Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company's clean energy business is stable and shows positive growth, with a total revenue of 3.509 billion yuan in 2024, a year-on-year increase of 2.87%. However, the net profit attributable to the parent company decreased by 23.29% to 659 million yuan due to impairment losses [2][3] - The company is actively expanding its hydrogen energy and heat pump business, leveraging technological innovations to promote green development. It has strategic investments in hydrogen energy equipment and is implementing projects for low-emission heating and waste heat recovery [3] - The company demonstrates strong shareholder returns through cash dividends, share buybacks, and special dividends, with a total profit distribution amounting to 907 million yuan, exceeding 137.60% of the net profit attributable to the parent company in 2024 [3] - Revenue forecasts for 2025-2027 are projected at 3.570 billion yuan, 3.689 billion yuan, and 3.812 billion yuan, with corresponding growth rates of 1.7%, 3.3%, and 3.3% [4] Financial Summary - In 2024, the company achieved total revenue of 3.509 billion yuan, with a year-on-year growth rate of 2.87%. The net profit attributable to the parent company was 659 million yuan, down 23.29% from the previous year [5] - The gross profit margin for 2024 was 33.35%, a decrease of 1.28 percentage points compared to the previous year, primarily due to increased depreciation costs [3] - The earnings per share (EPS) for 2024 was 0.2935 yuan, a decrease of 22.69% year-on-year [2][5] - The company plans to distribute a total cash dividend of 445 million yuan in 2024, which accounts for 67.51% of the net profit attributable to the parent company [3]

Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company's clean energy business is stable and shows positive growth, with a total revenue of 3.509 billion yuan in 2024, a year-on-year increase of 2.87%. However, the net profit attributable to the parent company decreased by 23.29% to 659 million yuan due to impairment losses [2][3] - The company is actively expanding its hydrogen energy and heat pump business, leveraging technological innovations to promote green development. It has strategic investments in hydrogen energy equipment and is implementing projects for ultra-low emissions and heat recovery [3] - The company has demonstrated a strong commitment to shareholder returns through cash dividends, share buybacks, and special dividends, with a total profit distribution amounting to 907 million yuan, exceeding its net profit for 2024 [3][4] Financial Summary - In 2024, the company achieved total revenue of 3.509 billion yuan, with a year-on-year growth rate of 2.87%. The net profit attributable to the parent company was 659 million yuan, reflecting a decrease of 23.29% [2][5] - The projected revenues for 2025 to 2027 are 3.570 billion yuan, 3.689 billion yuan, and 3.812 billion yuan, with growth rates of 1.7%, 3.3%, and 3.3% respectively. The net profit for the same period is expected to be 843 million yuan, 918 million yuan, and 972 million yuan, with growth rates of 27.9%, 8.9%, and 5.9% respectively [4][5] - The overall gross margin for 2024 was 33.35%, a decrease of 1.28 percentage points compared to the previous year, primarily due to increased depreciation costs [3][5]

Core Viewpoint - Lianmei Holdings (600167.SH) has demonstrated strong financial performance and a commitment to advancing its smart heating technology, solidifying its position as a leader in the clean heating sector in A-shares [1][3][5] Financial Performance - In 2024, Lianmei Holdings achieved a revenue of 3.509 billion yuan and a net profit attributable to shareholders of 659 million yuan [1] - In Q1 2025, the company reported a revenue of 1.698 billion yuan and a net profit of 618 million yuan, reflecting a year-on-year growth of 9.56% [1] Industry Position - As a leading enterprise in the clean heating sector, Lianmei Holdings has maintained its competitive edge through diversified clean energy strategies and intelligent operational capabilities [1] - The company has established a low-carbon heating ecosystem characterized by "clean energy as the mainstay, smart heating empowerment, and multi-energy collaboration" [1] Technological Advancements - Lianmei Holdings has made significant investments in R&D, launching a comprehensive smart heating system that integrates data analysis, intelligent control, and remote operation [3] - The company has developed the "Lianmei Smart Operation Platform," which enables real-time monitoring and dynamic optimization of heating systems, moving away from traditional manual adjustments [3] Strategic Initiatives - In 2024, Lianmei Holdings accelerated its transformation towards "smart and digital" development, launching a self-developed smart operation platform that incorporates IoT, big data, and cloud computing technologies [5] - The company initiated an integrated innovation project for heat exchange stations, achieving an overall electricity saving rate of 35% and an annual electricity saving of 150,000 kWh per station [5] - Lianmei Holdings aims to deepen its presence in advantageous regions, strengthen existing businesses, and cultivate new ones, focusing on low-carbon, clean, efficient, and economical energy solutions [5]

Group 1 - The company reported a revenue of 3.509 billion yuan and a net profit attributable to shareholders of 659 million yuan for the year 2024 [1] - In Q1 of 2025, the company achieved a revenue of 1.698 billion yuan, a slight decrease of 1.06% year-on-year, while the net profit attributable to shareholders was 618 million yuan, reflecting a year-on-year growth of 9.56% [1] Group 2 - As a leader in the clean heating industry, the company focuses on clean energy technologies such as heat pumps, biomass, and hydrogen, achieving a 100% clean heating rate in 2024 [2] - The company’s subsidiary, Guohui Environmental New Energy Co., Ltd., has pioneered a self-cleaning heat pump technology, utilizing reclaimed wastewater heat for centralized heating, with a total heating capacity of 125.6 MW/h and a heating area of 3.1 million square meters [2] - In the biomass energy sector, the company’s subsidiary, Jiangsu Lianmei Bioenergy Co., Ltd., employs proprietary high-efficiency combustion technology to convert agricultural and forestry waste into electricity and heat, creating a resource-energy-fertilizer circular chain [2] - The company is actively exploring hydrogen energy applications, aligning with relevant policies and investing in hydrogen energy equipment to develop combined heat and power technology [2] Group 3 - The company is enhancing the green transformation of traditional coal heating systems through technological innovation aimed at reducing pollution and carbon emissions [3] - The company employs long-term price locking and off-season coal storage strategies to stabilize raw material prices, while implementing various measures to control costs and reduce losses in the storage and transportation stages [3] - The company’s clean energy practices reflect a synergy between policy guidance and corporate innovation, achieving both economic and environmental benefits [3] - The company aims to deepen multi-energy complementary technology research and accelerate integration into the new power system construction, providing sustainable solutions for urban energy structure transformation [3]