Infore Environment Technology (SZ:000967) Changjiang Securities·2024-10-30 03:39Investment Rating - The report maintains a "Buy" rating for Yingfeng Environment [6][8]. Core Views - Yingfeng Environment achieved a revenue of 9.278 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 3.19%, while the net profit attributable to the parent company was 604 million yuan, with a slight increase of 0.05% [4][6]. - In Q3 2024, the company recorded a revenue of 3.045 billion yuan, up 6.54% year-on-year, but the net profit decreased by 3.20% to 223 million yuan [4][6]. - The sanitation equipment industry continues to face low demand due to local government financial pressures, leading to a 9.6% decline in sales volume [4][6]. - The penetration rate of new energy equipment is rapidly increasing, with sales of new energy sanitation equipment rising by 42.3% year-on-year in the first three quarters of 2024 [4][6]. - The company’s gross margin slightly declined to 23.89%, down 0.87 percentage points year-on-year, attributed to intensified competition [5][6]. - The cash flow situation has worsened, with a cash collection ratio of 88.04%, down 6.8 percentage points year-on-year, primarily due to extended payment cycles for sanitation service fees [5][6]. - The report anticipates that the implementation of debt reduction policies will improve the company's cash flow [5][6]. - Future profit forecasts for the company are 695 million yuan, 811 million yuan, and 932 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22x, 19x, and 16x [6][8].