Investment Rating - The report maintains a "Buy" rating for the company [20][8]. Core Insights - The company's 2023 revenue was 10.973 billion yuan, a year-on-year decrease of 7.64%, while the net profit attributable to shareholders was 509 million yuan, down 36.74% year-on-year [7][9]. - The decline in net profit was primarily due to a goodwill impairment provision of 361 million yuan and construction period expenses of approximately 80 million yuan related to the new energy business [7][9]. - The company has a solid order backlog in its environmental business, with new contracts amounting to 10.287 billion yuan in 2023, a year-on-year increase of 5.11% [7][9]. - The energy storage business has begun to gain traction, with significant contracts worth over 1.5 billion yuan secured [7][9]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 1.135 billion yuan, 1.458 billion yuan, and 1.915 billion yuan, respectively, with corresponding EPS of 1.05, 1.35, and 1.77 yuan [8][9]. - The company’s PE ratios for the same years are projected to be 12.19, 9.49, and 7.23 times [8][9]. - The total assets are expected to grow from 25.297 billion yuan in 2023 to 42.670 billion yuan by 2026 [10][9].

东亚前海证券有限责任公司 关于福建龙净环保股份有限公司继续使用部分闲置 募集资金进行现金管理的核查意见（修订版） 东亚前海证券有限责任公司（以下简称"东亚前海证券"或"保荐机构"） 作为福建龙净环保股份有限公司（以下简称"龙净环保"或"公司"）公开发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》、《上海 证券交易所股票上市规则》、《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》、《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等有关规定，对龙净环保继续使用部分闲置募集资金进行现金管理事 项进行了认真、审慎的核查，具体核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准福建龙 净环保股份有限公司的批复》（证监许可[2020]113 号）核准，福建龙净环保股 份有限公司公开发行面值总额人民币 2,000,000,000.00 元可转换公司债券，扣除 发行费用后，实际募集资金净额为人民币 1,979,582,334.90 元。本次发行募集资 金已于 2020 年 3 月 30 日全部到账，容诚会计师事务所（特殊普 ...

| 证券代码：600388 | 证券简称：龙净环保 | 公告编号：2024-040 | | --- | --- | --- | | 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 关于继续使用部分闲置募集资金进行现金管理 的补充公告 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。 福建龙净环保股份有限公司（以下简称"公司"）于 2024 年 3 月 23 日披露 了《关于继续使用部分闲置募集资金进行现金管理的公告》（公告编号： 2024-033）。现对该公告中的有关情况进行补充披露。补充内容如下： "二、前次使用部分闲置募集资金进行现金管理到期赎回情况 2023 年 3 月 16 日，公司第九届董事会第二十五次会议和第九届监事会第十 五次会议审议通过了《关于继续使用部分闲置募集资金进行现金管理的议案》， 同意公司按照募集资金使用的相关规定，使用最高额度不超过 100,000 万元闲置 募集资金进行现金管理，使用期限自公司董事会批准之日起不超过 12 个月。上 述额度在决议有效期内可以循环 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark in the next six months [11][31]. Core Insights - The company reported a slight decline in performance for 2023, with operating revenue of 10.973 billion yuan, down 7.64% year-on-year, and a net profit attributable to shareholders of 509 million yuan, down 36.74% year-on-year. This decline was primarily due to goodwill impairment and costs associated with new energy projects under construction [22][31]. - The company is expected to see a reversal in performance as new projects come online, particularly the 5GWh lithium iron phosphate battery production capacity set to start operations in January 2024 [22][31]. - The company has a robust order backlog in the environmental protection sector, with new contracts signed amounting to 10.287 billion yuan in 2023, reflecting a 5.11% increase [31][37]. Summary by Sections Financial Performance - The company achieved an operating revenue of 10.973 billion yuan in 2023, a decrease of 7.64% year-on-year, and a net profit of 509 million yuan, down 36.74% year-on-year. The gross profit margin was 23.68%, an increase of 0.28 percentage points [34][31]. - The company’s operating cash flow significantly improved, reaching 1.706 billion yuan, a 104.44% increase, indicating better cash collection from operations [31][55]. Project Developments - The company is accelerating the construction of renewable energy projects, including several photovoltaic and wind power projects expected to commence operations in 2024 [31][38]. - The company has signed contracts for energy storage systems and equipment totaling 1.56 billion yuan, marking a significant breakthrough in its energy storage business [31][38]. Market Position and Strategy - The company is positioned as a key player in the renewable energy sector, with a focus on integrating its operations with Zijin Mining, which is expanding its renewable energy capacity [31][45]. - The report highlights the potential for significant returns from self-consumed renewable energy projects, estimating an internal rate of return (IRR) of up to 12% for projects with a 70% self-consumption rate [28][42].

上 市 公 司 环保 2024 年 03 月 26 日 龙净环保 (600388) ——业绩受商誉减值拖累 看好今年主业及绿电兑现 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 03 月 25 日 | | 收盘价（元） | 12.29 | | 一年内最高 / 最低（元） | 19.52/9.91 | | 市净率 | 1.7 | | 息率（分红/ 股价） | | | 流通 A 股市值（百万元） | 13287 | | 上证指数 / 深证成指 | 3026.31/9422.61 | | --- | --- | |---------------------------------------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | | | 每股净资产（元） | 7 ...

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Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 18.41 yuan, indicating a potential upside of 48% from the current price of 12.44 yuan [3][28]. Core Insights - The company's performance met expectations after excluding the impact of goodwill impairment, with a significant improvement in operating cash flow and a robust order backlog in the environmental protection sector [3][9]. - The report highlights a decline in net profit by 37% year-on-year, primarily due to a one-time goodwill impairment of 361 million yuan, while the revenue decreased by 8% to 10.973 billion yuan [7][21]. - The company is advancing its new energy business, with significant projects in the pipeline, including a 2GWh energy storage battery production line and a 5GWh lithium iron phosphate battery project [15][22]. Summary by Sections Financial Performance - The company reported a revenue of 10.973 billion yuan in 2023, down 8% year-on-year, with a net profit of 5.09 billion yuan, reflecting a 37% decline [7][21]. - The gross profit margin improved slightly to 23.68%, indicating stable profitability despite the revenue drop [7][29]. Order Backlog and Business Development - The company secured new environmental engineering contracts worth 10.287 billion yuan in 2023, a 5% increase year-on-year, with a total backlog of 18.51 billion yuan [9][23]. - The report notes a shift in the order structure, with a significant portion of new contracts coming from the power industry, benefiting from policy support and demand for upgrades [9][23]. Cash Flow and Management - The operating cash flow for 2023 was 1.706 billion yuan, a substantial increase of 104% year-on-year, reflecting improved cash management practices [37][24]. - The company has focused on enhancing cash flow management and reducing accounts receivable risks, leading to better quality of operating profits [37][24]. Future Outlook - The report projects a decrease in net profit for 2024 and 2025, with estimates of 1.414 billion yuan and 1.705 billion yuan respectively, while predicting a recovery in 2026 with a net profit of 2.107 billion yuan [38][39]. - The company is expected to continue its strategic focus on the new energy sector, with ongoing projects and a positive long-term outlook despite current market challenges [15][22].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company has implemented a dual-driven strategy focusing on "environmental protection + new energy," with strong order acquisition capabilities in its core environmental business. The green electricity and energy storage sectors are expected to contribute positively to performance starting in 2024 [5][12]. - The company reported a revenue of 10.97 billion yuan in 2023, a year-on-year decrease of 7.64%, and a net profit attributable to shareholders of 509 million yuan, down 36.74% year-on-year, primarily due to goodwill impairment in hazardous waste management [9][14]. - The company has a robust order backlog, with new environmental protection orders increasing by 5% year-on-year, and it secured 1.56 billion yuan in energy storage orders, demonstrating its order acquisition capabilities [9][17]. Financial Performance - The company achieved an operating profit of 916 million yuan in 2023, with a gross margin of 23.7%, reflecting a slight year-on-year increase despite challenges in the hazardous waste sector [10][11]. - Operating cash flow improved significantly, reaching 1.71 billion yuan in 2023, a year-on-year increase of 104.4%, with a cash collection ratio of 73.3% [11]. - The company’s total liabilities to assets ratio was 68.58% at the end of 2023, a decrease of 2.74 percentage points year-on-year, indicating a solid financial position [11]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 1.21 billion yuan, 1.46 billion yuan, and 1.76 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 137.6%, 21.1%, and 20.1% [5][21]. - The company is actively developing new growth areas such as carbon capture, hydrogen production, and lithium extraction technologies, which are anticipated to enhance future revenue streams [12][13].

Investment Rating - The report maintains a "Buy" rating for the company, which is a leader in the air pollution control sector, and is expected to experience rapid growth due to its collaboration with Zijin Mining in the "Energy Storage + Green Electricity from Mining" initiative [3][18]. Core Insights - The company's environmental business remains a solid foundation, with a significant increase in contract quality. In 2023, the company secured new environmental engineering contracts worth 10.29 billion yuan, a year-on-year increase of 5.1%, with the power sector accounting for 58.1% and non-power sectors for 41.9% [2]. - The company is projected to achieve substantial profit growth, with expected net profits of 1.14 billion yuan, 1.60 billion yuan, and 2.00 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 123.3%, 40.6%, and 25.1% [3][4]. - The new energy business is off to a strong start, with significant contracts in the pipeline, including a 5GWh lithium iron phosphate energy storage cell project that commenced production in January 2024 and a 2GWh energy storage battery module production line that began operations in August 2023 [16]. Financial Performance Summary - In 2023, the company reported a revenue of 10.97 billion yuan, a decrease of 7.6% year-on-year, primarily due to declines in the environmental equipment manufacturing and project operation segments. The net profit was 509 million yuan, down 36.7% year-on-year, largely due to goodwill impairment provisions totaling 361 million yuan [15]. - The company’s operating cash flow significantly improved, reaching 1.71 billion yuan in 2023, a year-on-year increase of 104.4%, attributed to increased cash receipts from sales and reduced cash payments for purchases [27]. - The comprehensive gross margin improved by 0.3 percentage points to 23.7%, driven by enhanced contract quality control and improved margins in environmental equipment manufacturing [27].

[盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 3 月 22 日，龙净环保发布 2023 年度报告，根据公告，公司 2023 年实现收入 109.73 亿元，同比-7.64%；归母净利润 5.09 亿元，同比36.74%；扣非归母净利 3.47 亿元，同比-46.92%。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|--------|------------------|------------|--------| | 营业收入（百万元） | | 10,973 | 14,306 | 17,647 | 21,304 | | 增长率（%） | | -7.6 | 30.4 | 23.4 | 20.7 | | 归属母公司股东净利润（百万元） | | 509 | 1,170 | 1,584 | 1,960 | | 增长率（%） | | -36.7 | 129.9 | 35.4 | 23.8 | | 每股收益（元） | | 0.47 | 1 ...