| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-096 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于股东所持部分股权司法处置完成暨权益变动超 过1%的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 10 月 31 日，福建龙净环保股份有限公司（以下简称"龙净环保" 或"公司"）收到持股 5%以上股东福建龙翔钰实业投资有限公司（以下简称"龙 翔钰实业"）的通知，上述股东持有的 10,810,000 股股票（占公司总股本的 0.9999%） 已通过大宗交易方式被司法强制执行，该部分股权的司法处置已完成。2024 年 10 月 8 日至 10 月 15 日龙翔钰实业的一致行动人上海鑫拓诚企业管理有限公司 （以下简称"鑫拓诚"）通过二级市场减持公司 3,656,898 股股票（占公司总股本 的 0.3383%，该部分股份由二级市场取得）。 一、本次权益变动情况 （一）本次权益变 ...

● 本次龙翔钰所持公司股份被轮候冻结事项不会影响公司控制权的稳定， 不会对公司治理及生产经营产生影响。 一、本次股份被轮候冻结情况 | 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-095 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 关于股东所持股份被轮候冻结的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 福建龙净环保股份有限公司（以下简称"龙净环保"或"公司"）持股 5%以上股东福建龙翔钰实业投资有限公司（以下简称"龙翔钰实业"）及其一 致行动人上海鑫拓诚企业管理有限公司（以下简称"鑫拓诚"）合计持有公司股 份88,620,963股（占公司总股本的8.1972%）。其中龙翔钰实业持有84,310,926股 公司股份，鑫拓诚持有4,310,037股公司股份。本次龙翔钰实业持有的84,310,926 股公司股份被轮候冻结，占其所持股份比例的100%。 1、2022年8月5日，龙翔钰实业 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company has shown continuous growth in net profit, with a net profit of 650 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 0.9% [1]. - The company's gross margin improved to 24.4% in the first three quarters of 2024, up by 0.7 percentage points year-on-year, indicating enhanced profitability [1]. - The environmental protection business remains a solid foundation for the company, with new contracts totaling 7.54 billion yuan in the first three quarters of 2024, primarily from the power industry [1]. - The company is actively pursuing opportunities in the renewable energy sector, with several projects in various stages of development, including solar and lithium mining projects [1]. Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 12.703 billion yuan, a year-on-year growth of 15.8% [2]. - The net profit for 2024 is expected to reach 990 million yuan, representing a significant increase of 94.5% compared to the previous year [2]. - The earnings per share (EPS) is forecasted to be 0.92 yuan for 2024, with a projected price-to-earnings (P/E) ratio of 14.3 times [2]. - The company’s operating cash flow for 2024 is anticipated to be 2.681 billion yuan, reflecting a strong operational performance [8].

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-093 | | --- | --- | --- | | 债券代码：110068 | 债券简称：龙净转债 | | 截至本公告披露日，福建龙翔钰实业投资有限公司（原"龙净实业投资 集团有限公司"，以下简称"龙翔钰实业"）及其一致行动人上海鑫拓诚企业管 理有限公司（以下简称"鑫拓诚"）合计持有福建龙净环保股份有限公司（以下 简称"龙净环保"或"公司"）股份 88,620,963 股（占公司总股本 8.1972%）。 其中龙翔钰实业持有公司股份 84,310,926 股公司股份（占公司总股本的 7.7986%）， 鑫拓诚持有公司股份 4,310,037 股（占公司总股本的 0.3987%）。 本次龙翔钰实业拟通过大宗交易方式被司法强制执行 10,810,000 股（占公司 总股本 0.9999%）。本次执行完毕后龙翔钰实业及鑫拓诚将合计持有公司股份 77,810,963 股（占公司总股本 7.1973%）。 龙翔钰实业不属于公司的控股股东或第一大股东及其一致行动人，本次 股份变动不会使公司控股股东及实际控制人发生变化，不会对公司的治理结构和 ...

Investment Rating - The report maintains a "Buy" rating for Longking Environmental (龙净环保) [1][3] Core Views - In the first three quarters of 2024, the company achieved operating revenue of 6.654 billion yuan, a year-on-year decrease of 11.64%, while the net profit attributable to shareholders was 647 million yuan, a year-on-year increase of 0.91%. The net profit excluding non-recurring items was 585 million yuan, reflecting an 18.23% year-on-year growth [2] - The company's gross profit margin and net profit margin for the first three quarters of 2024 were 24.35% and 9.75%, respectively, indicating an increase of 0.68 percentage points and 1.25 percentage points year-on-year, showcasing improved profitability [2] - New signed contracts for environmental engineering projects totaled 7.544 billion yuan in the first three quarters of 2024, with a backlog of 19.213 billion yuan as of September 30, 2024, indicating stable order intake and a healthy order book [2] - The company reported a significant improvement in cash flow, with net cash flow from operating activities reaching 1.164 billion yuan, a year-on-year increase of 101.17% [2] - The green electricity projects are entering an accelerated construction and operation phase, with several projects expected to generate power in 2024, contributing to the company's growth [3] Financial Summary - The company forecasts net profit attributable to shareholders of 1.151 billion yuan, 1.478 billion yuan, and 2.027 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 126%, 28%, and 37% [3] - The projected P/E ratios for 2024, 2025, and 2026 are 12, 10, and 7 times, respectively, indicating an attractive valuation [3] - As of the end of June 2024, the company's asset-liability ratio was 68.90%, and the interest-bearing debt ratio was 23.60%, reflecting a solid financial position [2][5]

Investment Rating - The report maintains a "Buy" rating for Longking Environmental [9] Core Views - Longking Environmental's Q3 revenue decreased by 23.5% year-on-year to 1.982 billion yuan, while net profit increased by 1.1% year-on-year to 216 million yuan, indicating a focus on reducing low-quality contracts [5][6] - The company has a strong order backlog, with 12.84 billion yuan in hand orders for energy storage as of Q3 2024, and is expanding into mining equipment [6][7] - The company's profitability is improving, with gross and net profit margins increasing by 1.97 percentage points and 2.65 percentage points year-on-year, respectively [6][7] Financial Performance Summary - For the first three quarters of 2024, Longking Environmental reported a total revenue of 6.654 billion yuan, down 11.6% year-on-year, and a net profit of 647 million yuan, up 0.9% year-on-year [5] - The Q3 gross profit margin was 23.83%, higher than the previous year's 23.39%, indicating a shift towards higher quality contracts [6] - Operating cash flow for Q1-Q3 2024 was 1.164 billion yuan, a 101% increase year-on-year, reflecting effective cash collection efforts [6] Order and Business Development - As of Q3 2024, the company had 19.213 billion yuan in environmental engineering contracts, with new contracts added amounting to 7.544 billion yuan, a slight decrease of 4.8% year-on-year [7] - The company is actively engaged in over 2GW of mining green electricity projects, with significant progress in energy storage and green electricity projects contributing positively to profitability [7] - Longking Environmental's dual-driven strategy of "environmental protection + new energy" is expected to drive significant profit growth in the coming years, with projected net profits of 1.053 billion yuan, 1.405 billion yuan, and 1.705 billion yuan for 2024-2026 [7]

证券研究报告 | 公司点评 | 环保设备Ⅱ 龙净环保(600388) 报告日期：2024 年 10 月 20 日 毛利率持续改善，海内外项目进展顺利 ——龙净环保 2024 三季报点评 投资要点 ❑ 龙净环保公布三季报： 2024Q3 实现营收 19.8 亿元，同减 23%；归母净利 2.16 亿，同增 1%。毛利率 26.5%，同比+2pct；净利率 10.9%，同比+2.7pct。 前三季度合计实现营收 66.5 亿元，同比-11.6%，归母净利 6.5 亿元，同比 +0.9%，扣非归母 5.85 亿元，同比+18%。经营净现金流 11.64 亿，同比+101%。 截止 9 月 30 日，公司资产负债率 68.90%，有息负债率 23.60%，有息负债比例 处于较低水平。 ❑ 订单结构逐步切换，毛利率持续改善。公司毛利率水平自年初以来持续改善， 已由 Q1 的 22.3%提高 4.2pct 至 Q3 的 26.5%。我们认为主要由于公司环保主业工 程合同中，电力行业订单逐步落地，公司订单结构由非电行业主导转向电力行业 主导。此外公司部分新能源运营项目不断落地，带动公司整体毛利率水平提高。 这一趋势有望延续 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [3][5]. Core Insights - The company reported a revenue of 6.654 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11.64%. However, the net profit attributable to shareholders increased by 0.91% to 647 million yuan, and the net profit excluding non-recurring items rose by 18.23% to 585 million yuan [3]. - The operating cash flow has significantly improved, with a net cash flow from operating activities of 1.164 billion yuan, a year-on-year increase of 101.17%. The company has a strong order backlog, with 19.213 billion yuan in hand for environmental engineering contracts and 1.284 billion yuan for energy storage system sales contracts [3]. - The acceleration of the integration of green electricity projects is notable, with several projects in various stages of development, including a 200MW wind-solar project and lithium mining projects in Serbia and Argentina [3]. - Continuous share buybacks by the controlling shareholder, Zijin Mining, reflect strong confidence in the company's long-term development [3]. Financial Summary - The company is projected to achieve revenues of 11.434 billion yuan, 13.449 billion yuan, and 15.575 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 977 million yuan, 1.215 billion yuan, and 1.431 billion yuan [4][6]. - The earnings per share (EPS) are expected to increase from 0.90 yuan in 2024 to 1.32 yuan in 2026, with a price-to-earnings (PE) ratio decreasing from 15x to 10x over the same period [4][6]. - The company's gross margin is projected to remain stable around 24%, with a net profit margin increasing from 8.55% in 2024 to 9.19% in 2026 [6][7].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 23.53 [1][5][8] Core Views - The company reported Q3 revenue of RMB 1.982 billion, a year-over-year decrease of 23.47%, while net profit attributable to shareholders was RMB 216 million, an increase of 1.13% year-over-year, which is close to the lower end of expectations [1] - For the first three quarters of 2024, the company achieved revenue of RMB 6.654 billion, down 11.64% year-over-year, and net profit of RMB 647 million, up 0.91% year-over-year, with a non-recurring net profit of RMB 585 million, up 18.23% year-over-year [1] - The company has sufficient environmental orders and is accelerating the development of green electricity and new energy mining equipment businesses, driving performance growth [1] Summary by Sections Revenue and Contracts - In the first three quarters, the company secured new environmental engineering contracts totaling RMB 7.544 billion, compared to RMB 7.922 billion in the same period of 2023, with a contract backlog of RMB 19.213 billion [2] - The growth in the thermal power environmental business is primarily driven by new projects for large thermal power units and upgrades for ultra-low emission equipment [2] Profitability and Financial Metrics - The Q3 gross margin increased by 1.97 percentage points year-over-year to 26.46%, attributed to a higher proportion of revenue from power generation [3] - The net profit margin rose by 2.68 percentage points year-over-year to 10.94% [3] - As of September 30, the company reported a net cash flow from operating activities of RMB 1.164 billion, a year-over-year increase of 101.17% [3] Business Development - The company is advancing its wind and solar green electricity and new energy mining equipment businesses, leveraging opportunities from Zijin Mining's "oil-to-electric" strategy [4] - Several projects, including the Lagocuo and Guyana projects, are in the trial operation phase, while the Duobao Mountain project has received approval for grid connection [4] Future Projections - The company has adjusted its revenue forecasts for environmental engineering while increasing projections for effective utilization of green electricity capacity [5] - Expected net profits for 2024-2026 are RMB 1.028 billion, RMB 1.294 billion, and RMB 1.620 billion, respectively [5] - The target price of RMB 23.53 corresponds to a PE ratio of 19.3 for environmental and 21.1 for new energy sectors in 2025 [5]

股 票 研 究 公 司 更 新 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.18 2024 年三季报点评 [table_Authors]徐强(分析师) 010-83939805 xuqiang@gtjas.com 登记编号S0880517040002 邵潇(分析师)于歆(分析师) 0755-23976520021-38038345 shaoxiao@gtjas.comyuxin024466@gtjas.com S0880517070004S0880523050005 现金流持续改善，在手订单充足 龙净环保(600388) 其他公用事业 [Table_Industry] /公用事业 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | | | | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Ta ...