盈峰环境（000967）：环卫装备市占率持续提升，国际化业务初显成效

Investment Rating - The investment rating for the company is "Accumulate" [9]. Core Insights - In the first half of 2025, the company achieved operating revenue of 6.463 billion yuan, a year-on-year increase of 3.69%, and a net profit attributable to the parent company of 382 million yuan, a year-on-year increase of 0.43%. In Q2 2025, the company recorded operating revenue of 3.281 billion yuan, a year-on-year increase of 1.41%, while net profit decreased by 3.14% to 202 million yuan [2][6]. - The company continues to enhance its market share in the environmental sanitation equipment sector, with a market share of 18.8%, an increase of 1.2 percentage points year-on-year. The market share for new energy equipment reached 32.6%, up 6.1 percentage points year-on-year [11]. - The gross profit margin remains under pressure, declining to 22.4%, a decrease of 1.1 percentage points year-on-year. However, the expense ratio has decreased, with the period expense ratio at 13.6%, down 0.5 percentage points year-on-year [11]. - The company is seeing initial success in its new business layout, with rapid growth in overseas orders, which opens up long-term growth potential. In the first half of 2025, overseas business revenue reached 23.83 million yuan, a year-on-year increase of 59.55% [11]. Summary by Sections Financial Performance - The company reported a stable revenue and profit performance, with a total operating revenue of 6.463 billion yuan for the first half of 2025, and a net profit of 382 million yuan. The Q2 revenue was 3.281 billion yuan, with a net profit of 202 million yuan [2][6]. - The environmental sanitation equipment business generated 2.585 billion yuan in revenue, a year-on-year increase of 15.27%, with sales volume reaching 6,194 units [11]. - The environmental sanitation service business achieved revenue of 3.237 billion yuan, a year-on-year increase of 2.25%, with a new annual contract amount of 825 million yuan [11]. Market Position - The company holds the leading position in the environmental sanitation equipment market, with a market share of 18.8% and a leading sales scale. The new energy equipment segment has also seen significant growth, with a market share of 32.6% [11]. - The company operates 256 urban service projects with a total contract amount of 54.646 billion yuan, providing a solid foundation for stable operations [11]. Future Outlook - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 690 million yuan, 810 million yuan, and 1.06 billion yuan, respectively, corresponding to PE ratios of 35x, 29x, and 23x [11].