证券研究报告·行业深度报告·环保 环保行业深度报告 环卫无人化系列深度 1：小吨位环卫无人设 备经济性渐近，订单呈散点放量趋势 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 08 月 08 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 36% 2024/8/8 2024/12/7 2025/4/7 2025/8/6 环保 沪深300 相关研究 ◼ 环卫无人设备实现城市环卫作业的自动化和智能化。主要分为 1）小吨 位无人设备：载重能力较小的智能清扫设备（3 吨及以下），主要服务于 广场、公园、学校等半封闭场景。 2）大吨位无人设备：载重能力较大 的全自动作业车辆（3 吨以上），应用于市政道路、景区园林等开放场 景。 3）环卫人形机器人：助力无人化场景闭环。 ◼ 经济性分析：小吨位环卫无人设备更具经济性，有望率先放量。1）小 吨位： 1 台+1 人可以替代 3～4 人（5 万/人/年），同时规避安全生产的 问 ...

Summary of Earnings Call for Yingfeng Environment Company Overview - Yingfeng Environment reported total revenue of 13.1 billion RMB for 2024, with sanitation equipment and services accounting for over 85% of revenue, specifically 5.187 billion and 6.4 billion RMB respectively, with an additional 1.5 billion RMB from wind turbine and solid waste businesses [2][4][23] - The company has a strong market presence in the sanitation equipment sector, with a market share close to 20%, and over 30% for mid-to-high-end products, and 40% for high-end products [2][6] Industry Insights - The sanitation equipment industry is showing signs of recovery, with a 6.7% year-on-year increase in the number of sanitation equipment insured in the first half of 2025, marking the first positive growth since 2021 [2][5] - The public budget for energy-saving and environmental protection spending increased by approximately 6% year-on-year in the first half of 2025, providing support for the sanitation equipment market [2][7] Financial Performance and Projections - Yingfeng Environment's revenue elasticity is projected at 18.3%, 10.5%, and 10.0% for 2025-2027, with corresponding profits of approximately 680 million, 810 million, and 940 million RMB [2][21] - The company expects a significant reduction in goodwill impairment in 2025 due to industry recovery, with an anticipated net profit of around 700 million RMB [21][23] New Energy Equipment Development - Sales of new energy sanitation equipment reached 6,382 units in the first half of 2025, a 95.9% increase year-on-year, with a penetration rate of 16.1% [2][11] - The government has implemented policies to promote new energy sanitation vehicles, aiming for significant electrification in public sector vehicles by 2025 and near-total replacement by 2035 [12][15] Competitive Advantages - Yingfeng Environment maintains a strong competitive edge through effective cost control, with gross margins above industry averages, historically maintaining over 30% gross margin and 15% net margin during stable government spending periods [6][17] - The company is actively developing autonomous sanitation equipment and humanoid robots, with a stable cash flow and approximately 5 billion RMB in cash reserves, indicating long-term investment potential [2][22][23] Market Trends and Challenges - The sanitation service market has seen significant growth, with revenues increasing from 1 billion to over 6 billion RMB from 2019 to 2024, although future growth may slow due to market saturation [18][20] - The transition to new energy vehicles is expected to continue, with the industry projected to maintain high growth rates over the next two to three years [14][15] Conclusion - Yingfeng Environment is well-positioned for future growth with a solid financial foundation, innovative product development, and a favorable market environment for sanitation and new energy equipment [23]

交易信息汇总 截至2025年8月1日收盘，盈峰环境(000967)报收于6.82元，上涨3.02%，换手率1.65%，成交量52.26万 手，成交额3.54亿元。 当日关注点 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 8月1日，盈峰环境的资金流向显示，主力资金净流入3503.08万元，占总成交额9.9%；游资资金净流入 1740.46万元，占总成交额4.92%；散户资金净流出5243.54万元，占总成交额14.82%。 交易信息汇总：8月1日主力资金净流入3503.08万元，占总成交额9.9%，散户资金净流出5243.54 万元，占总成交额14.82%。 公司公告汇总：盈峰环境科技集团股份有限公司截至2025年7月31日尚未通过回购专用证券账户回 购公司股份，回购价格上限调整为不超过人民币9.06元/股。 公司公告汇总 盈峰环境科技集团股份有限公司于2025年4月10日召开第十届董事会第九次临时会议，审议通过了《关 于回购公司股份方案暨取得回购专项贷款承诺书的议案》，决定使用自有资金和银行股票回购专项贷款 资金以集中竞价交易方 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 盈峰环境科技集团股份有限公司（以下简称"公司"）于2025年4月10日召开第十届董事会第九次临时会 议审议并通过了《关于回购公司股份方案暨取得回购专项贷款承诺书的议案》，同意公司使用自有资金 和银行股票回购专项贷款资金以集中竞价交易方式回购公司已发行的人民币普通股（A股）股票，回购 的公司股份将全部用于实施公司股权激励或员工持股计划。本次回购总金额不低于人民币2亿元（含） 且不超过人民币3亿元（含），回购价格不超过9.25元/股（含），回购期限为自董事会审议通过回购股 份方案之日起12 个月内。具体内容详见公司于2025年4月11日、2025年4月15日刊登于公司指定信息披 露媒体《证券日报》《证券时报》《中国证券报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）的《关于回购公司股份方案暨取得回购专项贷款承诺书的公告》《关于回购公 司股份的报告书》等相关公告。 公司后续将根据市场情况择机在回购期限内实施本次回购股份方案，并根据相关法律、法规和规 ...

证券日报网讯 8月1日晚间，盈峰环境发布公告称，截至2025年7月31日，公司尚未通过回购专用证券账 户以集中竞价交易方式回购公司股份。 （文章来源：证券日报） ...

证券代码：000967 公告编号：2025-050 号 盈峰环境科技集团股份有限公司 关于回购公司股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 盈峰环境科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日 召开第十届董事会第九次临时会议审议并通过了《关于回购公司股份方案暨取得 回购专项贷款承诺书的议案》，同意公司使用自有资金和银行股票回购专项贷款 资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股）股票，回购的 公司股份将全部用于实施公司股权激励或员工持股计划。本次回购总金额不低于 人民币 2 亿元（含）且不超过人民币 3 亿元（含），回购价格不超过 9.25 元/股 （含），回购期限为自董事会审议通过回购股份方案之日起 12 个月内。具体内 容详见公司于 2025 年 4 月 11 日、2025 年 4 月 15 日刊登于公司指定信息披露媒 体《证券日报》《证券时报》《中国证券报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）的《关于回购公司股份方案暨取得回购专项贷款承诺书 的公告》《关 ...

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - In the environmental industry, the average CFO salary is reported at 8.77 million yuan, with a notable distribution where 45% of CFOs earn between 300,000 to 650,000 yuan [1][10] - Deepwater Haina's CFO has the highest salary in the industry at 2.44 million yuan, despite concerns regarding the company's financial quality [3][4] Salary Distribution - The salary distribution in the environmental sector shows that 45% of CFOs earn between 300,000 to 650,000 yuan, while only 12% earn over 1 million yuan [1][10] - Companies like Jinyuan and Zhejiang Fu Holdings have CFOs with salaries exceeding 1 million yuan, but both have faced regulatory penalties due to financial quality issues [5][6] Regulatory Issues - Deepwater Haina has been flagged for several violations, including inadequate bad debt provisions and inaccurate revenue cost accounting, which do not comply with accounting standards [4] - Zhejiang Fu Holdings received a warning for failing to disclose related party transactions accurately, leading to regulatory scrutiny [6] - Jinyuan Holdings is under investigation for non-operating fund occupation, which constituted 8.36% of its audited net assets, highlighting serious compliance failures [7][9] Age and Education Distribution - In the environmental sector, 48% of CFOs are aged between 40 to 49 years, while 34% are between 50 to 59 years [10] - The educational background of CFOs shows that 59% hold a bachelor's degree, and 30% have a master's degree, with some CFOs having only an associate degree [12][14]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - Since 2024, some waste incineration and water service companies have announced reductions in loan interest rates and financial expenses, which are expected to contribute positively to their performance in a low-interest environment [2][16] - The report emphasizes the importance of focusing on companies with stable performance, increased dividends, valuation recovery, and declining borrowing costs in the waste incineration and water service sectors [6][40] Summary by Sections Debt Situation - Waste incineration and water service projects typically have a high debt financing ratio, often around 70%. These projects require significant upfront investment over 1-2 years, followed by a 20-30 year period to recover costs through operational income [4][17] - As of the end of 2024, the outstanding debt for major companies in the sector includes: - China Everbright International: 91.7 billion HKD - Conch Venture: 28.2 billion HKD - Hanlan Environment: 16.3 billion CNY - Beijing Enterprises Water Group: 75.5 billion CNY - Yuehai Investment: 23.9 billion HKD - Xingrong Environment: 14.8 billion CNY [4][17] Trends in Debt Ratios - The debt ratio for waste incineration companies has shown a declining trend over the past two years, while the increase in water service companies' debt ratios has slowed down [5][21] Impact of Borrowing Costs - Since 2018, interest rates have been on a downward trend, and as new project loan rates decrease, some companies are replacing high-interest loans. This could lead to further reductions in borrowing costs, positively impacting the performance of waste incineration and water service companies [6][31] - The report recommends focusing on companies in the waste incineration and water service sectors that exhibit stable performance and declining borrowing costs, highlighting companies such as Hanlan Environment, Xingrong Environment, China Everbright International, and others [6][40] Performance Sensitivity to Borrowing Costs - If the average borrowing cost decreases by 10, 30, or 50 basis points in 2025, the estimated profit elasticity for leading companies such as Beijing Enterprises Water Group, China Everbright International, and Green Power will be 3.62%, 10.86%, and 18.10% respectively [38] - If the average borrowing cost reaches 2.50% in 2025, the profit elasticity for top companies will be significantly higher, with estimates of 28.28% for Yuehai Investment and 20.57% for Beijing Enterprises Water Group [38] Industry Growth and Transformation - The waste incineration and water service sectors are experiencing steady growth, improved cash flow, and increased dividends. Recent market reforms are pushing the industry towards a transformation from government-oriented (To G) to business and consumer-oriented (To B, To C) models, which is expected to accelerate valuation recovery [6][40]

证券代码：000967 公告编号：2025-049 号 盈峰环境科技集团股份有限公司 特别提示： 盈峰环境科技集团股份有限公司（以下简称"公司"）因实施公司2024年 年度权益分派，根据《盈峰环境科技集团股份有限公司公开发行可转换公司债 券募集说明书》及相关规定，自2025年7月17日起至本次权益分派股权登记日 （即2025年7月25日）止公司可转换公司债券（债券简称：盈峰转债；债券代 码：127024）暂停转股。 关于"盈峰转债"恢复转股的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据相关规定，"盈峰转债"将在本次权益分派股权登记日后的第一个交 易日（即2025年7月28日）起恢复转股。敬请公司可转换公司债券持有人注意。 特此公告。 盈峰环境科技集团股份有限公司 董 事 会 2025 年 7 月 25 日 证券代码：000967 证券简称：盈峰环境 债券代码：127024 债券简称：盈峰转债 转股起止时间：2021年5月10日至2026年11月3日 暂停转股时间：2025年7月17日至2025年7月25日 恢复转股时间：自2025年7月28日起恢 ...

Group 1 - Guangdong Yingfeng Smart Energy Co., Ltd. was officially registered on July 17, 2025, with a registered capital of 207.9 million RMB [1] - Yingfeng Group, established in 1994, is a rapidly developing industrial holding group headquartered in Guangdong, with a diverse portfolio across five major sectors: environment, culture, investment, technology, and consumption [1] - The group has a significant presence in major cities across China, covering all 34 provincial-level administrative regions, and employs approximately 20,000 staff [1] Group 2 - Guangdong Yingfeng Technology Co., Ltd. is a wholly-owned subsidiary of Yingfeng Environmental Technology Group, focusing on the research, manufacturing, and sales of environmental monitoring instruments and laboratory scientific instruments [2] - The newly established Guangdong Yingfeng Smart Energy Co., Ltd. operates in the automotive manufacturing industry, integrating environmental protection and energy sectors, and is also involved in smart technology [4] - The company engages in various businesses, including the manufacturing of automotive parts, construction machinery, and rubber products, as well as providing services like mechanical equipment leasing and municipal waste management [4]