格隆汇11月14日｜中邮证券研报指出，劲旅环境2025Q1-3实现归母净利润1.25亿元，同增9.36%；单Q3 公司实现归母净利润0.46亿元，同增2.63%。环卫服务+装备制造双轮驱动，业绩实现稳健增长。积极布 局无人环卫车，公司第三代无人环卫产品正在自有项目上进行小批量验证，预计2026年对外部客户销 售。同时，公司年内将推出1.5吨改进版、适应背街小巷及物业场景的0.5吨无人驾驶产品，同时重点研 发捡拾机器人，应用于室外及园林绿化中零星垃圾的捡拾场景。此外，公司发布股权激励方案，彰显管 理层长期信心。公司2025-2027年业绩对应PE估值分别为18.75、16.56、14.65，首次覆盖，给予"买 入"评级。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company, Jinglv Environment, has shown steady growth in performance, with a focus on the intelligent upgrade of urban and rural environmental services, including road cleaning and waste classification [5][6]. - The company reported a revenue of 1.176 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.53%, and a net profit attributable to shareholders of 125 million yuan, up 9.36% year-on-year [5]. - The company is actively expanding its product offerings in the unmanned sanitation vehicle sector, with significant growth in orders for its third-generation unmanned sanitation products [7]. Company Overview - The latest closing price of the company's stock is 23.48 yuan, with a total market capitalization of 3.2 billion yuan [4]. - The company has a total share capital of 134 million shares, with 53 million shares in circulation [4]. - The company has a debt-to-asset ratio of 38.6% and a price-to-earnings ratio of 22.15 [4]. Financial Performance - For Q3 2025, the company achieved a revenue of 394 million yuan, a year-on-year increase of 4.23%, and a net profit of 46 million yuan, up 2.63% year-on-year [5]. - The gross profit margin increased by 1.23 percentage points to 27.32%, while the expense ratio decreased by 0.25 percentage points to 12.84% [6]. - The company expects revenues of 1.672 billion, 1.862 billion, and 2.046 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 168 million, 190 million, and 215 million yuan [8][11]. Growth Prospects - The company plans to launch new products, including a 1.5-ton improved version and a 0.5-ton unmanned driving product, targeting specific urban environments [7]. - The company has set ambitious revenue and net profit growth targets as part of its stock incentive plan, aiming for significant increases over the next few years [7].

Core Viewpoint - The company, Jinglv Environment, has developed autonomous sanitation equipment for urban non-motorized road scenarios and closed or semi-closed environments, with plans to launch these products in the second half of 2025 [1] Product Development - The company has created a full range of small, medium, and large street sweepers, with capacities ranging from under 0.5 tons to over 2 tons, designed for various operational environments from narrow sidewalks to wider non-motorized lanes [1] - Future plans include accelerating product upgrades, reducing costs, and quickly launching the third generation of fully self-developed intelligent driving products [1] Technological Integration - The company is focusing on the development of a picking robot that combines robotic intelligence with autonomous driving technology, aimed at collecting scattered waste in outdoor and landscaping scenarios [1]