龙净环保（600388）公告，公司拟以自有资金出资7507.5万元，通过受让浙江吉泰智能科技有限公司部 分原股东股权并同时对标的公司增资的方式，取得吉泰智能20%的股份。公司已于2025年5月29日召开 2025年第二次投资与决策委员会，审议通过了《关于投资吉泰智能的议案》，并授权公司经营层在投资 概算范围内决策后续具体事项。本次投资有助于公司充分利用自身在环保、新能源产业链中的资源优 势，迅速拓展电厂核心设备智能运维市场、加快传统环保装备智能化升级以及开拓智慧矿山应用场景， 培育业务新的增长点。 ...

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： 每股分配比例 A 股每股现金红利0.28元（含税）。 证券代码：600388 证券简称：龙净环保 公告编号：2025-039 福建龙净环保股份有限公司 2024年年度权益分派实施公告 二、分配方案 1、发放年度：2024年年度 2、分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3、分配方案： 本次利润分配以方案实施前的公司总股本1,270,046,293股为基数，每股派发现 金红利0.28元（含税），共计派发现金红利355,612,962.04元（含税），占本年度归 属于上市公司股东净利润的比例为 42.82%。公司本年度不向股东送红股，也不实 施资本公积金转增股本。 三、相关日期 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | ...

一、说明会类型 证券代码：600388 证券简称：龙净环保 公告编号：2025-038 福建龙净环保股份有限公司 关于召开 2024 年度及 2025 年第一季度业绩说明会暨 投资者集体接待日活动的公告 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法律责任。 重点内容提示： 会议召开时间：2025年5月14日（星期三）下午15:30—17：00 会议召开方式：网络在线交流 会议参与方式：全景∙路演网站（http://rs.p5w.net），或关注微信公众号： 全景财经，或下载全景路演 APP，参与本次互动交流。 福建龙净环保股份有限公司（以下简称"公司"）已分别于2025年3月22日和 4月12日发布2024年年度报告和2025年第一季度报告，为进一步加强与投资者的 互动交流，公司将参加由福建证监局指导，福建省上市公司协会主办与深圳市全 景网络有限公司联合举办的"2025年福建辖区上市公司投资者网上集体接待日活 动"现将相关事项公告如下： 董 事 会 本次活动将采用网络远程的方式举行，公司将在线就 2024 年度及 2025 年第 一 ...

本次权益变动不会导致公司控股股东及实际控制人发生变化。本次股份 增持不触及要约收购。 证券代码：600388 证券简称：龙净环保 公告编号：2025-037 福建龙净环保股份有限公司 关于持股 5%以上股东及其一致行动人权益变动触及 1%整数倍的提示性公告 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。 重点内容提示： 福建龙净环保股份有限公司（以下简称"公司"）持股5%以上股东龙岩 市国有资产投资经营有限公司（以下简称"龙岩国投"）的一致行动人龙岩市华 盛企业投资有限公司（以下简称"华盛投资"）通过二级市场集中竞价方式自2025 年3月27日至2025年4月30日期间，累计增持公司股份1,232,300股，占公司总股本 （1,270,046,293股）的0.0970%，增持后龙岩国投及华盛投资合计持股数量为 101,603,638股，占公司总股本的8%。 一、权益变动情况概述 （二）本次权益变动前后，龙岩国投及华盛投资持有公司股份的情况 | 信息披露义 务人名称 | 股份性质 | 本次权益变动前 | | 本次权益变动后 | ...

Core Viewpoint - Longking Environmental Protection (龙净环保) reported a decline in revenue and net profit for Q1 2025, primarily due to reduced acceptance and settlement of traditional EPC projects, alongside a significant increase in accounts receivable [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 1.966 billion yuan, a year-on-year decrease of 13.69%, and a net profit of 185 million yuan, down 6.95% [2][6]. - For the year 2023, revenue was 10.973 billion yuan, a decline of 7.64%, with net profit at 509 million yuan, down 36.74% [4]. - In 2024, revenue was 10.019 billion yuan, a decrease of 8.69%, while net profit increased by 63.15% to 830 million yuan [4]. Accounts Receivable - Accounts receivable have been on the rise, reaching 3.609 billion yuan by the end of Q1 2025, up 5.22% from the end of 2024 [7][8]. - The increase in accounts receivable is attributed to the nature of project revenue recognition and extended payment terms associated with contracts [7][8]. Business Segments - The company’s main business includes air pollution control, energy storage, wind and solar power, water pollution control, carbon capture, hazardous waste disposal, and ecological restoration [3]. - In 2024, the revenue from the environmental equipment manufacturing segment was 8.576 billion yuan, down 12.75%, while the new energy business saw a significant increase of 1072.71% to 430 million yuan [4][5]. Market Conditions - The company faces significant market pressure in traditional environmental protection businesses due to increasing competition and market saturation [5][6]. - Despite the growth in the new energy sector, it has not yet compensated for the decline in traditional business revenues [5].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, influenced by the timing of environmental engineering contract confirmations, despite an increase in new orders and a rise in gross margin [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.966 billion yuan, a year-on-year decrease of 13.69% - The net profit attributable to shareholders was 185 million yuan, down 6.95% year-on-year - The net profit excluding non-recurring items was 172 million yuan, showing a slight increase of 0.5% year-on-year - The weighted average ROE decreased by 0.74 percentage points to 1.8% [1][2]. Order and Contract Status - The company secured new environmental engineering contracts worth 2.625 billion yuan in Q1 2025, representing a year-on-year growth of 13.59% - As of March 31, 2025, the total backlog of environmental engineering contracts stood at 19.421 billion yuan, up from 18.739 billion yuan at the end of 2024 [1][2]. Cost Management - The gross margin for Q1 2025 was 25.49%, an increase of 3.22 percentage points year-on-year - Period expenses decreased by 3.25% to 281 million yuan, with a period expense ratio rising by 1.54 percentage points to 14.3% - Specific changes in expenses included a 7.51% decrease in sales expenses, a 1.02% increase in management expenses, a 13.92% increase in R&D expenses, and a 55.82% decrease in financial expenses [2]. Cash Flow and Investment - The net cash flow from operating activities was -137 million yuan, compared to 36 million yuan in the same period of 2024 - The net cash flow from investing activities was -214 million yuan, an improvement from -879 million yuan in 2024 - The net cash flow from financing activities was 137 million yuan, down from 747 million yuan in 2024 [2]. Business Expansion - The company is accelerating the construction and operation of green mining projects, with significant projects completed in Tibet, Xinjiang, Serbia, and Guyana - As of December 31, 2024, the total installed capacity of the company's projects exceeded 1 GW [2][3]. - The energy storage business is also progressing, with contracts for energy storage systems and equipment sales amounting to 1.361 billion yuan as of March 31, 2025 [3]. Profit Forecast - The company maintains its profit forecast for 2025-2027, estimating net profits of 1.23 billion yuan, 1.53 billion yuan, and 1.75 billion yuan respectively - The projected price-to-earnings ratios for 2025-2027 are 12x, 10x, and 8x [3].

Investment Rating - The report maintains a "Buy" rating for Longking Environmental (龙净环保) [1] Core Views - The company experienced a revenue decline of 13.69% year-on-year in Q1 2025, with total revenue reaching 1.966 billion yuan. However, the gross profit margin improved by 3.22 percentage points to 25.49% [8] - New signed orders increased by 13.59% year-on-year, totaling 2.625 billion yuan in Q1 2025, contributing to an increase in backlog orders to 19.421 billion yuan as of March 31, 2025 [8] - The company effectively managed expenses, with total period expenses decreasing by 3.25% year-on-year to 281 million yuan [8] - The company is expanding its green mining business, with significant projects in renewable energy and storage systems contributing to future growth [8] Financial Summary - Revenue projections for Longking Environmental are as follows: 10.019 billion yuan in 2024, 12.097 billion yuan in 2025, 13.285 billion yuan in 2026, and 14.299 billion yuan in 2027, reflecting a growth rate of 20.74% in 2025 [1][9] - The forecasted net profit attributable to shareholders is 830 million yuan in 2024, 1.232 billion yuan in 2025, 1.525 billion yuan in 2026, and 1.746 billion yuan in 2027, with a growth rate of 48.33% in 2025 [1][9] - The earnings per share (EPS) are projected to be 0.65 yuan in 2024, 0.97 yuan in 2025, 1.20 yuan in 2026, and 1.37 yuan in 2027 [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 17.73 in 2024 to 11.95 in 2025, indicating improved valuation [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue decline but an increase in gross margin, with new orders and backlog orders on the rise [8] - The first quarter of 2025 saw a revenue of 1.966 billion yuan, a year-on-year decrease of 13.69%, while the net profit attributable to shareholders was 185 million yuan, down 6.95% year-on-year [8] - The company signed new environmental engineering contracts worth 2.625 billion yuan in Q1 2025, a year-on-year increase of 13.59% [8] - The gross margin for Q1 2025 was 25.49%, an increase of 3.22 percentage points year-on-year [8] - The company has a strong order backlog of 19.421 billion yuan as of March 31, 2025, up from 18.739 billion yuan at the end of 2024 [8] - The company is expanding its green mining business, with significant contributions from renewable energy projects [8] Financial Summary - Revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 10,973 million, 10,019 million, 12,097 million, 13,285 million, and 14,299 million yuan respectively, with a projected growth rate of 20.74% in 2025 [1] - Net profit attributable to shareholders is forecasted to be 508.97 million, 830.40 million, 1,231.75 million, 1,525.37 million, and 1,745.88 million yuan for the same years, with a growth rate of 48.33% in 2025 [1] - The latest diluted EPS is projected to be 0.40, 0.65, 0.97, 1.20, and 1.37 yuan per share for the years 2023A to 2027E [1] - The P/E ratio is expected to decrease from 28.92 in 2023A to 8.43 in 2027E [1]

Investment Rating - The report maintains a "Neutral" rating for the company [6][17]. Core Insights - The company reported a revenue of 1.966 billion yuan in Q1 2025, a decrease of 13.69% year-on-year, while the net profit attributable to shareholders was 185 million yuan, down 6.95% year-on-year. However, the non-recurring net profit increased slightly by 0.50% year-on-year to 172 million yuan [1][2]. - The company saw a growth in environmental engineering contracts, with new contracts totaling 2.625 billion yuan, an increase of 13.59% year-on-year, and the total contracts on hand reached 19.421 billion yuan, up 5.81% year-on-year [3]. - The company is experiencing rapid growth in its new energy business, which generated revenue of 430 million yuan in 2024, a significant increase of 1,073% year-on-year, despite a decline in gross margin [4]. Financial Summary - For 2024, the company expects revenues of 10.019 billion yuan, a decrease of 8.69% year-on-year, but anticipates a net profit of 830 million yuan, reflecting a growth of 63.15% year-on-year. The non-recurring net profit is projected to be 761 million yuan, up 119.25% year-on-year [4][5]. - The company forecasts revenues of 10.503 billion yuan, 10.859 billion yuan, and 11.202 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 886 million yuan, 925 million yuan, and 967 million yuan for the same years [4][5]. - The asset-liability ratio as of Q1 2025 was 61.06%, a decrease of 0.36 percentage points compared to the end of 2024, indicating a relatively low level of debt [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company reported a revenue of 1.966 billion yuan, a year-on-year decrease of 13.69%, and a net profit attributable to shareholders of 185 million yuan, down 6.95% year-on-year. The decrease in revenue and profit is attributed to the timing of order settlements, but the net profit margin improved by 0.74 percentage points, indicating ongoing improvement in profitability [2][4][10]. - The company is focusing on enhancing the quality and efficiency of its operations, with a steady increase in overall gross margin and good cash flow. The interest-bearing debt ratio has decreased, and the company is optimistic about its long-term development due to continued support from major shareholders [2][10]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a gross margin of 25.5%, an increase of 3.22 percentage points year-on-year. The net profit margin for Q1 2025 was 9.39%, up from 8.65% in Q1 2024. The company has maintained a good cash flow position, with a cash balance of 2.203 billion yuan at the end of Q1 2025 [10][2]. - The company’s operating cash flow for Q1 2025 was -137 million yuan, which is considered normal, with a cash collection ratio of 77% [10]. Business Development - The company has established a 1GW green power project and is making progress in the mining equipment sector. The energy storage business is also developing positively, with contracts worth 1.361 billion yuan in hand by the end of Q1 2025 [10]. - The environmental protection business saw new orders of 2.625 billion yuan in Q1 2025, a year-on-year increase of 13.59%, with a total backlog of 19.421 billion yuan, up 5.81% year-on-year [10]. Profit Forecast and Valuation - The company has a dual-driven strategy of "environmental protection + new energy," with strong order acquisition capabilities in its main business. The expected net profits for 2025-2027 are projected to be 1.211 billion yuan, 1.574 billion yuan, and 1.898 billion yuan, representing year-on-year growth of 45.8%, 30.0%, and 20.6%, respectively [10].