SYEP(300867)2023-05-17 10:17Group 1: Company Overview and Financial Performance - The main business of Shengyuan Environmental Protection is waste incineration power generation, which operates under BOT or PPP models, characterized by long-term and exclusive features. Revenue is primarily derived from waste treatment subsidies and electricity sales, ensuring stability and sustainability [2] - In 2022, despite the operational data of waste incineration power generation increasing year-on-year, the financial statements showed a decline in revenue and net profit due to several factors, including a decrease in PPP project income as many construction projects were completed [2] - As of the end of 2022, there were 8 operational projects (waste processing capacity of 5,950 tons/day and installed capacity of 160MW) that had not yet entered the national subsidy directory, resulting in unrecognized income [2] Group 2: Hydrogen Energy Research and Development - The Xiamen Hydrogen Energy Research Institute is an independent R&D center focusing on solid-state hydrogen storage technology, collaborating with various renowned universities and research institutions [3] - The research institute has established 8 laboratories and a showroom, with the showroom nearly completed and key equipment procured, expected to be operational by June 2023 [3] - The main technical routes for solid-state hydrogen storage include magnesium-based, titanium-based, vanadium-based, and rare earth-based technologies, each with its advantages and disadvantages [4] Group 3: Hydrogen Energy Business Development - The company is actively developing hydrogen energy projects in Xiamen and Quanzhou, with a focus on solid-state hydrogen systems and applications [4] - The hydrogen energy business is progressing steadily, with plans to explore industrial by-product hydrogen purification, waste-to-hydrogen, and hydrogen chemical processes [5] - The company aims to combine biomass power generation and hydrogen production technologies to provide comprehensive energy solutions, addressing different regional needs [6] Group 4: Biomass Hydrogen Production - Biomass hydrogen production is recognized as a high-efficiency and pollution-free method, with abundant and renewable raw materials, gaining increasing attention [6] - The process of biomass hydrogen production has unique advantages, including lower carbon emissions compared to traditional high-carbon energy sources, contributing to greenhouse gas reduction [6] - Despite challenges such as high unit investment and operating costs, ongoing technological innovations and cost reductions are expected to enhance market competitiveness and commercial application [6]