律师（长沙）事务所 关于 湖南军信环保股份有限公司 2024 年年度股东大会 之 法律意见书 长沙市湘江中路保利国际广场 B3 栋 17 楼 邮编：410000 17/F, Building B3, Poly International Plaza, Middle Xiangjiang Road, Changsha 410000, China 电话/Tel: +86 731 8868 1999 传真/Fax: +86 731 8868 1999 网址/Website: http://www.grandall.com.cn 2025 年 5 月 关于湖南军信环保股份有限公司 2024 年年度股东大会之 法律意见书 （2025）国浩长律见字第 20250526-1-5 号 致：湖南军信环保股份有限公司 国浩律师（长沙）事务所（以下简称"本所"）依法接受湖南军信环保股份 有限公司（以下简称"公司"）的委托，指派本所律师列席公司 2024 年年度股东 大会(以下简称"本次股东大会")并依法进行见证。 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 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-062 1、会议召开时间 （1）现场会议召开时间：2025 年 5 月 26 日（星期一）下午 14:30 （2）网络投票时间：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 2025 年 5 月 26 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统 （http://wltp.cninfo.com.cn）投票的具体时间为 2025 年 5 月 26 日上午 9:15 至下午 15:00 期间的任意时间。 2、现场会议召开地点：长沙市望城区桥驿镇湖南军信环保股份有限公司(以下简称"公 司"）办公楼二楼第一会议室 3、会议召开方式：采取现场投票与网络投票相结合的方式 湖南军信环保股份有限公司 2024年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内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未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 （2）网络投票情况：通过网络投票方式 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-061 湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 二、关联关系说明 公司及子公司与渤海银行股份有限公司长沙河西支行不存在关联关系。 三、投资风险及风险控制措施 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的 ...

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international competitiveness and brand image, as well as to accelerate its internationalization strategy and overseas business layout [2]. Group 1: Company Overview - Junxin Environmental Protection was established in 2011 and is a leading enterprise in the environmental protection sector in Hunan, focusing on solid waste treatment and green energy [4]. - The company has a total share capital of 564 million shares, with a market capitalization of approximately 11.52 billion yuan as of May 15 [4]. - The company operates projects primarily in Hunan and Kyrgyzstan, covering various waste treatment services [4]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 2.431 billion yuan, representing a year-on-year growth of 30.86% [5]. - The net profit attributable to shareholders was 536 million yuan, an increase of 4.36% compared to the previous year [5]. Group 3: Shareholder Structure - The controlling shareholder and actual controller is Dai Daoguo, who directly holds 4.19% of the shares [7]. - Several family members of Dai Daoguo also hold shares in the company, making them acting in concert [7]. Group 4: Executive Compensation - In 2024, the total pre-tax remuneration for directors, supervisors, and senior management was 19.94 million yuan, with Dai Daoguo receiving 8.80 million yuan [9].

Core Viewpoint - The company, Junxin Co., plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness, international brand image, and overseas business layout, while also increasing its overseas financing capabilities [1][2]. Company Strategy and Market Expansion - Junxin Co. has been actively expanding its overseas market presence, recently signing waste management project agreements in Kyrgyzstan, including a project in the capital Bishkek and another in Issyk-Kul region, both with a waste processing capacity of 2,000 tons per day [3][4]. - The company focuses on solid waste treatment and green energy, with services including waste incineration power generation, kitchen waste treatment, sludge disposal, and leachate treatment [2][4]. Financial Performance - In Q1 2025, Junxin Co. reported a revenue of 767 million yuan, a year-on-year increase of 54.23%, and a net profit of 173 million yuan, up 39.41% [1][5]. - The company’s overall performance has shown a consistent upward trend, with a revenue of 2.431 billion yuan in 2024, a 30.86% increase from the previous year, and a net profit of 536 million yuan, up 4.36% [5][6]. Operational Metrics - In Q1 2025, the company processed 893,800 tons of waste, a 10.54% increase year-on-year, with incineration processing volume up 15.81% [6]. - The company achieved a significant increase in electricity generation from waste incineration, with a total of 446 million kWh, reflecting a 33.52% growth compared to the previous year [6]. Shareholder Returns - Junxin Co. has consistently returned value to shareholders, with cash dividends exceeding 369 million yuan in both 2022 and 2023, and an expected total cash dividend of 507 million yuan for 2024, representing 94.59% of the net profit [7].

香港联合交易所有限公司上市相关筹备工作的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 湖南军信环保股份有限公司 关于授权公司管理层启动公司境外发行股份（H股）并在 证券代码：301109 证券简称：军信股份 公告编号：2025-060 性陈述或重大遗漏。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日召开第三届董事 会第三次会议，审议通过了《关于授权公司管理层启动公司境外发行股份（H股）并在香港联 合交易所有限公司上市相关筹备工作的议案》，现将相关情况公告如下： 为进一步提高公司综合竞争力，提升公司国际品牌形象，加快公司国际化战略的实施及 海外业务布局，增强公司的境外融资能力，根据公司总体发展战略及运营需要，公司拟在境 外发行股份（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）上市（以下简 称"本次 H 股上市"）。公司董事会同意授权公司管理层启动本次 H 股上市的相关前期筹备 工作。公司计划与相关中介机构就本次 H 股上市的具体推进工作进行商讨，关于本次 H 股上 市的具体细节尚未确定。 根据《境内企业境外发行证券和上市管理试 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-059 湖南军信环保股份有限公司 第三届董事会第三次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 湖南军信环保股份有限公司（以下简称"公司"）第三届董事会第三次会议（以下简称 "本次会议"）通知于 2025 年 5 月 9 日以电话、邮件方式送达公司全体董事，会议于 2025 年 5 月 14 日上午 10:00 以现场结合视频方式召开，其中董事戴道国、独立董事兰力波和黎毅 以视频方式参加。本次会议应到会董事 9 人，实际到会董事 9 人，符合召开董事会会议的法 定人数。本次会议由董事长戴道国召集和主持，公司部分监事、高级管理人员列席了本次会 议。 本次会议的召集、召开符合《中华人民共和国公司法》等法律、法规、规范性文件和 《湖南军信环保股份有限公司章程》的有关规定。 二、董事会会议审议情况 审议通过《关于授权公司管理层启动公司境外发行股份（H 股）并在香港联合交易所有 限公司上市相关筹备工作的议案》 为进一步提高公司综合竞争力，提升公司国际品牌形象，加快公司国际化战略的实施及 ...