盈峰环境（000967）：减值影响当期利润，环卫服务及装备稳健增长

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 13.118 billion yuan in 2024, representing a year-on-year growth of 3.85%, while the net profit attributable to shareholders was 514 million yuan, up 3.04% year-on-year, which was below expectations due to a credit impairment of 262 million yuan [6] - The urban sanitation service sector is experiencing steady growth, with a revenue of 6.441 billion yuan in 2024, reflecting a year-on-year increase of 14.41%. The company ranks second in the industry with a total contract amount of 61.285 billion yuan [6] - The company maintains a strong market position in environmental equipment sales, with a market share of 30.5% in new energy environmental vehicles, and has been the industry leader for 24 consecutive years [6] - The company has a high dividend payout, with a proposed cash dividend of 1.89 yuan per 10 shares, resulting in a dividend rate of approximately 116.56% and a current dividend yield of about 3.3% [6] - The profit forecasts for 2025 and 2026 have been adjusted downwards to 759 million yuan and 880 million yuan, respectively, while a new forecast for 2027 is set at 993 million yuan [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 15.268 billion yuan, with a year-on-year growth rate of 16.4% [5] - The net profit attributable to shareholders for 2025 is projected to be 759 million yuan, reflecting a year-on-year increase of 47.7% [5] - The earnings per share for 2025 is expected to be 0.24 yuan, with a projected price-to-earnings ratio of 24 [5] - The gross profit margin is forecasted to remain stable at 22% from 2025 to 2027 [5]