Core Viewpoint - Shunling Environment is a leading air environment regulation equipment company in China, focusing on specialized air conditioning and providing comprehensive solutions for various application scenarios [1] Group 1: Business Performance - In Q3 2025, Shunling Environment achieved a revenue of 2.508 billion yuan, ranking 3rd in the industry, surpassing the industry average of 1.625 billion yuan and the median of 1.237 billion yuan [2] - The main business composition includes equipment revenue of 1.395 billion yuan (82.94%), solutions and services revenue of 281 million yuan (16.68%), and other revenue of 6.38 million yuan (0.38%) [2] - The net profit for the same period was 154 million yuan, ranking 6th in the industry, above the industry average of 144 million yuan and the median of 93.47 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Shunling Environment was 54.52%, higher than the previous year's 50.49% and the industry average of 36.25% [3] - The gross profit margin for Q3 2025 was 23.16%, down from 26.37% in the previous year and below the industry average of 24.91% [3] Group 3: Executive Compensation - The chairman, Cui Yingqi, received a salary of 600,600 yuan in 2024, an increase of 125,000 yuan from 2023 [4] - The general manager, Pan Zhanhua, earned 1.2759 million yuan in 2024, up by 609,900 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 25.41% to 27,800 [5] - The average number of circulating A-shares held per shareholder decreased by 20.76% to 7,107.42 [5] Group 5: Growth Prospects - Guojin Securities forecasts that Shunling Environment's data service segment will see revenues of 2.7 billion, 4.6 billion, and 6.4 billion yuan from 2025 to 2027, with year-on-year growth rates of 77%, 67%, and 39% respectively [6] - Zhongyin International Securities anticipates revenues of 4.042 billion, 5.004 billion, and 5.808 billion yuan for the same period, with net profits of 262 million, 353 million, and 425 million yuan [7] - The company has a leading position in the liquid cooling technology market for data centers, with significant order growth in 2025 [7]

Core Viewpoint - On October 9, 2023, Shenling Environment experienced a decline of 2.65% in stock price with a trading volume of 1.065 billion yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On the same day, Shenling Environment had a financing purchase amount of 165 million yuan and a repayment of 112 million yuan, resulting in a net financing purchase of 52.16 million yuan [1]. - As of October 9, the total financing and securities lending balance for Shenling Environment was 658 million yuan, which represents 3.56% of its circulating market value and is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, there were no shares repaid or sold on October 9, with a remaining quantity of 100 shares and a securities lending balance of 6,942 yuan, which is above the 70th percentile of the past year, also indicating a high level of activity [1]. Company Overview - Shenling Environment, established on July 3, 2000, and listed on July 7, 2021, is located in Shunde District, Foshan City, Guangdong Province. The company specializes in air environment regulation equipment, focusing on research, design, manufacturing, marketing, installation, and maintenance services [2]. - The company's main business revenue composition includes 82.94% from equipment sales, 16.68% from solutions and services, and 0.38% from other sources [2]. - As of June 30, 2023, the number of shareholders was 22,200, a decrease of 1.82% from the previous period, while the average circulating shares per person increased by 1.85% to 8,969 shares [2]. Financial Performance - For the first half of 2023, Shenling Environment reported a revenue of 1.682 billion yuan, representing a year-on-year growth of 28.95%, and a net profit attributable to shareholders of 150 million yuan, reflecting a year-on-year increase of 35.95% [2]. Dividend Information - Since its A-share listing, Shenling Environment has distributed a total of 217 million yuan in dividends, with 138 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2023, among the top ten circulating shareholders, E Fund Supply-side Reform Mixed Fund (002910) was the seventh largest shareholder with 2.6008 million shares, marking a new entry. Hong Kong Central Clearing Limited was the ninth largest shareholder with 1.8120 million shares, an increase of 498,600 shares from the previous period. Additionally, Baoying Strategy Growth Mixed Fund (213003) was the tenth largest shareholder with 1.4185 million shares, also a new entry [3].

Group 1 - The core viewpoint of the news is that Shunling Environment's stock has increased by 5.77%, reaching a price of 74.46 CNY per share, with a trading volume of 489 million CNY and a turnover rate of 3.42%, resulting in a total market capitalization of 19.81 billion CNY [1] - Shunling Environment, established on July 3, 2000, and listed on July 7, 2021, is based in Shunde District, Foshan City, Guangdong Province. The company specializes in air environment regulation equipment, focusing on research and development, manufacturing, marketing, engineering installation, and operational maintenance [1] - The main business revenue composition of Shunling Environment includes 82.94% from equipment, 16.68% from solutions and services, and 0.38% from other sources [1] Group 2 - Among the top ten circulating shareholders of Shunling Environment, a fund under E Fund, specifically E Fund Supply-side Reform Mixed Fund (002910), has entered the list, holding 2.6008 million shares, which accounts for 1.31% of the circulating shares. The estimated floating profit today is approximately 10.5592 million CNY [2] - E Fund Supply-side Reform Mixed Fund (002910) was established on January 25, 2017, with a latest scale of 4.056 billion CNY. Year-to-date returns are 25.17%, ranking 3699 out of 8244 in its category, while the one-year return is 35.96%, ranking 3700 out of 8080. Since its inception, the fund has achieved a return of 211.64% [2]

Company Overview - Shunling Environment, established on July 3, 2000, and listed on July 7, 2021, is located in Shunde District, Foshan City, Guangdong Province. The company specializes in air environment regulation equipment, focusing on specialized air conditioning systems. It offers comprehensive solutions including R&D, manufacturing, marketing, installation, and maintenance for various applications such as data service environments, industrial processes, and public buildings [1][2]. Financial Performance - For the first half of 2025, Shunling Environment reported a revenue of 1.682 billion yuan, representing a year-on-year growth of 28.95%. The net profit attributable to shareholders was 150 million yuan, reflecting a growth of 35.95% compared to the previous year [2]. - Since its A-share listing, Shunling Environment has distributed a total of 217 million yuan in dividends, with 138 million yuan distributed over the past three years [3]. Stock Performance - As of September 16, Shunling Environment's stock price increased by 2.22%, reaching 71.05 yuan per share, with a total market capitalization of 18.903 billion yuan. The stock has seen an 85.12% increase year-to-date, with a 95.25% rise over the past 60 days [1]. - The stock's trading volume on September 16 was 162 million yuan, with a turnover rate of 1.17%. The net inflow of main funds was 8.4757 million yuan, indicating strong investor interest [1]. Shareholder Structure - As of June 30, 2025, Shunling Environment had 22,200 shareholders, a decrease of 1.82% from the previous period. The average number of circulating shares per shareholder increased by 1.85% to 8,969 shares [2]. - Among the top ten circulating shareholders, notable new entrants include E Fund Supply-side Reform Mixed Fund and Baoying Strategy Growth Mixed Fund, indicating a shift in institutional holdings [3].

Group 1 - The core viewpoint of the news is that Shunling Environment's stock has experienced a decline of 5.27%, with a current price of 69.00 CNY per share and a total market capitalization of 18.358 billion CNY [1] - Shunling Environment, established on July 3, 2000, and listed on July 7, 2021, specializes in air environment regulation equipment, focusing on research, production, marketing, installation, and maintenance services [1] - The company's main business revenue composition includes 82.94% from equipment sales, 16.68% from solutions and services, and 0.38% from other sources [1] Group 2 - Among the top ten circulating shareholders of Shunling Environment, E Fund's supply-side reform mixed fund (002910) has recently entered, holding 2.6008 million shares, which is 1.31% of the circulating shares [2] - The E Fund supply-side reform mixed fund was established on January 25, 2017, with a current scale of 4.056 billion CNY, achieving a year-to-date return of 20.06% and a one-year return of 37.81% [2] - The fund manager, Yang Zongchang, has been in position for 6 years and 145 days, with the best fund return during his tenure being 228.46% [3]

机械设备 | 证券研究报告 — 调整盈利预测 2025 年 9 月 2 日 301018.SZ 增持 原评级：增持 市场价格:人民币 78.93 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 107.1 77.0 134.4 299.6 相对深圳成指 79.9 60.3 106.7 246.0 发行股数 (百万) 266.05 流通股 (百万) 199.00 总市值 (人民币 百万) 20,999.53 3 个月日均交易额 (人民币 百万) 615.11 主要股东 崔颖琦 20.7% 资料来源：公司公告， Wind ，中银证券 (8%) 56% 119% 182% 246% 309% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 申菱环境 深圳成指 以 2025 年 9 月 1 日收市价为标准 相关研究报告 | 《申菱环境》20240903 | | --- | | 《申菱环境》20230905 | | 《申菱环境》20230430 | 中银国际证券 ...