玉禾田（300815）：费用及减值影响当期利润，环卫机器人有望加速发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 showed a total revenue of 72.03 billion yuan, a year-on-year increase of 16.93%, and a net profit attributable to the parent company of 5.75 billion yuan, up 10.40% year-on-year. The Q1 2025 revenue was 18.82 billion yuan, with a 10.58% year-on-year growth, and a net profit of 1.61 billion yuan, reflecting a 9.2% increase year-on-year. The performance was slightly below expectations due to impairment of receivables and increased expenses [7] - The urban operation segment demonstrated steady growth with a revenue of 61.09 billion yuan in 2024, a 20.57% increase year-on-year, and a gross margin of 26.22%. The company secured new contracts totaling 83.40 billion yuan, with an annualized increase of 20.71 billion yuan, representing a 43.10% year-on-year growth. The backlog of contracts stood at 577.20 billion yuan by the end of 2024 [7] - The property management segment also showed stable development, generating 10.87 billion yuan in revenue in 2024, with a gross margin of 10.08%. New contracts signed amounted to approximately 14.82 billion yuan, with a backlog of 16.05 billion yuan [7] - Increased management expenses and credit impairment have impacted profits, with management expenses reaching 4.91 billion yuan and credit impairment at 1.31 billion yuan in 2024 [7] - The acquisition of the remaining stake in Candela Technology for 35 million yuan aims to expand the company's sanitation robot business. The acquisition will make Candela a wholly-owned subsidiary of the company [7] - The net profit forecast for 2025 has been adjusted to 7.24 billion yuan from a previous estimate of 7.91 billion yuan, with new forecasts for 2026 and 2027 set at 7.85 billion yuan and 8.63 billion yuan respectively. The current market capitalization corresponds to P/E ratios of 9, 8, and 7 for the respective years [7] Financial Data and Earnings Forecast - Total revenue projections are 79.36 billion yuan for 2025, 86.21 billion yuan for 2026, and 93.73 billion yuan for 2027, with year-on-year growth rates of 10.2%, 8.6%, and 8.7% respectively [6] - The net profit attributable to the parent company is expected to be 7.24 billion yuan in 2025, 7.85 billion yuan in 2026, and 8.63 billion yuan in 2027, with corresponding year-on-year growth rates of 25.8%, 8.5%, and 9.9% [6] - The earnings per share are projected to be 1.82 yuan for 2025, 1.97 yuan for 2026, and 2.16 yuan for 2027 [6]