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龙净环保(600388):业绩稳健增长 新能源业务释放高盈利弹性
Xin Lang Cai Jing· 2025-08-29 02:27
Core Viewpoint - The company demonstrates steady revenue growth and strong profitability, with significant contributions from its environmental and new energy sectors [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 4.68 billion yuan, a year-on-year increase of 0.2% [1]. - The environmental equipment manufacturing segment generated revenue of 3.04 billion yuan (down 25.7% YoY), while project operations brought in 340 million yuan (down 22.5% YoY) [1]. - Soil remediation business revenue reached 40.91 million yuan (up 118.9% YoY), and new energy business revenue soared to 1.15 billion yuan (up 3180.1% YoY) [1]. - The net profit attributable to shareholders was 450 million yuan, reflecting a 3.3% increase YoY [1]. - The overall gross margin improved by 0.9 percentage points to 24.4%, with specific margins for segments as follows: environmental equipment manufacturing at 27.1%, project operations at 25.1%, soil remediation at 13.7%, and new energy at 18.2% [1]. Operational Highlights - The company secured new contracts worth 5.37 billion yuan in the first half of 2025, with the power industry accounting for 61.6% and non-power sectors 38.4% [2]. - The total backlog of environmental engineering contracts stood at 19.97 billion yuan, providing a solid revenue cushion for the future [2]. - The new energy business is becoming a significant contributor, with nearly 100 million yuan in net profit from clean energy projects [2]. Strategic Initiatives - The company is actively expanding its international market presence, successfully winning bids for projects in Indonesia, the Philippines, and Kazakhstan [2]. - The partnership with Yiyuan Lithium Energy has led to improved production and quality in the energy storage business, which has turned profitable [2]. - The company is focusing on electric mining vehicles and charging solutions, leveraging industry expertise to enhance its technological capabilities [2]. Investment Outlook - The company is rated as a "buy," with expectations for rapid profit growth in the coming years, projecting net profits of 1.1 billion, 1.49 billion, and 1.86 billion yuan for 2025, 2026, and 2027, respectively [3].