劲旅环境(001230)：扣非净利润同比双位数增长 经营现金流改善

Core Insights - The company reported steady growth in revenue and net profit, with a significant increase in non-recurring net profit driven by operational services [2][3] - In 2024, the company achieved revenue of 1.539 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 141 million yuan, up 9% [1][2] - For Q1 2025, the company recorded revenue of 380 million yuan, a year-on-year growth of 0.58%, and a net profit of 39 million yuan, reflecting a 21% increase [1][2] Revenue and Profit Analysis - The operational services segment remains the primary revenue driver, accounting for 93.87% of total revenue, generating 1.445 billion yuan, a 12% increase [2] - Traditional urban sanitation services showed strong growth, with revenue of 632 million yuan, up 29%, and a gross margin of 29.98%, an increase of 7.74 percentage points [2] - The franchise business generated 813 million yuan, a 2.02% increase, with a gross margin of 24.59%, slightly down by 0.84 percentage points [2] Equipment Manufacturing and Strategic Focus - The equipment manufacturing and sales segment faced challenges, with revenue declining by 44% to 91 million yuan, attributed to market conditions and competition [3] - The company is focusing on R&D in new energy and automation technologies, investing 25 million yuan, which is 1.62% of revenue [3] - A joint laboratory for electric sanitation intelligent equipment was established with Beijing University of Aeronautics and Astronautics, and small-scale commercial operations of unmanned street sweepers have begun [3] Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.662 billion, 1.826 billion, and 2.024 billion yuan, reflecting year-on-year growth rates of 8.02%, 9.86%, and 10.82% respectively [3] - Net profit forecasts for the same period are 170 million, 190 million, and 216 million yuan, with growth rates of 20.62%, 11.99%, and 13.55% respectively [3] - Based on the closing price on April 24, 2025, the corresponding PE ratios are projected to be 14.17, 12.65, and 11.14, with EPS of 1.27, 1.42, and 1.62 yuan [3]