盈峰环境(000967)：业绩增长稳健 市场地位稳固 新能源环卫表现亮眼

Core Viewpoint - The company reported steady growth in revenue and net profit, driven by the performance of smart services and new energy equipment [2] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 13.118 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 514 million yuan, a year-on-year increase of 3% [1][2] - For Q1 2025, the company reported operating revenue of 3.182 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 181 million yuan, a year-on-year increase of 5% [1][2] Group 2: Business Segments - The smart services segment generated operating revenue of 6.441 billion yuan in 2024, a year-on-year increase of 14%, with a gross margin increase of 1.35 percentage points to 18.03% [2] - The intelligent equipment segment achieved operating revenue of 5.187 billion yuan, a year-on-year increase of 2%, with a gross margin of 25.87% [2] Group 3: Project and Market Position - The company signed 76 new urban service projects in 2024, with an additional annual contract value of 1.486 billion yuan, ranking second in the industry [3] - As of the end of 2024, the company operated 262 urban service projects with a total contract value of 61.285 billion yuan, ensuring a solid project reserve for future growth [3] Group 4: Equipment and Technology - The company maintained its leading position in the environmental equipment market, with sales of 12,173 units in 2024, capturing a market share of 19.3% [3] - In the new energy sanitation equipment sector, the company sold 2,691 pure electric environmental vehicles, achieving a market share of 30.5% [3] Group 5: Innovation and Global Expansion - The company made breakthroughs in the development of smart sanitation robots, with the third-generation 5G smart cleaning robot reaching L4 autonomous driving level [4] - In 2024, the company secured overseas orders worth 92.6 million yuan, a year-on-year increase of 135%, and established new production bases in Thailand and Italy [4] Group 6: Profit Forecast - The company is expected to achieve operating revenues of 14.769 billion yuan, 16.704 billion yuan, and 18.975 billion yuan for 2025-2027, with year-on-year growth rates of 12.59%, 13.10%, and 13.59% respectively [4]