Infore Environment Technology (SZ:000967) Changjiang Securities·2025-04-28 09:13Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8]. Core Views - In 2024, the company achieved an operating income of 13.12 billion yuan, a year-on-year increase of 3.85%, and a net profit attributable to the parent company of 510 million yuan, up 3.04% year-on-year. For Q1 2025, the company reported an operating income of 3.18 billion yuan, a year-on-year increase of 6.15%, and a net profit of 180 million yuan, up 4.74% year-on-year. Both service and equipment segments experienced growth, with the market share of new energy equipment further increasing [2][6][10]. - The gross profit margin remains under pressure, showing a slight decline, while the expense ratio has decreased. The comprehensive gross profit margin for 2024 was 21.77%, down 1.07 percentage points year-on-year. The gross profit margin for the sanitation equipment business decreased by 1.77 percentage points to 25.87%, while the sanitation service business saw an increase of 1.35 percentage points to 18.03% [10][10]. - The company expects continued growth in sanitation services and an increase in new energy sanitation equipment sales to drive performance improvements. The penetration rate of new energy sanitation equipment reached approximately 14.9% in 2024, with significant growth potential in the future [10][10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 13.12 billion yuan and a net profit of 510 million yuan. For Q1 2025, revenue was 3.18 billion yuan with a net profit of 180 million yuan. The sanitation service revenue grew by 14.41% year-on-year, while sanitation equipment revenue increased by 2.01% [2][6][10]. Market Position - The market share of new energy equipment reached 35% in Q1 2025, with sales increasing by 117% year-on-year. The company holds a leading position in the sanitation equipment market, with a market share of 30.5% for pure electric sanitation vehicles [2][10]. Profitability and Expenses - The comprehensive gross profit margin for 2024 was 21.77%, with a slight decline attributed to changes in revenue structure. The expense ratio for 2024 was 14.37%, down 0.99 percentage points year-on-year, indicating improved cost management [10][10]. Future Outlook - The company anticipates net profits of 690 million yuan, 810 million yuan, and 1.06 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 27x, 23x, and 17x [10][10].