Investment Rating - The industry investment rating is "Positive" and is maintained [11]. Core Insights - The environmental sector's public fund holdings have slightly decreased, with a current allocation ratio of 0.23%, down by 0.02 percentage points from the previous quarter [6][18]. - The environmental industry is currently in a low allocation state, with a benchmark ratio of 1.04% [6][18]. - The report highlights a market shift towards high-performing stocks, particularly in waste incineration, which are favored by public funds due to their stable growth and strong performance [8][35]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of the top ten holdings in the environmental sector is approximately 7.108 billion yuan, accounting for 0.23% of all disclosed fund products [2][6]. - A total of 316 fund products are heavily invested in 152 environmental companies, representing 4.18% of all disclosed fund products [6][18]. Key Companies and Performance - The leading companies by heavy fund holdings include: - Weiming Environmental: 1.313 billion yuan - Huace Testing: 1.015 billion yuan - Hanlan Environment: 950 million yuan - Longjing Environmental: 813 million yuan - Juguang Technology: 749 million yuan - Xingrong Environment: 456 million yuan [7][28]. - The companies with the highest proportion of fund holdings relative to their total market value include Juguang Technology (10.1%), Dadi Ocean (8.0%), Longjing Environmental (5.1%), Hanlan Environment (4.9%), and Huace Testing (4.7%) [30]. Investment Strategy - The report suggests a moderately optimistic outlook for 2025, particularly for waste incineration and water assets, emphasizing the importance of companies like Hanlan Environment, Xingrong Environment, Weiming Environmental, and others [8][35][36]. - The report identifies multiple catalysts for growth, including advancements in waste management, testing services, and renewable resources, recommending a focus on companies like Guodian Measurement and Zhuoyue New Energy [9][38][39].

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].

Core Viewpoint - The company reported its financial performance for the first quarter of 2025, highlighting significant revenue and profit figures, along with an increase in new contracts in the environmental engineering sector [4][16]. Financial Performance - The company achieved operating revenue of 1.966 billion yuan and a net profit attributable to the parent company of 185 million yuan for the first quarter of 2025 [4][16]. - The net profit after deducting non-recurring gains and losses was 172 million yuan [4]. - The company’s total environmental engineering contracts on hand reached 19.421 billion yuan, with new contracts amounting to 2.625 billion yuan, reflecting a year-on-year growth of 13.59% [4]. Financial Ratios - As of March 31, 2025, the company reported a debt-to-asset ratio of 61.06% and an interest-bearing debt ratio of 15.77%, indicating a relatively low level of interest-bearing debt [4]. Shareholder Meeting - The annual shareholder meeting was held on April 11, 2025, with all board members and supervisors present, confirming compliance with legal and regulatory requirements [8][16]. - Several key resolutions were passed, including the approval of the 2024 annual report and the 2025 financing authorization [9][10]. Supervisory Review - The supervisory board confirmed that the first quarter report was prepared in accordance with legal and regulatory standards, ensuring the information presented is true, accurate, and complete [20][21].

龙净环保 2024 年年度股东会 福建龙净环保股份有限公司 2024 年年度股东会 法 律 意 见 书 地址：福建省龙岩市新罗区龙岩商务运营中心青年创业大厦 18 楼 邮政编码：364000 网址：http://www.fjlihan.com 电话：13959006999 传真：0597-2328998 转 805 电子邮箱:hayeke146100@163.com 1 龙净环保 2024 年年度股东会 关于福建龙净环保股份有限公司 2024 年年度股东会的法律意见书 致：福建龙净环保股份有限公司 福建力涵律师事务所(以下简称"本所")接受福建龙净环保股份有 限公司（以下简称"公司"）的委托，指派吴烈豪、蔡志评律师出席公 司 2024 年年度股东会，根据《公司法》《证券法》《上市公司股东大会 规则》《上海证券交易所上市公司股东大会网络投票实施细则》等法律、 法规、规范性文件及《福建龙净环保股份有限公司章程》(以下简称《公 司章程》)的有关规定出具法律意见。 为出具本法律意见书，本所律师列席了本次股东会并审查了公司提 供的与本次股东会有关的文件资料，包括但不限于召开本次股东会的通 知、股东名册、出席股东（或股东 ...

证券代码：600388 证券简称：龙净环保 公告编号：2025-034 福建龙净环保股份有限公司 2024 年年度股东会决议公告 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。 重要内容提示： 本次会议由公司董事会召集，公司董事长林泓富先生主持会议。会议采用现 场投票和网络投票相结合的表决方式。本次会议的召集、召开符合《公司法》和 《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 11 人，出席 11 人； 2、 公司在任监事 3 人，出席 3 人； 3、 董事会秘书出席本次会议； 4、 部分高管列席本次会议。 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 4 月 11 日 (二)股东会召开的地点：福建省龙岩市新罗区工业中路 19 号，龙净环保工业园 1 号楼二层会议室。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 379 | | --- | --- | | 2、出席会议的股东 ...