According to the Zhitong Finance APP, GF Securities has released a research report stating that national policies are actively promoting the development of green electricity direct connection, clearly raising the target for self-generated and self-used electricity ratio, which brings development opportunities for green electricity projects such as waste incineration power generation. The industry is expected to achieve a dual enhancement in performance valuation, leveraging its unique advantages of stable power generation, superior location, and policy support, combined with improved profitability and cash flow in the sector. Meanwhile, the localization process of scientific research instruments is accelerating, and companies with high-end R&amp;D capabilities are emerging. In addition, the commercialization prospects of unmanned sanitation in low-speed fixed scenarios are broad, with a huge potential market size.
<h2>The main points of GF Securities are as follows:</h2>
Policies encourage green electricity direct connection, integrated electricity calculation has great potential
This issue, two ministries issued the &#34;Notice on the Orderly Promotion of Green Electricity Direct Connection Development,&#34; encouraging green electricity, including biomass (including waste incineration), to promote direct connection and nearby consumption, and clearly continuously improve the self-generated and self-used electricity ratio, not less than 35% before 2030—mainly aimed at improving the consumption and scheduling of wind and solar-dominated new energy, but also indirectly providing policy endorsement for green electricity direct sales of waste incineration projects. As one of the green electricity sources, waste incineration has unique advantages that other power sources do not possess: (1) stable power generation, with annual utilization hours exceeding 7000; (2) location advantages, distributed in urban suburbs, with ample land and low costs; (3) minimal direct connection obstacles, high procurement costs for the power grid (coal-fired benchmark + provincial grid subsidy of 0.1 yuan + national subsidy) and a very low proportion, with local government support. Currently, companies are accelerating IDC collaborative layouts, with companies such as Weiming Environmental Protection, Junxin Co., Ltd., and Wangneng Environment announcing relevant progress. Coupled with the sector's own profitability steadily increasing, improved receivables, significantly positive free cash flow, and increased dividends, the sector is expected to welcome a dual boost in performance and valuation.
Scientific research instruments: Long slope and thick snow, domestic products emerging
In recent years, domestic companies have continuously improved their R&amp;D and production capabilities, with some categories being complete, and companies with high-end R&amp;D capabilities are expected to stand out in this wave. It is recommended to pay attention to companies such as Jun Guang Technology, Wan Yi Technology, Leibotai Technology, and Haineng Technology. Among them, Jun Guang Technology: its core subsidiary, Pu Yu Technology, achieved revenue of over 1.4 billion yuan and a net profit of 130 million yuan in 2024, with revenue performance product categories leading domestically: according to the company's WeChat public account and financial reports, the company has made breakthroughs in SCI top journal research fields; Pu Kang Medical's full-spectrum flow cytometer has achieved independent R&amp;D and industrialization; semiconductor triple quadrupole ICP-MS/MS has already achieved sales and product delivery in the semiconductor field. Under the trend of reversing difficulties, as a domestic leader in high-end scientific research instrument manufacturing, it is expected to continue high growth under the trend of domestic substitution and self-control.
Unmanned sanitation continues to advance, mainstream companies accelerate layout
Recently, unmanned logistics has attracted significant market attention, mainly due to the high possibility of L4-level autonomous driving landing in limited areas. Sanitation also meets the characteristics of fixed scenarios and routes, low speed, and has hope for early application promotion. The firm believes that the trend of &#34;sanitation automation&#34; is more about optimizing the industry's business model: on the one hand, sanitation companies are already trying to combine equipment with unmanned operations, and they remain an important carrier for actual sanitation service operations; on the other hand, solid waste companies are expected to break away from labor-intensive management margins, accelerating the &#34;incineration +&#34; integrated layout process
Currently, INFORE ENVIRO, Yutong Heavy Industries, Qiaoyin Co., Ltd., EIT, and Fulongma have all made relevant business layouts. According to the &#34;Blue Book on the Development of the Low-Speed Unmanned Sweeper Industry (2024 Edition)&#34;: By 2025, the potential market size for unmanned sanitation services in China may reach 280 billion yuan, with a sales stock market of 105 billion yuan for unmanned sweepers alone.
Risk Warning: Low expectations for orders and new business layouts, policy change risks, low expectations for dividends

300815

000967

Guangfa Securities released a research report stating that national policies actively promote the development of direct connections for green electricity, and green electricity projects such as waste incineration power generation are expected to achieve dual improvements in performance and valuation. The commercialization prospects for unmanned sanitation in low-speed fixed scenarios are broad, with a huge potential market size. Policies encourage direct connections for green electricity, and waste incineration projects have unique advantages such as stable power generation and locational advantages, leading to improved industry profitability and cash flow. It is recommended to pay attention to domestic companies with high-end research and development capabilities

Zhitong

INFORE ENVIRO

GF SEC

WANYI SCIENCE

WEIMING

QiaoYin

WANGNENG

LabTech

Semiconductor

YTHI

Guangfa Securities: Green electricity is expected to achieve a dual enhancement in performance valuation, and the potential market size for unmanned sanitation is enormous