Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a 33% year-on-year growth in Q1 2025, driven by the product upgrade in AI and continuous expansion in industrial application scenarios [1] - The company is recognized as an expert in wastewater resource utilization, with expectations for accelerated order replication due to policy drivers, product upgrades, and opened sales channels [1] Financial Performance Summary - For 2023A, total revenue was 572.76 million RMB, with a year-on-year decrease of 14.63%. The net profit attributable to shareholders was 70.77 million RMB, down 7.83% year-on-year [1] - In 2024A, total revenue is projected to be 617.11 million RMB, reflecting a growth of 7.74%, while the net profit is expected to be 66.79 million RMB, a decrease of 5.62% [1] - The company anticipates a revenue increase of 15.27% in 2025E, reaching 711.33 million RMB, with net profit expected to grow by 28.08% to 85.55 million RMB [1] Business Segment Analysis - The water treatment technology solutions segment generated revenue of 3.37 billion RMB in 2024A, a decline of 10.94%, while the mid-to-long-term business segment saw a revenue increase of 43.90% to 2.79 billion RMB [8] - In Q1 2025, the revenue from the water treatment technology solutions segment was 0.57 billion RMB, up 13.16%, while the mid-to-long-term business segment revenue was 0.72 billion RMB, an increase of 20.53% [8] Order Backlog and Growth - As of Q1 2025, the order backlog increased by 3% to 709 million RMB, with steady growth in B-end orders [8] - The company has successfully launched the AI intelligent body "Water Radish," which has significantly improved operational efficiency and reduced costs [8] Valuation and Earnings Forecast - The forecast for net profit attributable to shareholders has been adjusted down to 0.86 billion RMB for 2025 and 1.04 billion RMB for 2026, with an expected net profit of 1.25 billion RMB for 2027 [1] - The projected P/E ratios for 2025-2027 are 22, 18, and 15 respectively [1]
金科环境(688466):2024年报、2025一季报点评:25Q1业绩同增33%,AI产品化升级、工业应用场景持续拓展