FULONGMA(SH:603686) Xin Lang Cai Jing·2025-04-29 10:43Core Viewpoint - The company's performance is under short-term pressure, but the new energy equipment and service business still show potential [2] Financial Performance - In 2024, the company achieved operating revenue of 5.04 billion yuan, a year-on-year decrease of 1% - The net profit attributable to shareholders was 145 million yuan, down 37% year-on-year - In Q1 2025, the company reported operating revenue of 1.164 billion yuan, a year-on-year decline of 2% - The net profit attributable to shareholders for Q1 2025 was 63 million yuan, also down 2% year-on-year [1][2] Business Segments - The environmental industry ecological operation revenue reached 3.824 billion yuan, a year-on-year increase of 4%, with a gross margin of 21.77% - The intelligent equipment manufacturing business generated revenue of 1.078 billion yuan, a year-on-year decrease of 18%, with a gross margin of 20.80% - Sales of new energy sanitation equipment (including robots) reached 608 units, generating revenue of 361 million yuan [2][3] Order Backlog and Cash Flow - In 2024, the company won 52 new sanitation service projects with a first-year annual amount of 768 million yuan and a total contract amount of 4.607 billion yuan - As of the end of 2024, the annualized contract amount for ongoing sanitation service projects was 4.270 billion yuan, with a total contract amount of 34.730 billion yuan and a backlog of 19.586 billion yuan - The company faces challenges with accounts receivable and contract assets due to extended government payment periods, with accounts receivable valued at 2.553 billion yuan and contract assets at 1.084 billion yuan [3][4] New Energy Equipment Performance - The market share of new energy sanitation equipment is 6.77%, ranking third in the industry - The company is actively expanding into overseas markets, achieving breakthroughs in Saudi Arabia, New Zealand, and Italy - The CITIBOT robot has been deployed in 34 scenarios with a cumulative operating mileage of 16,000 kilometers [4] Profit Forecast - The company is expected to achieve operating revenues of 5.660 billion yuan, 6.360 billion yuan, and 7.150 billion yuan for 2025-2027, with year-on-year growth rates of 12.31%, 12.37%, and 12.41% - The net profit attributable to shareholders is projected to be 196 million yuan, 224 million yuan, and 260 million yuan for the same period, with growth rates of 34.76%, 14.26%, and 16.19% respectively [4]