Core Viewpoint - The company is focusing on the integration of robotics in the sanitation industry, aiming for smart upgrades and business diversification to drive growth [2][5]. Financial Performance - In 2024, the company achieved a revenue of 7.203 billion yuan, a year-on-year increase of 16.93%, and a net profit attributable to shareholders of 575 million yuan, up 10.40% [3]. - The urban operation segment accounted for approximately 85% of total revenue, with a gross margin of 26.22%, while property management made up about 15% with a gross margin of 10.08% [3]. - As of the end of 2024, the company had a total contract amount of 59.325 billion yuan, with a compound annual growth rate of 21.49% from 2020 to 2024 [3][4]. Smart Technology and Innovation - The company is advancing its "smart transformation and innovative development" strategy, focusing on the "robot + sanitation" sector, with plans to continue leveraging existing technology in 2025 [2][5]. - The company has applied for over 100 patents in the smart equipment field, including successful products like the Sunshine S200 cleaning robot [5]. - The company is actively developing various smart products, including unmanned garbage compression vehicles and inspection drones, through its subsidiaries [6]. Industry Trends and Workforce Impact - The sanitation industry is seen as a prime candidate for robotic integration due to challenges such as an aging workforce and rising labor costs [6][7]. - The company emphasizes a gradual approach to implementing robotics, balancing automation with the need for human oversight in complex tasks [7]. - The management is committed to addressing social responsibilities by providing job transitions and skills training for existing employees as automation increases [7].

Company Overview - In 2024, the company achieved a revenue of CNY 7.203 billion, a year-on-year increase of 16.93% [3] - The net profit attributable to shareholders was CNY 575 million, up 10.40% year-on-year [3] - The company's return on equity (ROE) stood at 14.83% [3] - Urban operations accounted for 85% of total revenue with a gross margin of 26.22% [3] Main Business Segments - The company operates in two main segments: urban operations and property management [3] - Urban operations are the primary revenue driver, while property management contributes 15% of revenue with a gross margin of 10.08% [3] Key Achievements - The company secured new contracts totaling CNY 8.34 billion in 2024, with an annualized new contract amount of CNY 2.071 billion, reflecting a 43.10% increase year-on-year [7] - The company has been recognized as a leading enterprise in the environmental sanitation sector, receiving multiple awards for its ESG performance [4][8] Strategic Focus Areas Digital Transformation - The company is enhancing its digital capabilities through the "Smart Brain + Big Model" strategy, aiming to establish a benchmark for smart urban sanitation services [5][12] - Over 100 patents have been applied for in the field of intelligent equipment, with successful product launches like the "Sunshine S200 Cleaning Robot" [5][13] Market Expansion - The company is expanding its market presence with a focus on a "City Steward" strategy, covering 17 provinces and adding 60 new projects [6][7] - The company has established a network layout of "dense points in the eastern coastal areas + strategic nodes in the central and western regions" [10] ESG Practices - The company integrates ESG principles into its operational strategy, focusing on employee care and green operations [8] - It has been recognized in various ESG rankings, including being listed in the top 20 for ESG performance in the public utility sector [8] Financial Performance - The company has maintained a cash dividend policy, with cumulative cash dividends reaching CNY 489 million from 2021 to 2024 [11] - The net profit margin is reported at 9.32%, with a consistent compound annual growth rate (CAGR) of 13.67% since its listing [11] Future Growth Directions - The company plans to drive growth through smart upgrades and business diversification, focusing on high-value areas such as waste classification and smart municipal services [15][16] - It aims to enhance operational efficiency by reducing reliance on manual labor through automation and smart equipment [15][21]

Group 1: Company Performance and Financials - In 2024, the company achieved a revenue of 7,203.25 million CNY, representing a year-on-year growth of 16.93% [10] - The net profit attributable to shareholders reached 575.35 million CNY, an increase of 10.40% compared to the previous year [10] - The net profit after deducting non-recurring gains and losses was 564.54 million CNY, up by 10.61% year-on-year [10] Group 2: Strategic Development and Future Plans - The company aims to enhance its smart city management strategy and upgrade its smart sanitation service model by 2025 [4] - Key growth drivers include the industrialization of smart equipment, platformization of service models, and capitalization of data assets [4] - The company plans to invest heavily in smart sanitation equipment and develop a digital simulation system for sanitation operations [4] Group 3: Technological Advancements and Innovations - The company has made significant investments in smart sanitation construction, including the procurement of new energy sanitation vehicles and the deployment of IoT terminals [3] - The "Smart Sanitation Cloud Platform" has been developed, integrating intelligent algorithms for route planning and real-time quality monitoring [3] - The company has applied for over 100 patents in the smart equipment field, with products like the "Sunshine S200 Cleaning Robot" already in use [11] Group 4: Market Position and Industry Outlook - The company is recognized as a leading urban environment service provider, actively participating in national bidding activities [13] - The industry is experiencing a transformation towards mechanization, new energy, and automation, driven by policies and market demands [14] - The company is focused on balancing technological innovation with risk management to maintain a competitive edge in the evolving urban service landscape [14]

证券代码：300815 证券简称：玉禾田 公告编号：2025-037 玉禾田环境发展集团股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别风险提示： 截止本公告披露日，公司及控股子公司提供担保额度已超过公司最近一期经 审计净资产100%。敬请广大投资者充分关注担保风险。 一、担保情况概述 1、保证人：深圳玉禾田智慧城市运营集团有限公司。 2、债权人：华夏银行股份有限公司深圳分行。 3、被担保方（债务人）：玉禾田环境发展集团股份有限公司。 4、被担保的主合同：债务人与债权人签署的编号为SZ40（融资）20250008的 《最高额融资合同》，该合同与其项下发生的具体业务合同。 5、担保范围：主债权本金、利息、逾期利息、罚息、复利、违约金、损害赔 偿金、汇率损失以及鉴定费、评估费、拍卖费、诉讼费、仲裁费、公证费、律师 费等债权人为实现债权而发生的合理费用以及其他所有主合同债务人的应付费用。 玉禾田环境发展集团股份有限公司（以下简称"玉禾田"或"公司"）分别 于2024年12月26日、2025年1月20日召开的第四届董事会202 ...

事件：公司发布年报及一季报，2024 年玉禾田营业收入为 72.03 亿元，同比增长16.93%；归母净利润 为 5.75 亿元，同比增长 10.40%；扣非归母净利润为 5.65 亿元，同比增长10.61%；2025Q1 公司营业收 入18.82 亿元，同比增长10.58%，归母净利润为1.61 亿元，同比增长9.2%。业绩表现略低于预期，主要 受应收账款减值及费用增加影响。 城市运营稳健增长，在手订单充沛。2024 年公司城市运营板块营业收入61.09 亿元，同比增长20.57%， 毛利率达26.22%，保持较高盈利水平。同时，公司城市运营板块市场拓展成效显著：新签合同总金额 83.40 亿元，新增年化金额为20.71 亿元，同比增长43.10%。 管理费用及信用减值增加对利润构成一定影响。2024 年公司管理费用及信用减值均增长明显，其中管 理费用达4.91 亿元（2023 年为4.04 亿元），信用减值达1.31 亿元（2023年为0.96 亿元），信用减值增 加主要受应收款增加影响及账龄累积影响。 收购坎德拉剩余股权，全面拓展环卫机器人。根据公司公告，玉禾田智慧科技同意以3,500万元受让坎 德拉科 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 showed a total revenue of 72.03 billion yuan, a year-on-year increase of 16.93%, and a net profit attributable to the parent company of 5.75 billion yuan, up 10.40% year-on-year. The Q1 2025 revenue was 18.82 billion yuan, with a 10.58% year-on-year growth, and a net profit of 1.61 billion yuan, reflecting a 9.2% increase year-on-year. The performance was slightly below expectations due to impairment of receivables and increased expenses [7] - The urban operation segment demonstrated steady growth with a revenue of 61.09 billion yuan in 2024, a 20.57% increase year-on-year, and a gross margin of 26.22%. The company secured new contracts totaling 83.40 billion yuan, with an annualized increase of 20.71 billion yuan, representing a 43.10% year-on-year growth. The backlog of contracts stood at 577.20 billion yuan by the end of 2024 [7] - The property management segment also showed stable development, generating 10.87 billion yuan in revenue in 2024, with a gross margin of 10.08%. New contracts signed amounted to approximately 14.82 billion yuan, with a backlog of 16.05 billion yuan [7] - Increased management expenses and credit impairment have impacted profits, with management expenses reaching 4.91 billion yuan and credit impairment at 1.31 billion yuan in 2024 [7] - The acquisition of the remaining stake in Candela Technology for 35 million yuan aims to expand the company's sanitation robot business. The acquisition will make Candela a wholly-owned subsidiary of the company [7] - The net profit forecast for 2025 has been adjusted to 7.24 billion yuan from a previous estimate of 7.91 billion yuan, with new forecasts for 2026 and 2027 set at 7.85 billion yuan and 8.63 billion yuan respectively. The current market capitalization corresponds to P/E ratios of 9, 8, and 7 for the respective years [7] Financial Data and Earnings Forecast - Total revenue projections are 79.36 billion yuan for 2025, 86.21 billion yuan for 2026, and 93.73 billion yuan for 2027, with year-on-year growth rates of 10.2%, 8.6%, and 8.7% respectively [6] - The net profit attributable to the parent company is expected to be 7.24 billion yuan in 2025, 7.85 billion yuan in 2026, and 8.63 billion yuan in 2027, with corresponding year-on-year growth rates of 25.8%, 8.5%, and 9.9% [6] - The earnings per share are projected to be 1.82 yuan for 2025, 1.97 yuan for 2026, and 2.16 yuan for 2027 [6]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of 7.203 billion RMB for 2024, representing a year-over-year increase of 16.93%, and a net profit attributable to the parent company of 575 million RMB, up 10.40% year-over-year, although below expectations due to higher management expenses and credit impairment [2][3] - The company continues to expand its contracts in the urban operation sector, with a total new contract amount of 8.34 billion RMB in 2024, and an annualized new contract amount of 2.071 billion RMB, reflecting a year-over-year increase of 43.10% [3] - The company is actively investing in the sanitation robot sector, aiming to enhance its smart sanitation ecosystem [4] Financial Performance - In 2024, the company's operating cash flow increased by 12.58% year-over-year to 369 million RMB, while the dividend per share (DPS) rose by 88% to 0.375 RMB [5] - The company’s management expenses reached 491 million RMB in 2024, up 21.62% year-over-year, and credit impairment was 131 million RMB, an increase of 36.39% [5] - The company’s revenue for Q1 2025 was 1.882 billion RMB, a year-over-year increase of 10.58%, with a net profit of 161 million RMB, up 9.20% year-over-year [2] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 1.65 RMB, 1.85 RMB, and 2.06 RMB respectively, with a downward adjustment of 11% and 15% for 2025 and 2026 [6] - The target price for the company is set at 23.60 RMB, based on a price-to-earnings (PE) ratio of 14.3 times for 2025 [6][9] Valuation Metrics - The company’s projected revenue for 2025 is 8.043 billion RMB, with a year-over-year growth rate of 11.66% [7] - The projected net profit for 2025 is 656 million RMB, reflecting a growth rate of 14.10% [7] - The company’s price-to-book (PB) ratio is expected to decrease from 1.74 in 2023 to 1.36 in 2025 [7]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

证券代码：300815 证券简称：玉禾田 公告编号：2025-036 玉禾田环境发展集团股份有限公司 关于对外投资坎德拉（深圳）智能科技有限公司的进展公告 本公司及其董事、监事、高级管理人员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 2023 年 7 月，玉禾田环境发展集团股份有限公司（以下简称"公司"、 "玉禾田"）发布《关于公司拟对外投资坎德拉（深圳）智能科技有限公司暨 签订股权并购框架协议的公告》（公告编号：2023-046）。框架协议指出，公 司拟以自有资金通过股权受让和认购新增注册资本金方式对坎德拉（深圳）智 能科技有限公司（以下简称："坎德拉智能科技"、"标的公司"）进行投 资，其中，首期投资公司拟以自有资金不超过人民币 8,000 万元受让坎德拉 （深圳）科技创新有限公司（以下简称"坎德拉科技"）持有标的公司 34.65% 的股权。 2023 年 8 月，公司发布《关于对外投资坎德拉（深圳）智能科技有限公司 的进展公告》（公告编号：2023-050）。公司全资子公司玉禾田（深圳）智慧 科技投资有限公司（以下简称"玉禾田智慧科技"）与贺智威、坎德拉科技签 署了《关于 ...

欢迎广大投资者积极参与本次网上说明会。 （问题征集专题页面二维码） 如有不明事宜，敬请联系公司，联系方式如下： 电话：0755-82734788 传真：0755-82734952 证券代码：300815 证券简称：玉禾田 公告编号：2025-035 玉禾田环境发展集团股份有限公司 关于举行公司2024年度网络业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 玉禾田环境发展集团股份有限公司（以下简称"公司"或"玉禾田"）定于 2025年5月9日（星期五）15:00-17:00在全景网举办公司2024年度业绩说明会，本 次年度业绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关 系互动平台"（https://ir.p5w.net/）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长周平先生、董事/财务总监华晓锋先 生、独立董事甘毅先生、董事会秘书/副总经理郭瑾女士、证券事务代表邓娜女 士。 为充分尊重投资者、提升交流的针对性，公司现就2024年度业绩和经营情况 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2 ...