证券研究报告 福龙马 (603686 CH) 有望受益于环卫电动化和智能化 基本数据 目标价(人民币): 22.46 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 SAC No. S0570519090003 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 | 目标价 (人民币) | 22.46 | | --- | --- | | 收盘价 (人民币 截至 8 月 22 日) | 19.26 | | 市值 (人民币百万) | 8,001 | | 6 个月平均日成交额 (人民币百万) | 701.89 | | 52 周价格范围 (人民币) | 7.22-19.71 | | BVPS (人民币) | 8.12 ...

Core Insights - The launch of the "Sanitation Robot Home (Hive)" in Longgang District, Shenzhen marks a significant advancement in the sanitation industry, transitioning from "mechanical replacement of labor" to an "intelligent collaborative ecosystem" [2][4] - The "Hive" system developed by Yingfeng Environment enables five "Little Bee" sanitation robots to autonomously charge and operate in a coordinated manner, addressing traditional issues such as short battery life and inefficient scheduling [2][9] Company Overview - Yingfeng Environment has evolved from a traditional sanitation service provider to a comprehensive environmental operation service provider since its establishment in 1993, with a diverse portfolio including monitoring, water services, waste incineration, sanitation equipment, and sanitation services [5][6] - The company has achieved a market share of 19.3% in the environmental equipment sector, leading the industry in both sales volume and market share [6] Technology and Innovation - The "Hive" system employs a "central brain + terminal matrix" architecture, achieving breakthroughs in dynamic energy management, AI cluster scheduling, and multi-model collaboration, significantly enhancing operational efficiency [5][9] - The "Little Bee" sanitation robot integrates advanced technologies such as 5G, AI, machine vision, and deep self-learning, capable of replacing four laborers and operating over 12 hours daily [3][9] Market Trends - The sanitation robot industry in China is experiencing rapid growth, with the country becoming a major player in the global robotics market, particularly in service robots, where Chinese manufacturers accounted for 84.7% of global shipments in 2024 [7][8] - Government policies are actively promoting the intelligent transformation of the sanitation sector, with initiatives encouraging the purchase of smart, unmanned sanitation equipment [8][9] Future Outlook - Yingfeng Environment plans to expand its sanitation robot projects across multiple cities, focusing on product success, efficiency-driven operations, and smart management to become a global leader in cleaning maintenance equipment and services [6][9] - The "Hive" system is set to be fully launched in the market by 2025, aiming to reshape traditional sanitation operations and contribute to the development of smart cities [9]

Group 1: Company Overview and Business Model - Votai Technology focuses on urban governance, providing integrated software and hardware solutions, including data-driven platforms and urban management robots [3] - The company has established a strong presence in the sanitation sector, serving over 200 cities and 600 projects with its smart sanitation solutions [3] - Votai's vision is to empower management and operations, achieving integrated upgrades in management and operations [4] Group 2: Product Development and Market Position - Votai has developed various sanitation robots, including 3-ton, 1-ton, and 0.5-ton models, with the 3-ton robot priced around 800,000 CNY [10][12] - The company aims to achieve sales of 1.5 to 2 billion CNY in 2025, with a target of approximately 40 units of 3-ton robots sold in 2024 [11] - The 3-ton robot can replace 10-15 sanitation workers, with operational cost savings of 30%-50% over three to five years [10] Group 3: Technology and Innovation - Votai's robots utilize advanced perception systems, with open-road robots requiring over 300G of computing power and multiple sensors for safe operation [6] - The company has a strong focus on data accumulation, which enhances the quality of its AI models and operational efficiency [24] - Votai's robots have a gross margin of at least 45%, benefiting from a robust supply chain and efficient service models [17][20] Group 4: Market Strategy and Competitive Advantage - The sanitation robot market is projected to reach 100 billion CNY annually, with Votai targeting a market share of around 10% by 2027 [28] - Votai's competitive edge lies in its extensive data collection capabilities and established service networks, which are superior to many competitors [25][26] - The company plans to adapt its pricing strategy based on market conditions and customer needs, ensuring flexibility in its approach [21]

Group 1: Financial Performance - The company's gross profit margin increased to 26.53% in 2024, up by 1.80 percentage points from the previous year, primarily due to strict project quality control and enhanced operational efficiency [1] - The operating service gross profit margin reached 26.94%, an increase of 2.73 percentage points year-on-year [1] - R&D expenses for 2024 amounted to 24.97 million, focusing on autonomous cleaning machines, new energy sanitation vehicles, and smart sanitation systems [2] Group 2: Order and Revenue Insights - As of December 31, 2024, the company had a backlog of orders worth 9.38 billion, with 2.13 billion in contracts under 5 years, 3.96 billion between 5-10 years, and 3.3 billion over 10 years [2] - New contracts signed in 2024 totaled 1.73 billion, with an annualized amount of 290 million [2] Group 3: Accounts Receivable Management - The accounts receivable balance as of the end of 2024 was 1.117 billion, a 35% increase from the beginning of the year, attributed to increased sanitation revenue and macroeconomic factors affecting government payments [3] - The company is implementing measures to enhance accounts receivable management and optimize cash flow [3] Group 4: Market Strategy and Product Development - The company is focusing on low-cost operations and efficiency improvements to enhance profit margins in 2025 [2] - Plans to increase investment in product transformation and upgrades to improve competitiveness [4] - The company is actively developing overseas business, with ongoing research in Southeast Asia and the Middle East [5] Group 5: Technology and Automation - The cleaning efficiency of sanitation robots is significant, but challenges remain in areas like obstacle avoidance and edge cleaning in complex environments [4] - Current product planning includes vehicles ranging from 1.5 tons for sidewalks to 2.5 tons for larger areas, with potential savings of approximately 1.5 million in operational costs and a reduction of 10-12 sanitation workers per 100 square kilometers [4]