| 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 ...

Investment Rating - The report maintains a "Recommended" rating for Longking Environmental Protection (龙净环保) [1] Core Views - The company reported a revenue of 10.973 billion yuan in 2023, a year-over-year decrease of 7.64%, and a net profit attributable to shareholders of 509 million yuan, down 36.74% year-over-year [1] - The decline in net profit was primarily due to goodwill impairment, which totaled 418 million yuan, with 361 million yuan attributed to goodwill impairment [1] - The company’s gross margin and net margin were 23.68% and 4.61%, respectively, with a slight increase in gross margin but a decrease in net margin year-over-year [1] - The company’s cash flow from operations significantly improved, reaching 1.706 billion yuan, a year-over-year increase of 104.44% [1] - The company is the largest manufacturer of air pollution control equipment globally, with a stable performance in environmental equipment manufacturing, generating 9.829 billion yuan in revenue [1] Financial Performance Summary - The company’s total liabilities ratio was 68.58%, a decrease of 2.74 percentage points year-over-year, and the interest-bearing debt ratio was 19.77%, indicating a relatively low level of debt [1] - The company’s new environmental engineering contracts amounted to 10.287 billion yuan, a year-over-year increase of 5.11%, with the power industry accounting for 58.11% of the contracts [1] - In the renewable energy sector, the company achieved a revenue of 36.64 million yuan with a gross margin of 46.62%, indicating strong profitability [1] - The company is expected to see significant growth in its renewable energy business in 2024, driven by the launch of energy storage and green electricity projects [1] Valuation Analysis - The projected net profits for 2024, 2025, and 2026 are 1.143 billion yuan, 1.349 billion yuan, and 1.620 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.62, 9.85, and 8.20 [1]

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 ...

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 ...