QiaoYin(SZ:002973) Xin Lang Cai Jing·2025-04-29 12:48Core Viewpoint - The company reported stable performance with a positive growth in non-recurring net profit and significant improvement in operating cash flow [2] Financial Performance - In 2024, the company achieved operating revenue of 3.914 billion yuan, a year-on-year decrease of 0.74%, and a net profit attributable to shareholders of 289 million yuan, down 9% [1] - For Q1 2025, the company reported operating revenue of 936 million yuan, a year-on-year decline of 4%, and a net profit attributable to shareholders of 68 million yuan, down 30% [1] - The non-recurring net profit for 2024 was 309 million yuan, showing a positive year-on-year growth [2] - The overall gross margin was 26.86%, an increase of 0.82 percentage points year-on-year, mainly due to the improvement in the gross margin of the core urban sanitation and cleaning business [2] - The net cash flow from operating activities reached 158 million yuan, a significant year-on-year increase of 98% [2] Business Segments - The urban sanitation and cleaning business generated revenue of 3.726 billion yuan, accounting for 95.18% of total revenue, with a slight year-on-year decrease of 1%, but the gross margin increased by 1.42 percentage points to 27.12% [2] - The revenue from the household waste disposal business was 101 million yuan, a minor year-on-year decline of 0.24% [2] - The company has a robust market expansion capability, with a backlog of orders amounting to 42 billion yuan by the end of 2024 [2] - The company is optimizing its market layout, focusing on regions with better payment capabilities, and has entered six key cities including Linyi, Chongqing, and Ordos [2] Technological Advancements - The company is accelerating its digital transformation, with R&D investment of 44.74 million yuan in 2024 [3] - A subsidiary was established to collaborate with national research institutions to create a "Smart City Research Institute," focusing on developing AI robots for municipal cleaning and property services [3] - Pilot applications of related unmanned equipment have been conducted in various locations, including Yunfu, Guangdong [3] - Plans for 2025 include establishing an AI industry ecosystem headquarters and enhancing the product matrix for unmanned cleaning, property management, and urban inspection robots [3] Profit Forecast - The company is expected to achieve operating revenues of 4.309 billion yuan, 4.746 billion yuan, and 5.221 billion yuan for 2025-2027, with year-on-year growth rates of 10.08%, 10.13%, and 10.01% respectively [3] - The net profit attributable to shareholders is projected to be 345 million yuan, 413 million yuan, and 480 million yuan for the same period, with growth rates of 19.40%, 19.51%, and 16.25% respectively [3] - Based on the closing price on April 28, 2025, the corresponding PE ratios are expected to be 12.00, 10.04, and 8.64, with EPS of 0.84, 1.01, and 1.17 yuan [3]