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]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2000 | 0.1900 | 5.26 | 0.1700 | | 每股净资产（元） | 9.74 | 9.4 | 3.62 | 10.13 | | 每股公积金(元) | 5.74 | 5.68 | 1.06 | 6.27 | | 每股未分配利润(元) | 2.57 | 2.34 | 9.83 | 2.38 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.28 | 4.94 | 27.13 | 4.63 | | 净利润(亿元) | 0.54 | 0.5 | 8 | 0.41 | | 净资产收益率(%) | 2.11 | 2.04 | 3.43 | 2.57 | 数据四舍五入，查看更多财务数据>> | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | ...

Financial Performance - The company's revenue for Q1 2025 reached ¥628,483,116.38, representing a 27.18% increase compared to ¥494,171,420.48 in the same period last year[4] - Net profit attributable to shareholders was ¥54,135,208.79, up 7.34% from ¥50,434,076.41 year-on-year[4] - Basic and diluted earnings per share increased by 5.26% to ¥0.2000 from ¥0.1900[4] - Total operating revenue for the current period reached ¥628,483,116.38, a significant increase of 27.1% compared to ¥494,171,420.48 in the previous period[17] - Net profit rose to ¥53,839,779.57, up from ¥48,337,153.31, reflecting an increase of 3.1%[18] - The company reported a total comprehensive income of ¥53,839,423.00, compared to ¥48,266,142.34, indicating a growth of 11.9%[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥89,081,182.62, a significant decline of 719.08% compared to ¥14,389,360.62 in the previous year[4] - Cash flow from operating activities showed a net outflow of ¥89,081,182.62, compared to a net inflow of ¥14,389,360.62 in the previous period[22] - Cash flow from investing activities resulted in a net outflow of ¥60,477,951.35, an improvement from a net outflow of ¥139,921,030.18 year-over-year[22] - Cash flow from financing activities generated a net inflow of ¥154,640,907.12, compared to ¥31,688,826.03 in the previous period, marking a significant increase[22] - The company’s cash and cash equivalents at the end of the period totaled ¥441,794,073.91, an increase from ¥367,255,962.93[22] - Cash and cash equivalents increased to ¥515,429,485.73 from ¥506,809,667.09, reflecting a growth of 2.4%[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,384,524,809.31, a slight increase of 0.46% from ¥5,359,779,989.17 at the end of the previous year[4] - Current assets totaled ¥3,520,714,663.47, slightly down from ¥3,525,525,010.13 at the beginning of the period, indicating a decrease of 0.14%[15] - Total liabilities decreased to ¥2,780,356,315.93 from ¥2,812,850,448.61, a reduction of 1.15%[16] - Total equity increased to ¥2,604,168,493.38 from ¥2,546,929,540.56, showing a growth of 2.2%[16] - Long-term borrowings rose to ¥427,286,187.68 from ¥349,319,600.23, an increase of 22.3%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,598[8] - The largest shareholder, Cui Yingqi, holds 20.70% of the shares, amounting to 55,080,000 shares[8] - Shareholders' equity attributable to the parent company rose by 2.27% to ¥2,591,111,988.38 from ¥2,533,577,606.34[4] Operational Highlights - The company did not report any new product developments or strategic acquisitions during this quarter[4] - The company plans to focus on market expansion and new product development in the upcoming quarters[13] - Management indicated that they are exploring potential mergers and acquisitions to enhance market position[13] - Total operating costs increased to ¥606,072,990.18 from ¥473,995,683.74, representing a 27.8% increase year-over-year[18] - Research and development expenses increased to ¥35,089,929.64 from ¥28,949,849.73, reflecting a 21.3% rise[18] Accounts Receivable and Inventory - Accounts receivable decreased to ¥1,702,668,685.17 from ¥1,708,161,895.70, a decline of 0.3%[14] - Inventory rose to ¥886,714,542.32 from ¥863,411,923.99, marking an increase of 2.7%[14]

Financial Performance - The company reported a basic earnings per share of 0.4300 yuan for 2024, an increase of 7.5% compared to 0.4000 yuan in 2023 [1] - The net profit for 2024 was 1.16 billion yuan, reflecting a growth of 10.48% from 1.05 billion yuan in 2023 [1] - Operating revenue reached 30.16 billion yuan, marking a significant increase of 20.11% from 25.11 billion yuan in the previous year [1] - The return on equity (ROE) decreased to 4.65% in 2024 from 4.76% in 2023, indicating a decline of 2.31% [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 11,452.64 million shares, accounting for 57.54% of the circulating shares, with an increase of 1,190,800 shares compared to the previous period [1] - Guangdong Shenling Investment Co., Ltd. remains the largest shareholder with 3,600.00 million shares, unchanged from the previous report [2] - New entrants among the top shareholders include Ling Shui Xin Zhong Cheng Venture Capital Partnership and Ling Shui Xin Zhong Xian Venture Capital Partnership, holding 2,322.00 million shares and 1,278.00 million shares respectively [2] Dividend Distribution - The company announced a dividend distribution plan of 1.6 yuan per share (including tax) [3]