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 ...

证券代码：600388 证券简称：龙净环保 公告编号：2024-092 福建龙净环保股份有限公司 第十届监事会第六次会议决议公告 转债代码：110068 转债简称：龙净转债 表决结果：3 票赞成，0 票反对，0 票弃权。 监事会认为：公司 2024 年第三季度报告编制不存在虚假记载、误导性陈述 或重大遗漏，符合法律法规及《公司章程》的要求。 特此公告。 福建龙净环保股份有限公司 监 事 会 2024 年 10 月 19 日 本公司监事会及全体监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。 福建龙净环保股份有限公司（以下简称"公司"）第十届监事会第六次会议 于 2024 年 10 月 17 日在公司龙岩总部以现场结合视频通讯的方式召开。会议由 监事会主席廖伯寿先生主持。会议应参加监事 3 人，实际参加监事 3 人。会议召 开程序符合《公司法》《公司章程》等规定。会议审议以下议案： 一、 审议：《2024 年第三季度报告》 ...

表决结果：11 票赞成，0 票反对，0 票弃权。 福建龙净环保股份有限公司 第十届董事会第八次会议决议公告 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。 福建龙净环保股份有限公司（以下简称"公司"）第十届董事会第八次会议 于 2024 年 10 月 17 日在公司龙岩总部及厦门分部以现场结合视频通讯的方式召 开。会议由董事长林泓富先生主持。会议应参加董事 11 人，实际参加董事 11 人， 监事列席会议。会议召开程序符合《公司法》《公司章程》等规定。经审议，通 过以下议案： 一、 审议：《2024 年第三季度报告》 转债代码：110068 转债简称：龙净转债 证券代码：600388 证券简称：龙净环保 公告编号：2024-091 2024 年 10 月 19 日 第十届董事会审计委员会 2024 年第五次会议审议通过该议案。 具体内容详见公司于同日在《中国证券报》和上海证券交易所网站 www.sse.com.cn 所披露的相关公告。 特此公告。 福建龙净环保股份有限公司 董 事 会 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,982,145,486.92, a decrease of 23.47% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥216,093,994.17, reflecting a slight increase of 1.13% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥194,300,574.11, down by 2.97% from the previous year[2] - For the first three quarters of 2024, the company achieved operating revenue of CNY 6.654 billion, with a net profit attributable to shareholders of CNY 647 million, representing a year-on-year growth of 0.91%[9] - The net profit after deducting non-recurring gains and losses was CNY 585 million, an increase of 18.23% compared to the same period last year[9] - Total operating revenue for the first three quarters of 2024 was CNY 6,654,268,804.54, a decrease of 11.6% compared to CNY 7,530,984,476.42 in the same period of 2023[13] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 647,445,508.65, slightly up from CNY 641,594,995.16 in 2023[14] Cash Flow - The net cash flow from operating activities for Q3 2024 was ¥632,729,071.11, an increase of 29.52% year-on-year[4] - The net cash flow from operating activities reached CNY 1.164 billion, showing a significant increase of 101.17% year-on-year, indicating continuous improvement in cash flow[9] - The company reported a net cash flow from operating activities of CNY 1,164,455,166.58, significantly higher than CNY 578,835,806.66 in the previous year[15] - Net cash inflow from the disposal of fixed assets, intangible assets, and other long-term assets was CNY 7,141,778.79, compared to CNY 726,193.62 in the previous period[16] - Net cash inflow from the disposal of subsidiaries and other business units reached CNY 14,611,981.56, up from CNY 12,537,437.02 year-over-year[16] - Net cash flow from investment activities was negative CNY 2,072,580,181.57, contrasting with a positive CNY 368,701,211.96 in the previous period[16] - Net cash flow from financing activities was CNY 928,209,111.93, recovering from a negative CNY 423,937,540.07 in the previous period[16] Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥26,721,752,770.46, representing a growth of 5.63% compared to the end of the previous year[4] - The company's total assets reached CNY 26,721,752,770.46, up from CNY 25,297,488,964.28, indicating a growth of 5.6%[12] - Total liabilities increased to CNY 18,411,333,590.35 from CNY 17,348,530,591.45, reflecting a rise of 6.1%[12] - The company's asset-liability ratio stood at 68.90%, with interest-bearing debt ratio at 23.60%, indicating a relatively low level of interest-bearing debt[9] - Current assets totaled CNY 14.638 billion, down from CNY 15.738 billion at the end of 2023[11] - The company's cash and cash equivalents were CNY 2.649 billion, a decrease from CNY 2.742 billion at the end of 2023[11] - The company reported a total of CNY 5.440 billion in accounts payable, an increase from CNY 5.198 billion at the end of 2023[11] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 45,883[7] - The company reported a basic earnings per share of ¥0.20 for Q3 2024, with diluted earnings per share at ¥0.18[4] - The diluted earnings per share for the first three quarters of 2024 was CNY 0.55, compared to CNY 0.54 in the same period of 2023[14] Expenses and Costs - The company's total operating costs decreased to CNY 6,069,949,148.50 from CNY 6,908,297,504.59, a reduction of 12.1%[13] - Research and development expenses for the first three quarters of 2024 were CNY 323,280,627.55, down from CNY 347,697,031.71 in 2023[13] Contracts and Projects - The company secured new environmental engineering contracts totaling CNY 7.544 billion, with the power industry accounting for 60.08% and non-power industries 39.92%[9] - As of September 30, 2024, the company had a total of CNY 19.213 billion in hand for environmental engineering contracts and CNY 1.284 billion in contracts for energy storage systems and equipment sales[9] Accounting Standards - The company has adopted new accounting standards starting from 2024, which may affect the financial statements[16]

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-090 | | --- | --- | --- | | 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 关于股东部分股份解除质押的公告 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。 重要内容提示： 2024 年 10 月 17 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"） 持有的 3,656,898 股于 2024 年 10 月 8 日至 10 月 15 日被解除质押的通知（占公 司总股本的 0.3383%）。 一、股份解除质押情况 （一）本次股份解除质押基本情况 鑫拓诚将质押给欣利百腾（深圳）贸易有限公司的股份办理了解除质押手续， 情况如下： | 股东名称 | | | | | | | 鑫拓诚 | | --- | --- | --- | --- | --- | - ...

编号：2024-002 £特定对象调研 £分析师会议 £媒体采访 R 业绩说明会 投资者关系 £新闻发布会 £路演活动 活动类别 £电话会议 £其他 参与单位名 线上参与公司 2024 年半年度业绩说明会的投资者 称及人员姓 名 PAGE \* MERGEFORMAT5 证券代码：600388 证券简称：龙净环保 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 投资者关系活动记录表 | --- | --- | |------------|---------------------------------------------------------------------------| | 时间 | 2024 年 10 月 16 日（星期三）下午 15：00-16：00 | | 地点 | 上海证券交易所上证路演中心（ http:// roadshow.sseinfo.com ） | | 上市公司接 | 董事兼总裁黄炜先生、董事兼财务总监丘寿才先生、独立董事李 | | 待人员 | 诗女士、董事会秘书万建利先生 | | 投资者关系 | 公司于 2024 年 10 月 16 日（周三）召开 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-089 | | --- | --- | --- | | 转债代码：110068 | 转债简称：龙净转债 | | 福建龙净环保股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至2024年9月30日，累计已有人民币124,212,000元龙净转 债转为公司普通股，累计转股数12,057,949股，占龙净转债转股前公司已发行股 份总额（1,069,050,000股）的1.1279%。 未转股可转债情况：截至2024年9月30日，尚未转股的龙净转债金额为 1,875,788,000元，占龙净转债发行总量的比例为93.7894%。 本季度转股情况：本季度（自2024年7月1日至2024年9月30日期间）可转债 转股金额为13,000元，因转股形成的股份为1,307股，占龙净转债转股前公司已发 行股份总额（1,069,050,000股）的0.0001%。 一、可转债发行上市情况 经中国证券 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-088 | | --- | --- | --- | | 转债代码：110068 | 债券简称：龙净转债 | | 福建龙净环保股份有限公司 重要内容提示： 投资者可于2024年10月09日(星期三)至10月15日(星期二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 福建龙净环保股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入 地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 16 日下午 15:00-16:00 举行 2024 年半年度业绩说明会，就投资 者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 会议召开时间：2024 年 10 月 16 日(星期三) 下午 15:00-16:00 会议召开地点：上海证券交易所 ...