维尔利(300190) 投资要点 事件：公司发布2025年度业绩快报及2026年第一季度业绩预告。2025年公司营收16.39亿元、同比下滑19.98%，归母净亏损3.48亿元、同比大幅减亏52.73%；2026年一季度预计实现归母净利润400–600万元，同比增长107.31%–110.96%，正式扭亏为盈。 股权结构集中，治理焕新保障转型落地。公司股权结构集中稳定，控股股东常州德泽持股2.20亿股，占比27.12%，实控人家族控制权稳固。2026年2月公司完成管理层换届，新任董事长兼总裁全面主导经营，新老交接平稳落地，为战略聚焦、项目推进与盈利改善提供有力治理保障。 业务结构重构，运营+能源驱动盈利升级。2025年，公司积极拓展生物天然气、生物燃油等新兴业务领域，收入结构中工程及设备销售等收入的占比逐渐稳定，运营类收入占比提升。2025年H1运营类项目收入占比为58.61%，工程及设备收入占比为38%，节能及其他收入占比为3.39%。从毛利结构来看，2025H1运营类毛利占比为67.63%，环保工程及设备毛利占比为29.04%，节能及其他毛利占比为3.33%。 业绩拐点确立，盈利修复进入上行通道。2025年公司实现营收16.38亿元，同比下降19.98%，系主动收缩低毛利工程所致，营收阶段性筑底。2025年归母净亏损3.48亿元，同比大幅减亏52.73%，费用管控与资产减值压力缓解成效显著。2026年一季度预计归母净利润400-600万元，同比增长107.31%-110.96%，正式扭亏为盈，业绩进入持续修复通道。 盈利预测与投资建议。预计公司2025-2027年营业收入分别为16.4亿元、18.6亿元和22.5亿元，归母净利润分别为-3.48亿元、4928万元、1.03亿元，EPS分别为-0.37元、0.05元、0.11元。考虑到公司已完成从传统环保工程向运营+生物能源的战略转型，业绩拐点明确、盈利结构持续优化，叠加生物天然气与生物燃料业务进入快速放量期、海外市场逐步突破，且公司在有机固废处理与生物能源领域具备技术与资源双重壁垒，成长空间清晰。首次覆盖，建议关注。 风险提示：生物能源项目建设与投产进度不及预期、传统环保业务持续承压、行业政策变动及市场竞争加剧等风险。

维尔利(300190) Maintain BUY rating with target price of RMB6.63 According to its announcement released on 14 December, WELLE Environmental(WELLE) has won the landfill leachate treatment bids of Changchun MunicipalSolid Waste Treatment Center and Daxin landfill project in Shenyang. Specializingin organic waste recycling and industrial energy conservation, the company hasaccumulated extensive expertise in projects, technological advancements andcustomer resources. We maintain 2023E/2024E/2025E EPS atRMB0.07/0.17/0.30. Given the company’s leading technology, successfuloperational track record, and our optimism regarding heightened acquisition andexecution of engineering orders, as well as its great earnings upside potential, wevalue the stock at 39.0x 2024E PE, a premium over its peers’ Windconsensus-based average of 26.0x. Our target price is RMB6.63 (previous:RMB5.10). Maintain BUY. Specializing in landfill leachate treatment, major orders secured The leachate treatment project of Changchun Municipal Solid Waste TreatmentCenter, which WELLE estimated to worth RMB171mn, involves WELLE providingleachate treatment facilities with a capacity of no less than 1,000 tonnes/day (peaktreatment capacity: 1,500 tonnes/day). Furthermore, WELLE will handle theinstallation, commissioning, operation and post-service facility dismantling. Thecontract will span three years and be renewed annually, at a bid-winning price ofRMB155.98/tonne. Additionally, the concession project for the temporary leachatetreatment facilities at the Daxin landfill site, which WELLE value at RMB292mn,tasks WELLE with constructing temporary leachate treatment facilities (capacity:1,400-tonne/day), with a contract fulfilment period of 4.5 years and bid-winningprice of RMB126.98/tonne. Equity transfer to optimizing asset structure and boost cash flow According to the announcements of WELLE and Xingrong Environment (Xingrong)released on 18 November, WELLE proposes to transfer 100% stake in WELLEXi'an to Xingrong, at a price of RMB283mn. WELLE Xi'an is a kitchen-wasteconcession project. The Phase I project involves kitchen-waste/waste greasetreatment capacity of 200/20 tonnes per day, with a concession period of 30 years(2016-2046). The Phase II project involves kitchen-waste treatment capacity of200 tonnes/day and a concession period of 26 years (2020-2046). With stableoperations, WELLE Xi'an posted revenue/net profit of RMB56.75/9.95mn in10M23, and had net assets of RMB178mn as of 31 October, corresponding to 1.6xPB for the equity transfer. As of 30 September, WELLE holds monetary fundsamounting to RMB546mn. We anticipate this equity transfer to optimize its assetstructure and boost cash flow. Risks: slower execution of engineering projects than we expect; slower ramp-up ofleachate and kitchen-waste treatment orders than we expect.