Infore Environment Technology (SZ:000967) EBSCN·2025-04-29 04:45Investment Rating - The report maintains a "Buy" rating for Yingfeng Environment, indicating a positive outlook for the company's stock performance in the coming months [4][6]. Core Insights - Yingfeng Environment achieved a revenue of 13.118 billion yuan in 2024, a year-on-year increase of 3.85%, and a net profit attributable to shareholders of 514 million yuan, up 3.04% year-on-year [1]. - The company's smart service business revenue grew by 14.41% to 6.441 billion yuan in 2024, with a gross margin increase of 1.35 percentage points to 18.03% [2]. - The company has maintained its leading position in the sanitation equipment market for 24 consecutive years, with a market share of 19.3% [2]. - In Q1 2025, the company reported a revenue of 3.182 billion yuan, a year-on-year increase of 6.15%, and a net profit of 181 million yuan, up 4.74% year-on-year [1][3]. - The report projects net profits for 2025-2027 to be 686 million, 736 million, and 798 million yuan respectively, with a downward adjustment of 9% and 16% for 2025 and 2026 [4]. Summary by Sections Financial Performance - In 2024, Yingfeng Environment's revenue was 13.118 billion yuan, with a growth rate of 3.85%. The net profit was 514 million yuan, reflecting a growth of 3.04% [1][5]. - For Q1 2025, the company achieved a revenue of 3.182 billion yuan, marking a 6.15% increase year-on-year, and a net profit of 181 million yuan, up 4.74% [1][3]. Business Segments - The smart service business generated 6.441 billion yuan in 2024, with a gross margin of 18.03%, while the intelligent equipment business saw a revenue of 5.187 billion yuan, with a gross margin of 25.87% [2]. - The company signed 76 new urban service projects in 2024, with an annual contract value of 1.486 billion yuan, maintaining the highest annual contract value in the industry [2]. Market Position - Yingfeng Environment continues to lead the sanitation equipment market with a sales volume of 14,368 units in 2024, despite a 3.59% year-on-year decline in sales volume due to an overall industry downturn [2]. - The company has a market share of 35% in pure electric environmental vehicles, with a significant year-on-year increase of 117% in sales [3]. Future Outlook - The report anticipates steady growth in the company's performance, supported by a robust pipeline of urban service projects and a strong position in the new energy sector [4].