本报讯(记者吴文婧)8月22日晚，盈峰环境（000967）科技集团股份有限公司(以下简称"盈峰环境")发布 2025年半年报，上半年实现销售回款额63.10亿元，同比增长19.63%；营业收入64.63亿元，归母净利润 3.82亿元，分别同比增长3.69%、0.43%。其中，智慧城服业务营收58.22亿元，同比增长7.65%，智能装 备、智慧服务等核心领域多项关键指标稳健增长，智能高机销售规模同比增长132.3%，展现出强劲发 展态势。 据悉，作为行业领军企业，盈峰环境环保装备销售额已连续24年行业第一。2025年上半年，盈峰环境环 保装备销售额为25.85亿元，同比增长15.27%；总销售数量6194辆，市占率18.8%，均位列第一。新能源 环保车辆销量1847辆，市占率达32.6%，已连续3年位居行业首位。 盈峰环境拥有超500款产品，覆盖清扫保洁、垃圾收转运、智能无人清洁等全场景，上半年，公司发布 重磅新品，"盈峰绿"赋予环卫装备生态美学内涵，智慧网联清洁机器人集群"峰群"实现作业效率300% 突破性提升，全场景新能源装备矩阵能耗较传统产品平均降低16%，有力推动了公司智能装备业务增 长。 海外市场是盈 ...

Core Viewpoint - The conference highlighted the progress of Yingfeng Environmental Technology Group's global headquarters in Shunde and its new initiatives in AI and other technologies, with a total investment of approximately 2 billion [1][3]. Group 1: Company Developments - Yingfeng Environmental's second phase of the Shunde Environmental Industry Park, with a total investment of about 2 billion, is set to be completed and operational by next year, covering an area of 300 acres [3][4]. - The Shunde base will serve as Yingfeng's global headquarters, facilitating international investment and seamless integration into the global industrial chain [3][4]. - The company is focusing on the research and manufacturing of small sanitation equipment and solar storage charging products at the Shunde base [3]. Group 2: Technological Advancements - In response to the wave of new technologies, Yingfeng has upgraded its business layout to a new model of "intelligent equipment + smart services + intelligent cloud computing" [4]. - A specialized data labeling company was established in Shunde, successfully undertaking multiple projects related to autonomous driving and intelligent video quality assessment within two months [4]. - The company has formed partnerships with several universities to create a new model for talent cultivation in data labeling, and has been recognized as the first data labeling base in Foshan [4].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4]. Core Viewpoints - The company is a leading enterprise in the domestic environmental sanitation intelligent equipment sector, actively expanding into the unmanned sanitation vehicle market [1][3]. - The company has established a "device + operation" business layout, focusing on both manufacturing and investment operation management services in the environmental sanitation field [1]. - The company is expected to achieve steady revenue growth in 2024, with operating services being the main driving force [2]. Financial Performance Summary - In 2024, the company is projected to achieve operating revenue of 1.539 billion yuan, a year-on-year increase of 5.79%, and a net profit attributable to the parent company of 141 million yuan, up 8.76% year-on-year [2][10]. - The company's cash flow from operating activities is expected to be 94 million yuan, reflecting a significant year-on-year increase of 41.98% [2]. - The revenue from the concession business is anticipated to reach 813 million yuan in 2024, with a gross margin of 24.59% [2]. - The traditional urban and rural sanitation business is expected to generate 632 million yuan in revenue, marking a year-on-year increase of 28.86% with a gross margin of 29.98% [2]. Future Earnings Forecast - The company is projected to achieve operating revenues of 1.675 billion yuan, 1.840 billion yuan, and 2.040 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 175 million yuan, 205 million yuan, and 230 million yuan [3][10]. - The report forecasts a PE ratio of 16.31x, 13.92x, and 12.40x for the years 2025, 2026, and 2027 respectively [3][10]. Strategic Initiatives - The company is focusing on research and development in new energy and unmanned technology, with a planned R&D investment of 25 million yuan in 2024, accounting for 1.62% of its operating revenue [3]. - The domestic unmanned sanitation vehicle market is still in its early stages, with the company’s products ranging from small vehicles suitable for sidewalks to larger vehicles for non-motorized roads and parks [3].

Core Insights - Yingfeng Environmental Technology Group Co., Ltd. is a leader in the sanitation equipment manufacturing industry, showcasing its commitment to developing smarter, greener, and low-carbon products to create more value for customers [1][3] Product Development - The company has expanded its product offerings from traditional sanitation equipment to include new energy sanitation equipment, emergency equipment, and high-tech machinery for engineering [3] - The new high-tech machinery includes a full matrix of intelligent aerial work products, such as straight arm, articulated arm, scissor lift, and vehicle-mounted series, providing comprehensive intelligent aerial work solutions for urban construction [3] Market Positioning - Despite the industry facing a downward market trend, Yingfeng Environmental continues to expand its product layout, emphasizing that product quality remains the core competitive advantage [3] - The company is upgrading its entire product line based on its technological accumulation in the new energy sector, focusing on intelligent, green, and environmentally friendly products [3] Exhibition Insights - The participation in the Changsha International Engineering Machinery Exhibition has broadened the company's engagement, showcasing increasingly advanced products and technologies, and expanding customer outreach [4]