中电环保股份有限公司2025年度报告——投资者深度解读

一、报告核心要点解读

• 盈利能力显著提升，派息方案稳定：公司2025年实现营业收入7.16亿元，同比下降14.44%；归属于上市公司股东的净利润8169.08万元，同比增长10.16%。公司拟每10股派现1元，显示公司持续回馈股东的决心。
• 主营业务结构及市场拓展：公司深耕水务、固危废、烟气治理三大环保主业，且在高端装备国产化与智慧环保等领域持续创新，服务电力、石化、煤化工、冶金、新能源等国家重点工业客户并拓展海外市场。
• 合同订单充足，未来业绩保障强：报告期内新签合同额8.08亿元，未确认收入的在手合同金额高达30.35亿元，涵盖水处理、固废处理、烟气治理等主业。
• 项目管理及创新平台驱动：公司以项目经理负责制为核心，强化全流程项目管理，推进“3337”产业创新平台建设，实现平台收益471万元，推动成果转化和高端人才引进。
• 技术创新能力持续增强：2025年新增专利12项，累计持有专利243项，软件著作权50项。公司获得国家级制造业单项冠军、江苏省首台（套）重大装备等荣誉，技术壁垒稳固。
• 人才兴企战略见效：完善人才培养、激励机制，推行项目经理负责制，提升团队综合素质和项目执行质量，为企业长期发展提供人力保障。
• 行业政策利好持续释放：国家“十四五”政策推进美丽中国建设，水务、固废、烟气治理等领域政策频出，为公司主业布局带来长期利好。

二、对股东和潜在投资者的重要提示及潜在价格敏感信息

• 利润逆势增长、现金流大幅改善：在行业整体需求释放放缓、价格竞争加剧的背景下，公司实现净利润同比增长10.16%，经营活动现金流净额同比增长60.73%，显示公司具备极强的抗周期与风险管理能力。
• 高额在手订单和持续项目拓展：截至报告期末，公司未确认收入的合同金额高达30.35亿元，远超年营收，为未来业绩增长奠定坚实基础。
• 创新平台赋能新增长点：公司通过“政产学研金才”机制，打造生态环境产业创新集聚区、环保产业技术创新联盟等，推动新技术孵化和产业链延伸，为后续业绩增长打开新空间。
• 政策驱动下的行业领先布局：公司紧扣国家政策红利，如水资源刚性约束、固废全链条治理、烟气超低排放改造等，主业高度契合政策赛道，有望持续受益。
• 分红稳健，股东回报可期：董事会通过2025年度利润分配预案，以派现为主，显示公司对业绩增长和现金流充足的信心，提升股东回报预期。
• 主要股东结构稳定：主要股东均为自然人，第一大股东王政福持股28.22%，无表决权差异安排，股权结构相对集中，有助于公司治理稳定。

三、详细经营分析

1. 水务主业——核心增长引擎

公司在电力基建浪潮中持续承接大型电厂水处理项目，巩固火电、核电市场龙头地位，并积极拓展石化、化工、新能源等非电客户。城镇及工业园区污水、中水回用等环保项目也在持续增加，报告期内新签水处理合同6.65亿元，未确认收入19.97亿元，为后续业绩增长提供保障。

2. 固危废与土壤修复——政策红利下的新蓝海

公司聚焦污泥干化耦合处理、土壤修复、餐厨垃圾等细分市场，积极响应“无废城市”建设，项目遍布江苏、广东、河南等地，设计处理总规模近300万吨/年。政策红利释放下，固废业务有望迎来爆发式增长。

3. 烟气治理——非电市场拓展提速

在完成电力领域超低排放改造后，公司加速布局焦化、钢铁、水泥、化工等非电领域，推进新技术应用，报告期新签烟气治理合同1.31亿元，未确认收入1.91亿元。公司自主研发的多项脱硫、脱硝、余热回收等技术具有行业领先优势。

4. 智慧环保与产业创新平台

公司依托“工业互联网+环保”理念，打造全场景智慧环保解决方案，推动信息化、数字化升级。通过产业创新平台，孵化高端人才与新兴企业，构建研发、产业、人才三位一体的创新生态，增强公司未来持续发展能力。

5. 财务表现与分红

• 2025年营业收入7.16亿元，净利润8169万元，扣非净利润5888万元。
• 经营活动现金流净额3.90亿元，同比大幅提升。
• 基本每股收益0.12元，拟每10股派现1元。
• 归母净资产19.31亿元，总资产29.09亿元，资产负债结构稳健。

6. 行业政策与发展前景

报告期内，水务、固废、烟气治理三大领域政策持续加码，公司业务高度契合国家政策导向，未来有望持续受益。公司入选“制造业单项冠军企业”，核心产品“核电凝结水精处理设备”被认定为单项冠军产品，行业地位进一步巩固。

四、投资者需重点关注的风险与提示

• 受宏观经济影响，行业需求释放节奏放缓，价格竞争加剧，公司收入出现一定下滑，但公司通过降本增效、优化结构，实现利润逆势增长。
• 应收款项回收力度加大，若后续宏观环境恶化或客户履约能力下降，可能对公司现金流和利润构成压力。
• 环保行业受政策影响大，若政策调整或补贴变化，可能对公司业务产生一定不确定性。

五、结论

中电环保2025年报告显示，公司在行业竞争加剧与需求放缓的背景下，依托技术创新、多元业务布局与充足订单储备，实现了净利润的逆势增长和现金流的显著改善。高额在手订单、主业契合政策导向、持续分红、创新平台赋能等亮点，为公司后续发展和股东回报提供坚实保障。公司在水务、固废、烟气治理等核心赛道均有领先布局，是投资者值得持续关注的环保龙头企业。

免责声明：本文基于公司2025年年度报告内容撰写，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Comprehensive Analysis of CECEP Environmental Protection Co., Ltd. 2025 Annual Report—Investor Edition

Key Highlights

• Significant Profit Growth and Stable Dividend: 2025 revenue was RMB 716 million (down 14.44% YoY), but net profit attributable to shareholders rose 10.16% to RMB 81.69 million. The board proposes a cash dividend of RMB 1 for every 10 shares, demonstrating commitment to shareholder returns.
• Business Structure and Market Expansion: The company maintains strong positions in water, solid and hazardous waste, and flue gas treatment, while innovating in high-end equipment and smart environmental protection. It serves major industrial clients domestically and abroad.
• Robust Order Backlog: New contracts signed in the period reached RMB 808 million, with RMB 3.035 billion in unrecognized contract value, providing strong visibility for future performance.
• Project Management & Innovation Platform: The company has reinforced project management, pushed forward its “3337” innovation platform, and realized platform revenue of RMB 4.71 million, supporting talent and technology advances.
• Technology Leadership: 12 new patents in 2025, now holding 243 patents and 50 software copyrights. Recognized as a “Manufacturing Single Champion” with leading nuclear water purification equipment.
• Talent Strategy: Focused on talent cultivation and incentives, improving team capabilities and project execution.
• Policy Tailwinds: Multiple government policies continue to support the company’s core sectors, aligning well with its business layout.

Key Investor/Shareholder Alerts

• Profit and Cash Flow Resilience: Despite a market downturn, net profit and cash flow rose, reflecting strong counter-cyclical capabilities.
• Order Backlog Provides Growth Visibility: The large unrecognized contract value far exceeds annual revenue, ensuring future growth.
• Innovation Platform as New Growth Driver: The company’s innovation ecosystem accelerates new technology and business incubation.
• Policy Alignment: The company’s main businesses are well-aligned with industrial policy, positioning it to benefit from ongoing reforms.
• Stable Dividend: Consistent cash dividends enhance shareholder returns.
• Stable Shareholding Structure: Major individual shareholders, with no voting rights disparity, support governance stability.

Detailed Operational Analysis

• Water Sector: Continued leadership in power and non-power industrial water treatment. RMB 665 million in new water contracts, RMB 1.997 billion in unrecognized water-related revenue.
• Solid/Hazardous Waste & Soil Remediation: Leading in sludge drying, soil remediation, and kitchen waste treatment. Policy support is unlocking new market space.
• Flue Gas Treatment: Expanding beyond power into steel, cement, and chemicals, with leading technologies in desulfurization and denitrification.
• Smart Environmental & Innovation Platform: Building out digital and smart environmental solutions, leveraging an innovation platform for talent and new business incubation.
• Financials & Dividend: Revenue RMB 716 million, net profit RMB 81.69 million, operating cash flow RMB 390 million, basic EPS RMB 0.12, 1 RMB cash dividend per 10 shares.

Risks & Investor Warnings

• Slower industry demand and intensified competition resulted in revenue decline, but the company managed to improve profits through cost control and business optimization.
• Receivables recovery is being strengthened; macroeconomic or client issues could impact cash flow.
• The company is policy-sensitive; changes in government support or regulation could affect business performance.

Conclusion

CECEP Environmental Protection demonstrated robust profit and cash flow growth in a challenging market, supported by innovation, a strong order backlog, and policy alignment. Its leadership in water, waste, and flue gas treatment, combined with stable dividends and innovation-driven growth, make it a core environmental stock for investors to watch.

Disclaimer: This article is for information only and does not constitute investment advice. Please invest cautiously.

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