各位投资人大家晚上好 我是东吴环保公园的人一轩然后今天的话也是这个再次在这个进门财经这个平台上跟各位领导这边汇报一下龙进环保的最新观点就我们可以看到其实在近期我们团队已经组织了多场龙进环保的线上汇报那其实也可以主要的点点是来自于这个近期在这个大气治理这一块政策评出啊 我们可以看到其实可追溯的就至少是有三个政策也包括了今天要讲的非电这一块这么一个改造的政策比如说像上周也是全国的环境空气质量标准提标的标准是最新出台然后再往前的话我们也看到像2026年大气污染治理的专项资金是提前下发结合到今天结合到本周的这么一个 非电领域改造的这么一个2026年目标的这么一个下发我们可以看到就国外层面从政策包括说从资金两个角度的话对于大气治理这一块的支持力度其实是在这个十五的开局之年体验出了一个非常高的一个强度 那么就在这个背景之下的话龙津环保的这个传统业务就咱们这个环保主业公司作为这个大气治理里边最龙头的公司应该也是通风授予整个行业需求的一个稳步的一个释放那么可以对这个15期间公司环保这块业务的这么一个基本面会有一个更加积极的这么一个预期同时的话向公司围绕整个矿业双碳 根据生态环境部新闻发布会的一个通稿的话在十四五期间其实国内一 ...

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Air Pollution Control Equipment Key Points Industry and Market Dynamics - The 2026 environmental special fund budget allocates 46% (CNY 24.4 billion) to air pollution prevention, a 19% increase from the 2025 budget, indicating heightened government focus on air pollution control [2][3][4] - The demand for air pollution control equipment is expected to grow due to the need for retrofitting existing coal power plants and ultra-low emission transformations in non-electric industries such as steel and cement [2][6][7] Company Performance - In the first three quarters of 2025, Longking Environmental secured new environmental orders worth CNY 7.626 billion, a year-on-year increase of 1.1%, with a quarterly growth of 12% [2][6] - The company has a backlog of orders amounting to CNY 19.7 billion, which supports stable revenue recognition and indicates a healthy order pipeline [2][6][9] Financial Health and Growth Prospects - Longking Environmental is the largest manufacturer of air pollution control equipment globally, with annual new orders nearing CNY 10 billion and a backlog close to CNY 20 billion, which is expected to sustain profits over the next three years [2][8][9] - The company is projected to achieve net profits of CNY 1.2 billion, CNY 1.5 billion, and CNY 1.7 billion for the years 2025 to 2027, with corresponding P/E ratios of 16x, 13x, and 11x, reflecting a growth rate exceeding 20% [12][13] Strategic Partnerships and Shareholder Confidence - Major shareholders, including Zijin Mining, have increased their stakes in Longking Environmental, with Zijin's holding rising above 30%, demonstrating confidence in the company's value and business synergy [2][10][11] - Longking Environmental is involved in projects that align with Zijin Mining's green energy needs, such as a 200 MW microgrid project expected to generate over CNY 100 million in annual profit [4][11] New Business Ventures - The company is diversifying into new areas such as high-altitude operation robots and new energy heavy trucks, with investments in JiTai Intelligent and Hunan Chuangyuan, which are anticipated to create a third growth curve for the company [4][12] Conclusion - Longking Environmental is well-positioned to benefit from increased government support and market demand for air pollution control solutions, with a solid order backlog and strategic partnerships enhancing its growth trajectory [2][10][11]

Investment Rating - The report maintains a "Buy" rating for Longking Environmental [1] Core Views - The Ministry of Finance has accelerated the allocation of environmental special funds for 2026, with a significant increase in the proportion of funds for air pollution control, benefiting leading companies in the air pollution sector [8] - Longking Environmental is expected to benefit from the robust demand in the air pollution control market, driven by both fiscal support and ongoing needs for new and upgraded projects in the power and non-power sectors [8] - The report forecasts a substantial increase in net profit for Longking Environmental, with projected net profits of 1.23 billion, 1.53 billion, and 1.75 billion yuan for 2025, 2026, and 2027 respectively [8] Financial Projections - Total revenue is projected to reach 12.1 billion yuan in 2025, 13.3 billion yuan in 2026, and 14.3 billion yuan in 2027, reflecting growth rates of 20.74%, 9.82%, and 7.64% respectively [1] - The report anticipates a significant recovery in net profit margins, with a forecasted net profit growth of 63.15% in 2024, followed by 48.33% in 2025, and continuing growth in subsequent years [1] - Earnings per share (EPS) are expected to increase from 0.65 yuan in 2024 to 1.37 yuan in 2027, indicating a strong upward trend in profitability [1]