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 ...

证券代码：600388 证券简称：龙净环保 公告编号：2025-036 福建龙净环保股份有限公司 第十届监事会第十次会议决议公告 2025 年 4 月 12 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"）第十届监事会第十次会议 于 2025 年 4 月 11 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：《2025 年第一季度报告》 表决结果：3 票赞成，0 票反对，0 票弃权。 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定，所包含的信息能从各方面真实地反映 公司 2025 年第一季度的财务状况及经营成果等事项。 监事会在提出本意见前，没有发现参与 2025 年第一季度报告编制和审议的 人员有违反保密规定的行为。 公司 2025 年第一季度报告所披露的信息 ...

证券代码：600388 证券简称：龙净环保 公告编号：2025-035 福建龙净环保股份有限公司 第十届董事会第十四次会议决议公告 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"）第十届董事会第十四次会 议于 2025 年 4 月 11 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 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：《2025 年第一季度报告》 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 2025 年第三次会议审议通过该议案。 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 2025 年 4 月 12 日 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,965,872,850.55, a decrease of 13.69% compared to CNY 2,277,633,996.47 in the same period last year[5] - Net profit attributable to shareholders was CNY 185,120,664.30, down 6.95% from CNY 198,948,207.57 year-on-year[5] - Basic earnings per share decreased by 16.67% to CNY 0.15 from CNY 0.18 in the same period last year[5] - Net profit for Q1 2025 was CNY 184,517,001.56, a decrease of 6.16% compared to CNY 196,904,580.67 in Q1 2024[20] - Basic earnings per share for Q1 2025 were CNY 0.15, down from CNY 0.18 in Q1 2024[20] Cash Flow - The net cash flow from operating activities was negative at CNY -136,724,305.65, a significant decline of 484.86% compared to CNY 35,525,669.50 in the previous year[5] - Cash flow from operating activities for Q1 2025 was negative CNY 136,724,305.65, compared to positive CNY 35,525,669.50 in Q1 2024[23] - The company's cash inflow from operating activities totaled CNY 2,078,615,829.87 in Q1 2025, down from CNY 2,842,851,046.24 in Q1 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 27,062,307,648.46, reflecting a 1.01% increase from CNY 26,792,319,059.54 at the end of the previous year[6] - The company's total liabilities amounted to RMB 13.605 billion, up from RMB 13.159 billion year-on-year, reflecting increased borrowing[16] - The company's total liabilities as of March 31, 2025, were CNY 16,523,925,597.65, slightly up from CNY 16,455,836,991.92 at the end of Q1 2024[17] - The company's total equity attributable to shareholders was CNY 10,375,679,153.15, an increase from CNY 10,173,175,507.22 in Q1 2024[17] Investments - Long-term equity investments increased by 154.99% due to new external investments by subsidiaries[9] - The company’s long-term equity investments increased to RMB 100 million from RMB 39 million year-on-year, indicating growth in strategic investments[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 44,575[12] Research and Development - Research and development expenses for Q1 2025 were CNY 95,728,743.87, an increase of 14.06% from CNY 84,028,918.71 in Q1 2024[19] - Research and development expenses for Q1 2025 were CNY 60,371,531.12, up 30.83% from CNY 46,153,989.28 in Q1 2024[28] Contract and Revenue Growth - The company secured new environmental engineering contracts totaling RMB 2.625 billion, representing a year-on-year growth of 13.59%, with a total of RMB 19.421 billion in hand contracts[14] Cash and Cash Equivalents - The company's cash and cash equivalents amounted to RMB 2.203 billion, down from RMB 2.474 billion at the end of 2024[15] - Cash and cash equivalents at the end of Q1 2025 were CNY 2,101,773,904.31, down from CNY 2,334,944,450.87 at the end of Q1 2024[23] - The initial cash and cash equivalents balance was 1,469,273,336.87, down from 1,517,629,699.42 in the previous period[32]