Investment Rating - The report maintains an investment rating of "Buy" for the company [6]. Core Views - The company achieved a revenue of 6.463 billion RMB in H1 2025, representing a year-on-year increase of 3.69%, while the net profit attributable to the parent company was 382 million RMB, up 0.43% year-on-year [6]. - The company is focusing on a "full series of intelligent equipment + full scene smart city services" model, with a dual-driven approach of "city management + integrated sanitation services" [6]. - The report highlights strong growth in intelligent equipment sales and overseas markets, with a 60% increase in overseas revenue and a 132% increase in high-altitude machinery sales [9][10]. Financial Data Summary - Target Price: 9.18 RMB, with a closing price of 7.52 RMB as of August 22 [2]. - Market Capitalization: 23.815 billion RMB [2]. - Revenue Forecasts: - 2024: 13.118 billion RMB (+3.85%) - 2025E: 14.214 billion RMB (+8.35%) - 2026E: 15.406 billion RMB (+8.39%) - 2027E: 16.766 billion RMB (+8.83%) [5]. - Net Profit Forecasts: - 2024: 513.51 million RMB (+3.04%) - 2025E: 671.15 million RMB (+30.70%) - 2026E: 845.33 million RMB (+25.95%) - 2027E: 1.035 billion RMB (+22.46%) [5]. - EPS Forecasts: - 2024: 0.16 RMB - 2025E: 0.21 RMB - 2026E: 0.27 RMB - 2027E: 0.33 RMB [5]. Operational Highlights - In H1 2025, the company signed 31 new city service projects, covering 14 provinces, with a total new contract amount of 2.335 billion RMB [7]. - The company’s intelligent equipment sales reached 2.585 billion RMB, a year-on-year increase of 15.27%, with a market share of 18.8% [8]. - The company’s overseas business revenue reached 23.8292 million RMB, a year-on-year increase of 59.55% [9].
盈峰环境(000967):服务和装备齐增,海外与高机亮眼