资源描述
|2020 50%2022 75%2019-2023 2019-2023 12.7 7.4 5.7 4.1 2.6/2022 6.7%17.9%15 82500 90/0.5/9%0.3-0.5/50/GJ 30%10%10%(603568)(600008)(600323)(601200)(601827)(000885)(301109)/2024 03 15 021-63325888*6118 S0860515100003 S0860521050001 2024-02-05 2.5.5“”.6.8.8.9.10.11.11.12.13.14.15.20.20.23.23.26.26 YWCXvMnQtQqRsMpMqNoRnM7NdNaQoMpPpNnRjMoOnOfQnMnQ6MrRvNMYtOsMxNsQrN 3 1.7 2.7 3.8 4.9 5.9 6.9 7.11 8.12 9.15 10.20 11 10/.21 12 10.21 13.21 14/.21 15/.22 16/.22 17/.22 18/.22 19.22 20 2022.23 1.5 2“”.6 3.10 4.10 5 2020.12 6.13 7.14 8.15 9.16 10 22-23.17 11 10t/h.17 12 20t/h.18 13.18 4 14 10t/h.19 15 20t/h.19 16 2024 3 1.24 17.25 5(1)(2)(3)(4)1 6 40%10 20%25 35%10 20 3 5 7 9 2 4-/35%2021 2012 2018 2012 3876 2022 2.32 20%2020 50%2022 75%2 7 2012 1.2.2015 35%48%35%2015 28%2016 1.2020 50%60%2.3.2020 50%2020 59%2021 1.2025 80/65%2.3.4.65%2022 100/73%1 2-0500010000150002000025000 0%10%20%30%40%50%60%70%80%90%100%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 8 30-200kg 30-50kg 3%5%150-200kg 15%20%22 75%3 PPP 2022 3241 218 6.7%2022 5983 1070 17.9%2022 384 44 11.5%9 4 5 6 A H PPP PPP 0%1%2%3%4%5%6%7%8%9%10%05001000150020002500300035002017 2018 2019 2020 2021 2022 0%2%4%6%8%10%12%14%16%18%20%010002000300040005000600070002017 2018 2019 2020 2021 2022 0%2%4%6%8%10%12%14%16%18%20%0501001502002503003504004502017 2018 2019 2020 2021 2022 10 PPP 3 3 1 603568.SH 308.54-600008.SH 207.00 0257.HK 164.49-600323.SH 129.72 0586.HK 125.07 601827.SH 123.18-601200.SH 100.07-1381.HK 90.57 603588.SH 87.15 601330.SH 77.22 000885.SZ 75.83-301175.SZ 71.53-002034.SZ 59.66 wind“”“”“”4 2016 Novago 2016 2017 Ecogreen Energy 2018 IGP 2018 2017 2017 11 2018 Urbaser 2016 EEW 2014 2019 2020 2023*2023*2023*2023*BOT PPP PPP 2020 280 0.65 0.65 0.1 7 12 8 2020 1 20 2021 2020-2021 2022 2022 3.1 5 2020 2020 1 20 2020 4 2020 5 2020 2 6 13 2020 3 12 2020 6 2020 4 3 2020 9 11 2020 1421 2020 9 29 2020 426-82500 2021 8 19 2021 2021 1190 2021 0.62/0.63/3 2 0.1/19%8%122 6/0.62 0.63/0.3949 0.3078/0.1251 0.2222/0.1551 0.2422-19%-8%/400 600/4088 6132/-122.64-122.64 14 2024 2 70248 0.72 30/0.03/1 40/2008 2023 15 30/2023 7 2022 9 7-/0.65 0.65/0.391 0.3515/0.1 0.1/0.159 0.1985/30 30/0.03 0.03 81%85%30 40 2024 1 18/0.5 1.5 5 0.65/0.1/2020 0.391/0.159/30/0.03/80%31%380/90/15 0.5/9%8/kWh 0.3 0.35 0.4 0.45 0.5/10-31%-24%-17%-11%-4%30-28%-21%-14%-7%-1%50-24%-17%-10%-4%2%70-20%-14%-7%-1%5%90-17%-10%-4%3%9%*/184 147 111 74 37*9 16-600/332 10t/h 20t/h 259 186 196 392TJ 0.3598/22-23 91.6/GJ 10t/h 20t/h+25%42%9 10t/h 20t/h t/a 219000 219000 219000 MWh/a 72738 56641 40684 TJ/a 0 196 392 KWh/t 332 259 186/KWh 0.65 0.65 0.65 KWh/t 280 259 186/KWh 0.3598 0.3598 0.3598 KWh/t 52 0 0/a 4396.62 3681.67 2644.46/GJ 91.6 91.6 91.6/a 0.00 1795.36 3590.72 17/a 4396.62 5477.03 6235.18-10 22-23/GJ/KWh 91.60 0.330 70.00 0.252*60.28 0.217*95.56 0.344*22.76 0.082*47.58 0.171*78.00 0.281*48.08 0.173*96.70 0.348*83.33 0.300*88.89 0.320*38.50 0.139*66.41 0.239*60.00 0.216*22.00 0.079*0.3/90/GJ 10t/h 20t/h 25%42%11 10t/h/kWh 0.3 0.35 0.4 0.45 0.5 18/GJ 10-10%-12%-13%-14%-15%30-1%-3%-4%-5%-7%50 8%6%5%4%2%70 16%15%14%13%11%90 25%24%23%22%20%12 20t/h/kWh 0.3 0.35 0.4 0.45 0.5/GJ 10-29%-31%-32%-33%-35%30-12%-13%-14%-15%-17%50 6%5%4%2%1%70 24%23%22%20%19%90 42%41%39%38%37%2021 13 2021 2022 2021 2022 26.88 82.06 327.75 324.37 13.95 30.18 315.93 305.41 137.64 99.86 271.54 267.09 19 82500h 0.3/90/GJ 10t/h 20t/h 38%77%14 10t/h/kWh 0.3 0.35 0.4 0.45 0.5/GJ 10-15%-16%-17%-17%-18%30-2%-4%-6%-7%-9%50 12%8%5%2%0%70 25%20%16%12%9%90 38%32%26%22%18%15 20t/h/kWh 0.3 0.35 0.4 0.45 0.5/GJ 10-31%-32%-33%-34%-35%30-4%-8%-12%-15%-17%50 23%16%10%5%1%70 50%40%31%25%19%90 77%64%53%44%37%20 10 20142021 2021 22.9/50%2020 21 2020 59%2022 300 11 10/12 10-E20 2019-2023 2019-2023 12.7 7.4 5.7 4.1 2.6/24 2020-2021 23-25 22 10.8 2019-2022 2020 1124/2023 566/13 14/E20 E20 0500001000001500002000002500002013 2014 2015 2016 2017 2018 2019 2020 2021 20220%10%20%30%40%50%60%70%80%90%100%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0204060801000200004000060000800001000001200001400002019 2020 2021 2022 2023/0200400600800100012002019 2020 2021 2022 2023 22 5 5 21-22 19 15/16/17/18/15 2017 2017 2020 21 22 21-23 24 23-25 19 020004000600080001000012000050001000015000200002500030000350002018 2019 2020 2021 2022 0500100015002000250030003500400045000500010000150002000025000300002019 2020 2021 2022 02000400060008000100001200014000160000500010000150002000025000300003500040000450002018 2019 2020 2021 2022 010002000300040005000600001000020000300004000050000600002020 2021 2022 23 15 15 82500 20 2022 2023 12 15 3 01002003004005006002017 2018 2019 2020 2021 20220%10%20%30%40%50%60%70%24 30%10%10%16 2024 3 1 2024/3/1%2018 2019 2020 2021 2022 603568.SH 伟明环保 308.54 1.8%1.7%1.7%0.7%0.8%600008.SH 首创环保 207.00 2.8%2.8%2.5%3.5%4.6%0257.HK 光大环境 181.22 8.1%8.8%10.2%11.5%8.1%0586.HK 海螺创业 137.79 7.2%8.6%9.2%9.2%5.3%600323.SH 瀚蓝环境 129.72 1.3%1.4%1.4%1.4%1.4%25 601827.SH 三峰环境 123.18 2.0%3.0%3.0%601200.SH 上海环境 100.07 1.0%1.0%1.0%1.1%1.1%1381.HK 粤丰环保 99.78 1.1%1.8%2.1%2.6%2.7%603588.SH 高能环境 87.15 0.9%1.2%1.2%1.2%0.9%601330.SH 绿色动力 77.22 1.5%1.5%2.9%1.5%1.8%000885.SZ 城发环境 75.83 1.9%1.1%0.8%1.3%1.4%301175.SZ 中科环保 71.53 1.1%002034.SZ 旺能环境 59.66 0.7%0.7%3.6%2.2%3.6%301109.SZ 军信股份 59.29 2.6%6.2%300867.SZ 圣元环保 33.56 1.0%1.4%0.6%wind 17(,)2018 2019 2020 2021 2022 603568.SH 30.7%30.7%30.3%11.0%15.5%10%600008.SH 63.2%47.5%34.9%32.1%30.3%30%0257.HK 34.1%30.7%30.6%30.7%32.0%0586.HK 14.6%15.0%14.1%13.9%4.1%600323.SH 17.5%18.5%17.0%15.4%15.6%10%601827.SH 34.9%30.1%32.7%10%601200.SH 10.3%12.7%15.2%16.3%21.6%10%1381.HK 15.0%20.0%19.9%19.9%20.0%603588.SH 10.3%12.7%10.3%10.3%11.0%10%601330.SH 42.6%27.9%55.4%20.0%22.5%10%000885.SZ 19.6%10.0%10.0%10.0%10.0%10%301175.SZ 38.2%10%002034.SZ 13.6%10.2%40.3%19.9%29.8%10%301109.SZ 23.6%79.2%10%300867.SZ 10.7%10.1%10.6%10%wind 26(603568)(600008)(600323)(601200)(601827)(000885)(301109)1 2 3 4 5 27 信 息披 露 依 据发布 证券研 究报告 暂行规 定以下 条款：发布对具体股票作出明确估值 和投资评级的证券研究报告时，公司持有该股票达到相关上 市公司已发行股份1%以上的，应当在 证券研究报告中向客户披露本公司持有该股票的情况，就 本证券研 究报告 中涉及 符合上 述条件的 股票，向客户 披露本 公司持有 该股票 的情况 如下：截止本报告发布之日，资 产 管 理、私 募 业 务 合 计 持有瀚 蓝 环 境(600323，买入)股票达到相关上市公司已发行股份1%以上。提请客户在阅读和使用本研究报告时充分考虑以上披露信息。28 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
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