盈峰环境：新能源渗透率提升，出海表现亮眼

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.25 [1][4][7] Core Insights - The company is positioned as a leader in the urban services industry in China, focusing on a "full series of intelligent equipment + all-scenario smart city services" model, benefiting from diversified development through government procurement, franchise operations, and equity cooperation [1][3] - The sales of the company's new energy sanitation vehicles increased by 41% year-on-year, with a penetration rate improvement of 7.1 percentage points, indicating strong demand and market position [2][3] - The company is expected to benefit from debt reduction policies that will enhance cash flow, supporting its financial recovery and growth prospects [1][3] Summary by Sections Sales and Market Performance - From January to October, the total sales of new energy sanitation vehicles reached 2,170 units, a year-on-year increase of 41%, with a penetration rate of 22.8%, up by 7.1 percentage points [2] - The overall market for sanitation vehicles saw a decline of 10%, highlighting the company's strong performance relative to the market [2] Operational Efficiency - The company has achieved 100% coverage of major and minor road mechanized operations, with a 60% reduction in waste volume through mechanized collection and transportation [3] - The company's smart service platform has provided services to over 80,000 products, with daily active users exceeding 40,000 [3] Financial Projections - The company forecasts net profits of RMB 6.60 billion, RMB 8.11 billion, and RMB 9.75 billion for the years 2024, 2025, and 2026 respectively [4][5] - The expected price-to-earnings (PE) ratio for 2025 is set at 27.9 times, reflecting confidence in the company's leading position in the sanitation equipment sector [4][5] Valuation Metrics - The company's market capitalization is approximately RMB 15.898 billion, with a closing price of RMB 5.02 as of December 10 [7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.21, RMB 0.26, and RMB 0.31 respectively, indicating a positive growth trajectory [5][6]