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 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2023, representing a 20% growth compared to the previous year[67]. - The company's operating revenue for 2023 was approximately ¥10.97 billion, a decrease of 7.64% compared to ¥11.88 billion in 2022[168]. - Net profit attributable to shareholders for 2023 was approximately ¥508.97 million, down 36.74% from ¥804.63 million in 2022[168]. - The net profit after deducting non-recurring gains and losses was approximately ¥347.30 million, a decrease of 46.92% from ¥654.36 million in 2022[168]. - Basic earnings per share for 2023 is ¥0.47, a decrease of 37.33% compared to ¥0.75 in 2022[149]. - Diluted earnings per share for 2023 is ¥0.45, down 33.82% from ¥0.68 in 2022[149]. - The company reported a net profit of 500 million RMB for 2023, representing a 15% increase year-over-year[192]. - The company expects a revenue growth of 10% for the next fiscal year, projecting total revenue to reach 5 billion RMB[194]. Cash Flow and Investments - The net cash flow from operating activities for the current period is approximately ¥1.71 billion, representing a 104.44% increase from ¥834.55 million in the same period last year[2]. - The net cash flow from investment activities for the current period is approximately -¥704.16 million, reflecting a significant increase in investment outflows compared to -¥46.59 million in the previous year[2]. - The company plans to invest 150 million RMB in new technology initiatives over the next two years[200]. Market Expansion and Strategy - The company is actively expanding its international business, focusing on markets in Asia, Africa, and countries along the "Belt and Road" initiative[52]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[71]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[196]. - A strategic acquisition of a local competitor was completed, enhancing the company's capabilities in environmental technology[72]. - A strategic acquisition of a competitor was announced, valued at 300 million RMB, aimed at enhancing market capabilities[100]. Clean Energy Initiatives - The company aims to enhance its clean energy business, focusing on rapid project completion and grid connection to generate benefits[24]. - The clean energy sector is expected to see significant growth, with wind and solar power installations projected to reach 2200-2400GW by 2030[12]. - The company has established a 300MW photovoltaic project in Xinjiang with a total investment of approximately ¥1.075 billion, with plans for additional phases of 300MW and 400MW[16]. - The company is focusing on the potential market for ultra-low emission transformation in the steel and cement industries, which presents both challenges and opportunities[186]. - The company is advancing nearly 1GW of wind and solar green electricity projects, indicating significant market expansion in clean energy[179]. Research and Development - Research and development investments increased by 30%, focusing on advanced pollution control technologies[73]. - Research and development expenses increased by 12%, totaling 100 million RMB, focusing on sustainable technologies[197]. - New product launches included an innovative air purification system, expected to contribute an additional 200 million in revenue in the next fiscal year[70]. - New product launches contributed to a 25% increase in sales in Q4 2023 compared to Q3 2023[195]. Corporate Governance and Compliance - The company held four shareholder meetings during the reporting period, ensuring compliance with relevant laws and regulations[63]. - The new board of directors and supervisory board were elected for a term from February 21, 2024, to February 20, 2027[40]. - The board of directors emphasized a commitment to corporate governance and compliance, following recent regulatory scrutiny[100]. - The company's board of directors includes independent members, ensuring compliance with governance standards and protecting minority shareholder interests[103]. Employee Engagement and Management - The company plans to implement a new employee stock ownership plan to enhance employee engagement and retention[74]. - The company has implemented an employee stock ownership plan, with participation from 532 employees in the seventh phase and 494 in the tenth phase[114]. - The company has initiated a management training program to enhance leadership skills among mid-level managers[83]. - The company is committed to optimizing investor relations management and ensuring accurate and timely information disclosure[59]. Environmental and Social Responsibility - The company is committed to upgrading existing environmental protection facilities to meet the declining demand in the steel and cement industries[25]. - The company accelerated its "environmental protection + new energy" business layout, with significant progress in wind and solar energy sectors, and initial developments in energy storage battery modules and system integration[42]. - The government has set ambitious targets for air quality improvement, aiming for a 10% reduction in PM2.5 levels by 2025 compared to 2020[7]. - The company is actively engaged in environmental engineering projects, particularly in water pollution prevention[74]. Financial Management and Shareholder Returns - The board approved a proposal for a special dividend, reflecting the company's strong financial performance and commitment to shareholder returns[76]. - The company plans to distribute a cash dividend of 2.0 RMB per 10 shares, totaling approximately 214.85 million RMB, which represents 42.21% of the net profit attributable to ordinary shareholders in the consolidated financial statements[113]. - The company has not proposed any capital reserve conversion to increase share capital for the current year, focusing instead on cash dividends[123]. - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[136].

公司代码：600388 公司简称：龙净环保 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 2023 年度内部控制评价报告 福建龙净环保股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上 ...

RSM 容诚 审计报告 福建龙净环保股份有限公司 容诚审字|2024|361Z0041 号 容诚会计师事务所(特殊普通合伙) 中国 ·北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 报："扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查询 【 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9 - 143 | 审计报告 容诚审字[2024]361Z0041 号 福建龙净环保股份有限公司全体股东: 一、审计意见 我们审计了福建龙净环保股份有限公司(以下简称龙净环保公司) ...

福建龙净环保股份有限公司 第十届董事会第二次会议决议公告 证券代码：600388 证券简称：龙净环保 公告编号：2024-027 转债代码：110068 转债简称：龙净转债 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"）第十届董事会第二次会议 于 2024 年 3 月 21 日在龙净环保工业园一号楼二层会议室以现场结合视频通讯的 方式召开。会议召开通知于 2024 年 3 月 11 日以书面方式送达各董事、监事。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：《2023 年年度报告正文及报告摘要》 表决结果：11 票赞成，0 票反对，0 票弃权。 第十届董事会审计委员会 2024 年第一次会议审议通过该议案。 该议案尚需提交 2023 年度股东大会进行审议。 详见公司于同日在《上海证券报》和上海证券交易所网站 www.sse.com.cn 所 披 ...

福建龙净环保股份有限公司 第十届董事会独立董事专门会议第二次会议决议 福建龙净环保股份有限公司（以下简称"公司"）第十届董事会独立董事专 门会议第二次会议于 2024 年 3 月 21 日在龙岩龙净环保工业园一号楼二号会议 室以现场结合视讯方式召开，会议应到独立董事 4 人，实到独立董事 4 人，本次 会议的召集、召开符合《中华人民共和国公司法》《上市公司独立董事管理办法》 《公司章程》《独立董事工作制度》的有关规定，会议合法有效，经与会独立董 事审议表决，一致通过如下决议： 一、审议通过《关于预计年度日常关联交易的议案》 独立董事：匡勤、罗津晶、李诗、林涛。 福建龙净环保股份有限公司 第十届董事会独立董事 2024 年 3 月 21 日 独立董事认为：公司与关联人拥有各自生产经营所需的资源和渠道优势，通 过该等关联交易可实现优势互补和资源合理配置。公司的关联交易定价公允，符 合公平、公正原则，不存在损害上市公司和中小股东利益的情形。本次日常关联 交易预计不会对公司主营业务收入、利润来源产生重大影响，亦不会影响公司独 立性。关联交易的决策程序合法、合规，同意将该议案提交董事会审议。 表决结果：同意 4 票，反 ...

RSM 容诚 容诚会计师事务所(特殊普通合伙) 中国 · 北京 内部控制审计报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mgf.ggv.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mgf.gov.cn）"进行查测 "2019年 福建龙净环保股份有限公司 容诚审字|2024|361Z0040 号 三、内部控制的固有局限性 内部控制审计报告 容诚审字[2024]361Z0040 号 福建龙净环保股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了福建龙净环保股份有限公司(以下简称"龙净环保公司")2023年 12 月 31 目的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是龙净 环保公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重 ...

LONGKING だ 净 Ⅲ 保 2023 福建龙净环保股份有限公司 社会责任报告 SOCIAL RESPONSIBILITY REPORT 2023 花淨坏保股份有限公司 FUJIAN LONGKING CO LTD. SH.600388 CONTENT 净化环境、保护气候、珍爱大自然 官 吴 2023年，是龙净环保"环保+新能源"战略转型的关键年份，公司提出"双轮驱动"年度主题，踔厉奋发、扎实开拓。 这一年，我们成功解决重大历史遗留问题。对公司团队士气提振、财 务结构改善和未来业务拓展，影响积极正面，在公司发展史上具有里 程碑意义。 这一年，我们巩固提升聚焦现有环保业务。积极推动高质量发展转型， 持续改善经营质量和优化资产配置，在市场需求下滑背景下，核心大 气业务竞争力持续提升，盈利保持基本稳定。 这一年，我们强力开拓新能源产业。积极培育第二增长曲线，储能电 芯业务、储能PACK电池及系统集成业务、清洁能源业务稳扎稳打、齐 头并进，项目如期推进，成本控制有效，市场取得突破。 这一年，我们坚定推进集团化运营管理体系改革。以"简洁、规范、 高效"为目标，优化组织结构，精简管理流程，健全人事规则，强化 内部监督 ...