证券代码：301018 证券简称：申菱环境 公告编号：2025-023 广东申菱环境系统股份有限公司 关于控股股东、实际控制人及其一致行动人 终止协议转让公司部分股份的公告 控股股东、实际控制人崔颖琦先生及其一致行动人和受让方张宇先生保证向本公司提供的 信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 因上述股份未办理过户登记手续，故双方权益未发生变化。本次协议转让 终止不会导致公司控制权发生变更，不会对公司治理结构及日常生产经营造成 影响，不会对公司的经营业绩及财务状况产生不利影响，亦不存在损害公司及 全体股东利益的情形。 四、其他相关说明 1、本次终止协议转让事宜不存在违反《中华人民共和国证券法》《上市公 司收购管理办法》《上市公司股东减持股份管理暂行办法》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板 上市公司规范运作》《深圳证券交易所上市公司自律监管指引第18号——股东及 董事、监事、高级管理人员减持股份》等法律法规及规范性文件的规定，也不存 在因本次协议转让终止而违反尚在履行 ...

中信建投证券股份有限公司 关于广东申菱环境系统股份有限公司 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 首次公开发行股票并在创业板上市 保荐总结报告书 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为 广东申菱环境系统股份有限公司（以下简称"申菱环境"或"公司"）首次公开 发行股票并在创业板上市保荐机构，持续督导期截至 2024 年 12 月 31 日。现持 续督导期届满，根据《证券发行上市保荐业务管理办法》等相关规定，出具本保 荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 二、保荐机构基本情况 1、保荐机构名称：中信建投证券股份有限公司 2、注册地址：北京市朝阳区安立路 66 号 4 号楼 3、主要办公地址：北京市朝阳区景辉街 16 号院 1 号楼泰康集团大厦 10 层 4、法定代表人：刘成 5、本项目保 ...

中信建投证券股份有限公司关于 广东申菱环境系统股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：申菱环境 | | --- | --- | | 保荐代表人姓名：张铁 | 联系电话：021-68801592 | | 保荐代表人姓名：何新苗 | 联系电话：0755-82778841 | | 保荐代表人姓名：伏江平 | 联系电话：0755-23953872 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | | | | 公司已建立完善各项内控制度 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询 ...

中信建投证券股份有限公司 关于广东申菱环境系统股份有限公司 2024 年定期现场检查报告 | 保荐人名称：中信建投证券股份有限公 上市公司简称：申菱环境 | | | | | --- | --- | --- | --- | | 司 | | | | | 保荐代表人姓名：张铁 联系电话：021-68801592 | | | | | 保荐代表人姓名：何新苗 联系电话：0755-82778841 | | | | | 保荐代表人姓名：伏江平 联系电话：0755-23953872 | | | | | 现场检查人员姓名：张铁、何新苗、伏江平 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 4 月 23 日 | | | | | 一、现场检查事项 | | 现场检查意见 | | | （一）公司治理 | 是 | 否 | 不适用 | | 现场检查手段（包括但不限于《深圳证券交易所上市公司自律监管指引第 | | | 13 号 | | ——保荐业务》第三十三条所列）： | | | | | 1.公司章程和公司治理制度是否完备、合规 | 是 | | | | 2.公司章程和股东会、董事会规则 ...

Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][16]. Core Viewpoints - OpenAI plans to expand its $500 billion U.S. data center project, Stargate, and increase overseas investments, indicating a sustained positive outlook for the AIDC (AI Data Center) segment [5][15]. - The competition in AI is expected to intensify, and investments in AIDC will continue to show an upward trend, regardless of future U.S. chip restrictions [5][15]. - The report highlights that the power generation sector remains the most logical area for growth, recommending关注潍柴重机 (Weichai Heavy Machinery) [6][15]. Summary by Sections Investment Viewpoints - The report emphasizes that the power generation sector is experiencing simultaneous growth in volume and profit, with a recommendation to focus on Weichai Heavy Machinery. It also suggests monitoring the HVDC segment, recommending 科华数据 (Kehua Data) and 通合科技 (Tonghe Technology), and highlights opportunities in server power and liquid cooling segments, recommending 英维克 (InvoTech), 申菱环境 (Shenling Environment), and 欧陆通 (Oulutong) [6][15]. Industry Dynamics - OpenAI's expansion of its data center project is aimed at promoting "democratic AI" development, with no details on financing or delivery methods disclosed. The report notes that capital expenditures are still growing rapidly, indicating a strong demand for AIDC construction [18]. - The report also tracks the industrial robot reducer market, noting a projected demand of 1.366 million units in 2024, a year-on-year increase of 14.85% [19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including: - 潍柴重机 (Weichai Heavy Machinery): EPS of 0.56 in 2024, 0.98 in 2025E, and 1.52 in 2026E [8][17]. - 科华数据 (Kehua Data): EPS of 0.68 in 2024, 1.29 in 2025E, and 1.66 in 2026E [8][17]. - 英维克 (InvoTech): EPS of 0.61 in 2024, 0.83 in 2025E, and 1.09 in 2026E, with a "Buy" rating [8][17]. - 通合科技 (Tonghe Technology): EPS of 0.13 in 2024, 0.38 in 2025E, and 0.69 in 2026E, with an "Increase" rating [8][17]. - 申菱环境 (Shenling Environment): EPS of 0.43 in 2024, 1.05 in 2025E, and 1.33 in 2026E, with a "Buy" rating [8][17].

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][16]. Core Viewpoints - The overseas cloud service providers (CSPs) reported better-than-expected Q1 earnings, indicating a clear rebound trend in AI investments. Notably, META revised its 2025 capital expenditure forecast from $60 billion to a range of $64 billion to $72 billion. Google plans to maintain its $75 billion capital expenditure for the year, while Amazon and Microsoft also exceeded revenue and profit expectations for Q1 2025, with Microsoft showing a 53% year-on-year increase in capital expenditure [5][14]. - The domestic AIDC (Artificial Intelligence Data Center) construction is accelerating, and with the upcoming major tenders from potential giants, there is optimism for a rebound in the domestic AIDC sector [5][14]. Summary by Sections Investment Insights - The report highlights that the power generation sector remains a strong area for growth, recommending attention to Weichai Heavy Machinery. It also suggests focusing on the HVDC segment, with recommendations for Kehua Data and Tonghe Technology. Additionally, it points to opportunities in server power supplies and liquid cooling, recommending Yinvike, Shenling Environment, and Oulu Tong [6][15]. Industry Dynamics - The report discusses the launch of the new IP series robot "Xinghangxia P01" by Digital Huaxia, which aims to disrupt the service robot market with its high aesthetics and emotional intelligence [20]. - It notes the release of a list of advanced technology demonstration projects by the National Development and Reform Commission, which includes 12 energy storage projects totaling over 2.455 GW/9.14 GWh [21]. - The report mentions the promotion of private sector development in the energy field by the National Energy Administration, aiming to enhance the role of private enterprises in the green energy transition [21]. Key Companies and Earnings Forecast - The report provides a table of key companies with their earnings per share (EPS) and price-to-earnings (PE) ratios, highlighting companies like Weichai Heavy Machinery, Kehua Data, Yinvike, Tonghe Technology, Oulu Tong, and Shenling Environment, with various investment ratings ranging from "Buy" to "Increase" [9][19].

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company's data center business is experiencing significant growth, entering a phase of increased volume [2][4]. - In Q1 2025, the company achieved a revenue of 628 million yuan, representing a year-over-year increase of 27.18%, and a net profit attributable to shareholders of 54 million yuan, up 7.34% year-over-year [1][3]. - The data service segment saw a remarkable revenue increase of 75.4% year-over-year, contributing 1.547 billion yuan to the total revenue in 2024 [2][3]. - The company has established strong partnerships with major clients such as ByteDance, Tencent, and Alibaba, leading to rapid business scale growth [2][3]. - The company is focusing on innovation and energy-saving technologies, particularly in evaporative cooling and liquid cooling products, which have seen revenue growth of approximately 2.3 times and 2.9 times, respectively, compared to 2023 [3]. Financial Projections - The company is projected to achieve net profits of 278 million yuan, 355 million yuan, and 446 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.05 yuan, 1.33 yuan, and 1.68 yuan [5][11]. - The revenue forecast for 2025 is set at 4.427 billion yuan, reflecting a growth rate of 46.8% compared to 2024 [11].

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The data center business is thriving and entering a phase of significant growth, with a revenue increase of 75.4% year-on-year in 2024 [2][3] - The company achieved a revenue of 6.28 billion yuan in Q1 2025, representing a year-on-year growth of 27.18% [3] - The company has a strong order backlog, with new orders in the data service segment increasing by approximately 95% year-on-year [3][4] - The AI computing demand is strengthening, leading to growth across various business lines, particularly in the data center segment [4] Revenue and Profit Forecast - The company is projected to achieve a net profit of 2.78 billion yuan in 2025, with earnings per share (EPS) of 1.05 yuan [5][11] - Revenue is expected to grow from 30.16 billion yuan in 2024 to 44.27 billion yuan in 2025, reflecting a growth rate of 46.8% [11] - The net profit growth rate is forecasted to be 140.7% in 2025, with subsequent years showing continued growth [11][12]

Revenue and Profit - The company achieved a total revenue of 628 million yuan in Q1 2025, representing a year-on-year growth of 27.18% [2] - The net profit attributable to shareholders reached 54.14 million yuan, with a year-on-year increase of 7.34%, while the net profit excluding non-recurring items was 54.05 million yuan, up 4.54% year-on-year [2] Profitability - The company's gross margin was 21.99%, a decrease of 10.45% year-on-year, and the net margin was 8.57%, down 12.42% year-on-year, indicating challenges in cost control and a decline in profitability [3] Expense Control - Total selling, administrative, and financial expenses amounted to 78.21 million yuan, accounting for 12.44% of revenue, which is a year-on-year decrease of 13.16%, showing some effectiveness in expense control [4] Cash Flow Situation - The operating cash flow per share was -0.33 yuan, a significant decline of 719.08% year-on-year, indicating a notable deterioration in cash flow from operating activities [5] Accounts Receivable - As of the end of the reporting period, accounts receivable stood at 1.703 billion yuan, which is 1473.39% of the latest annual net profit, suggesting potential pressure on the company's cash flow [6] Asset and Liability Management - Cash and cash equivalents amounted to 515 million yuan, a year-on-year increase of 17.12%, while interest-bearing liabilities reached 985 million yuan, up 20.39% year-on-year, with a cash to current liabilities ratio of only 43.35%, indicating short-term repayment pressure [7] Dividends and Financing - Since its listing, the company has raised a total of 1.297 billion yuan and distributed dividends totaling 175 million yuan, resulting in a dividend-to-financing ratio of 0.13, with performance growth primarily driven by R&D, capital expenditures, marketing, and equity financing [8] Summary - The company experienced significant revenue growth in Q1 2025, but there are concerns regarding profitability, cash flow, and accounts receivable management, necessitating further optimization of cost structure and improvement in cash flow management [9]