Core Insights - The article highlights the innovative measures taken by Liyang City to reduce workplace injuries among high-risk groups, particularly delivery workers and sanitation workers, through comprehensive training and safety protocols [1][2][4] Group 1: Training and Safety Measures - Liyang City has implemented a "combination punch" approach to workplace injury prevention, focusing on "precise prevention, smart services, and capability enhancement," resulting in a 13% year-on-year decrease in traffic accident rates among new economy workers and a 15% reduction in workplace accidents for participating companies [1] - Over 1,800 delivery riders and sanitation workers have completed safety training courses, with key enterprises achieving a 100% insurance coverage rate for workplace injuries [2] - The introduction of a "Weekend Night School" model provides free safety training for over 100 key manufacturing companies, addressing high-risk operations and promoting proactive safety measures [2][3] Group 2: Skill Competitions and Engagement - The first "Liyang Ankang" workplace injury prevention skills competition engaged over 1,000 participants from 80 companies, leading to an average 15% reduction in workplace accident rates post-competition [3] - Participants reported a 90% increase in understanding of personal safety measures, demonstrating the effectiveness of immersive training methods [3] Group 3: Smart Services and Efficiency - The "Liyang Ankang" online settlement platform has streamlined the process for workers to claim medical expenses, allowing for a one-stop settlement experience, with over 300 individuals benefiting from this service, totaling more than 2.8 million yuan [4] - The injury recognition process has been optimized, reducing the time required for processing from days to just three, with a 70% reduction in overall recognition time [4] - The use of information technology has improved the accuracy of injury recognition information verification to over 99% [4]

Financial Performance - In 2024, the company achieved a total revenue of CNY 131.18 billion, with a net profit of CNY 5.14 billion, demonstrating stable profitability [2] - The urban services segment signed 76 new projects, covering 20 provinces, with a new annual contract value of CNY 1.486 billion, ranking second in the industry [1] - The environmental equipment sales reached CNY 51.87 billion, a year-on-year increase of 2.01%, maintaining the top position in domestic sales for 24 consecutive years [1] Market Position - The company holds a market share of 19.3% in environmental equipment sales, ranking first in the industry [2] - In Q1 2025, the company achieved a revenue of CNY 31.82 billion, a year-on-year growth of 6.15%, with a net profit of CNY 1.81 billion, up 4.74% [3] - The company’s urban service projects reached a total of 262, with a total contract value of CNY 612.85 billion [1] Strategic Initiatives - The company is focusing on a "globalization, big product, digitalization" strategy, aiming to become a world-class leader in cleaning and maintenance equipment [4] - Plans to enhance the smart service sector by upgrading the intelligent cloud platform for digital management and exploring green recycling resource sorting [5] - The company is actively expanding its international market presence, with overseas orders increasing by 135% in 2024 [8] Technological Advancements - The company has developed the "Bee Swarm" intelligent cleaning robot system, achieving a 300% increase in operational efficiency [11] - The third-generation cleaning robot has reached L4 level autonomous driving capability, with plans for full market launch in 2025 [15] - The INFORE peak control intelligent management system has optimized energy consumption by approximately 20% and improved system efficiency by about 21% [18] R&D and Innovation - In 2024, the company invested CNY 3.17 billion in R&D, resulting in 160 core technologies, including 33 major disruptive technologies [16] - The company holds 1,316 valid patents, maintaining the industry lead in innovation [16] - The company’s new energy products cover over 40 categories and nearly 200 models, with a market share consistently above 30% [16] Environmental Impact - The company’s electric environmental vehicles sold 2,691 units in 2024, achieving a market share of 30.5% [17] - The company’s environmental equipment has been recognized for its contribution to sustainable urban management and environmental protection [1][2]

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]

Core Viewpoint - The company's performance is under short-term pressure, but the new energy equipment and service business still show potential [2] Financial Performance - In 2024, the company achieved operating revenue of 5.04 billion yuan, a year-on-year decrease of 1% - The net profit attributable to shareholders was 145 million yuan, down 37% year-on-year - In Q1 2025, the company reported operating revenue of 1.164 billion yuan, a year-on-year decline of 2% - The net profit attributable to shareholders for Q1 2025 was 63 million yuan, also down 2% year-on-year [1][2] Business Segments - The environmental industry ecological operation revenue reached 3.824 billion yuan, a year-on-year increase of 4%, with a gross margin of 21.77% - The intelligent equipment manufacturing business generated revenue of 1.078 billion yuan, a year-on-year decrease of 18%, with a gross margin of 20.80% - Sales of new energy sanitation equipment (including robots) reached 608 units, generating revenue of 361 million yuan [2][3] Order Backlog and Cash Flow - In 2024, the company won 52 new sanitation service projects with a first-year annual amount of 768 million yuan and a total contract amount of 4.607 billion yuan - As of the end of 2024, the annualized contract amount for ongoing sanitation service projects was 4.270 billion yuan, with a total contract amount of 34.730 billion yuan and a backlog of 19.586 billion yuan - The company faces challenges with accounts receivable and contract assets due to extended government payment periods, with accounts receivable valued at 2.553 billion yuan and contract assets at 1.084 billion yuan [3][4] New Energy Equipment Performance - The market share of new energy sanitation equipment is 6.77%, ranking third in the industry - The company is actively expanding into overseas markets, achieving breakthroughs in Saudi Arabia, New Zealand, and Italy - The CITIBOT robot has been deployed in 34 scenarios with a cumulative operating mileage of 16,000 kilometers [4] Profit Forecast - The company is expected to achieve operating revenues of 5.660 billion yuan, 6.360 billion yuan, and 7.150 billion yuan for 2025-2027, with year-on-year growth rates of 12.31%, 12.37%, and 12.41% - The net profit attributable to shareholders is projected to be 196 million yuan, 224 million yuan, and 260 million yuan for the same period, with growth rates of 34.76%, 14.26%, and 16.19% respectively [4]

Core Viewpoint - The company, Fulongma, focuses on creating a sustainable living environment through technology and innovation, emphasizing a collaborative development strategy in the environmental industry, particularly in smart equipment manufacturing and ecological operations [5][6][8]. Company Overview - Fulongma has over 20 years of experience in the environmental sanitation sector, with a complete industrial chain layout that includes smart equipment manufacturing and ecological operations [5]. - The company’s main business includes the manufacturing of sanitation equipment and the development of urban service robots, with a strong emphasis on technological innovation and market trends [6][7]. Business Model Smart Equipment Manufacturing - The company manufactures a wide range of sanitation equipment, including 701 models across 38 series, with a focus on mid-to-high-end and innovative products [6]. - The sales network covers the entire country, primarily using direct sales and participating in government procurement activities [6][7]. Environmental Industry Ecological Operations - Fulongma has been deeply involved in sanitation services for over two decades, providing various services such as urban property management and waste recycling [8]. - The company operates under three main business models: single project contracting, franchise operation (including PPP), and integrated project management [8][10]. Industry Situation Sanitation Equipment Industry - In 2024, the total sales of sanitation vehicles in China reached 69,998 units, a decrease of 8.50% year-on-year, while innovative and mid-to-high-end models saw a 3.29% increase [14][15]. - The penetration rate of new energy sanitation equipment reached 13.66%, with significant growth expected due to government initiatives promoting electric vehicles [15][16]. Sanitation Service Industry - The total annualized contract amount for newly opened sanitation service projects in 2024 was 955 billion yuan, maintaining a year-on-year growth trend [17]. - The industry is transitioning from single services to comprehensive solutions, with a focus on waste classification and recycling, driven by government policies [17][18]. Development Factors - The sanitation equipment and service industries are influenced by government policies, population growth, urbanization, and increased public awareness of environmental issues [19][20]. - The government has significantly increased investment in sanitation services, with 516.7 billion yuan allocated for urban public facility construction in 2023 [21].

Investment 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].

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8]. Core Views - In 2024, the company achieved an operating income of 13.12 billion yuan, a year-on-year increase of 3.85%, and a net profit attributable to the parent company of 510 million yuan, up 3.04% year-on-year. For Q1 2025, the company reported an operating income of 3.18 billion yuan, a year-on-year increase of 6.15%, and a net profit of 180 million yuan, up 4.74% year-on-year. Both service and equipment segments experienced growth, with the market share of new energy equipment further increasing [2][6][10]. - The gross profit margin remains under pressure, showing a slight decline, while the expense ratio has decreased. The comprehensive gross profit margin for 2024 was 21.77%, down 1.07 percentage points year-on-year. The gross profit margin for the sanitation equipment business decreased by 1.77 percentage points to 25.87%, while the sanitation service business saw an increase of 1.35 percentage points to 18.03% [10][10]. - The company expects continued growth in sanitation services and an increase in new energy sanitation equipment sales to drive performance improvements. The penetration rate of new energy sanitation equipment reached approximately 14.9% in 2024, with significant growth potential in the future [10][10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 13.12 billion yuan and a net profit of 510 million yuan. For Q1 2025, revenue was 3.18 billion yuan with a net profit of 180 million yuan. The sanitation service revenue grew by 14.41% year-on-year, while sanitation equipment revenue increased by 2.01% [2][6][10]. Market Position - The market share of new energy equipment reached 35% in Q1 2025, with sales increasing by 117% year-on-year. The company holds a leading position in the sanitation equipment market, with a market share of 30.5% for pure electric sanitation vehicles [2][10]. Profitability and Expenses - The comprehensive gross profit margin for 2024 was 21.77%, with a slight decline attributed to changes in revenue structure. The expense ratio for 2024 was 14.37%, down 0.99 percentage points year-on-year, indicating improved cost management [10][10]. Future Outlook - The company anticipates net profits of 690 million yuan, 810 million yuan, and 1.06 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 27x, 23x, and 17x [10][10].

2 月 15 日-2 月 21 日，上证综指单周累计上涨 0.97 个百分点，报 3379.11；沪深 300 指数单周上涨 1 个百分点。环保（申万）指数 上涨 2.2%，跑赢沪深 300 指数（上涨 1%）1.2 个百分点，跑输创 业板指数（上涨 2.99%）0.79 个百分点。2025 年初至今，环保工 程及服务板块整体指数表现一般，累计涨幅为 1%，跑输沪深 300 指数 0.11 个百分点。 投资建议： 证券研究报告·行业动态 民营企业座谈强调清偿账款，环 保行业盈利质量有望增强 核心观点 近期召开的民营企业座谈会明确提出对民营企业公平参与市场 竞争、解决融资难融资贵、解决拖欠民营企业账款问题等做出部 署；此后，国家发改委也表示要加力推动解决拖欠民营企业账款 问题，加快促进民营经济发展。具体来看，中央财办有关同志表 示 2025 年解决拖欠账款相关工作将进一步深入推进，地方政府 要落实属地责任，用好新增地方政府专项债等政策，尽最大能力 加快偿还拖欠企业账款。对于环保行业来说，地方政府是企业的 主要客户，受地方账款拖欠的影响较大。伴随化债资金的就位和 地方转向债券的发行，环卫行业应收账款有望加速回收， ...