福龙马（603686）（603686.SH）传喜报。 1月4日晚，福龙马公告称，公司2025年全年累计中标43个环卫服务项目，合同总金额为18.75亿元。 在手的环卫服务项目合同是福龙马未来稳定收入的来源，为公司在市场竞争中筑起坚实壁垒。福龙马 称，"这将对公司2026年及以后的经营业绩产生积极影响"。 作为国内首家专注于环卫领域的主板上市公司，福龙马聚焦智能装备和环境产业生态运营两大业务，加 快产品创新与技术迭代升级，综合实力处于行业领先地位。 同日，福龙马还发布了对外投资事项进展公告，公司根据业务开展的实际情况在河北省、天津市、福建 省、贵州省设立四家子公司聚焦环保主业，合计注册资本达2630万元。 2025年中标43个环卫服务项目 福龙马深耕核心业务，拓展市场版图。 1月4日晚间，福龙马披露了环卫服务项目中标情况，2025年12月，公司预中标环卫服务项目数10个，分 布在天津市、福建省、山西省、湖北省、内蒙古自治区、海南省，合计首年服务费金额为8381.50万元 （占公司2024年度经审计营业收入的1.66%），合同总金额为2.2亿元。 整体来看，2025年，福龙马累计中标43个环卫服务项目，合计首年年 ...

"小蜜蜂"无需人工干预，自动完成清扫、倾倒、充电等20余项核心作业流程；"小黄蜂"首创"洗扫一 体"模式，一次通过即能实现路面清洁……在不久前举行的2025深圳国际人工智能环卫机器人大赛暨应 用创新大赛上，盈峰环境科技集团股份有限公司自主研发的智慧清洁机器人等产品及场景应用方案获得 7项大奖。 凭借数智赋能，环卫行业早已不是人们印象里的"脏、乱、差"，而是不断迈向"智、净、美"模式。作为 多年深耕环卫领域的企业，盈峰环境依托5G、人工智能、物联网等技术，创新推出智慧清洁机器人、 新能源环卫装备、无人驾驶环卫车辆等行业领先产品，并将产品优势延伸到环卫服务领域，探索以"智 能装备、智慧服务、智云计算"为核心的智慧环卫新方案。 "蜂群"智联 在湖南省湘江新区的盈峰环境长沙产业园全场景试验基地，记者看到几台智慧清洁机器人"小蜜蜂"正在 忙碌。它们高约1.6米，长约2米，头顶和"触角"顶端的激光雷达可实时扫描周围环境；机身的360度全 景摄像头和后置摄像头全方位捕捉周边动态；底部2个扫盘仿佛灵巧的双手，随时准备将地面垃圾收入 囊中。别看它们身材小巧，工作起来一点都不含糊，自动巡航、精准贴边清扫、自主倾倒垃圾、智能加 水 ...

福龙马所属申万行业为：环保-环境治理-综合环境治理。所属概念板块包括：PPP概念、电池回收、垃 圾分类、固废处理、人工智能等。 截至9月30日，福龙马股东户数10.00万，较上期增加33.02%；人均流通股4156股，较上期减少24.82%。 2025年1月-9月，福龙马实现营业收入35.99亿元，同比减少5.07%；归母净利润1.13亿元，同比减少 1.83%。 分红方面，福龙马A股上市后累计派现9.33亿元。近三年，累计派现2.73亿元。 12月26日，福龙马盘中上涨2.00%，截至11:19，报26.49元/股，成交7.14亿元，换手率6.60%，总市值 110.05亿元。 资金流向方面，主力资金净流入580.60万元，特大单买入2110.92万元，占比2.96%，卖出2455.35万元， 占比3.44%；大单买入1.25亿元，占比17.51%，卖出1.16亿元，占比16.21%。 福龙马今年以来股价涨158.64%，近5个交易日涨3.07%，近20日跌3.92%，近60日涨8.61%。 今年以来福龙马已经23次登上龙虎榜，最近一次登上龙虎榜为12月9日，当日龙虎榜净买入6151.06万 元；买入总计4 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The sales of sanitation equipment from January to October 2025 increased by 7.3% year-on-year, with new energy sanitation equipment sales growing by 66.6%. The penetration rate of new energy sanitation equipment reached 25.9% in October [2][6] - The competitive landscape for leading companies like Yingfeng Environment remains strong, although competition among top players is showing signs of marginal slowdown in the second half of 2025 [7][26] - The penetration rate of electric sanitation equipment in pilot cities reached approximately 27.7% from January to October 2025, indicating rapid progress in electrification [8][32] - The report highlights the growth opportunities for new energy sanitation equipment driven by carbon reduction policies and local government debt management strategies [9][37] Summary by Sections Sales Performance - From January to October 2025, sanitation equipment sales totaled 62,763 units, with a notable recovery in demand after years of decline. The sales in October alone reached 5,098 units, marking an 11.6% increase year-on-year [6][18] - New energy sanitation vehicle sales reached 11,605 units during the same period, with a cumulative penetration rate of approximately 18.5% [20][22] Competitive Landscape - The market concentration (CR10) for sanitation equipment was 55.3% in 2025, down from 58.6% in 2024, indicating increased competition from long-tail brands [7][26] - Yingfeng Environment leads the new energy sanitation equipment market with a 28.9% market share, followed by Yutong and Fulongma at 13.7% and 6.8%, respectively [30][31] Electrification Progress - The report notes that pilot cities for electric sanitation vehicles achieved a penetration rate of 27.7%, significantly higher than the national average of 18.5%. Cities like Zhengzhou and Shenzhen showed particularly high rates of 53.1% and 51.1% [8][32] Policy and Market Outlook - The report emphasizes that the growth of the sanitation equipment industry is closely tied to government policies and local fiscal conditions. The upcoming "14th Five-Year Plan" phase will focus on carbon emission control, which is expected to further drive the adoption of new energy sanitation equipment [9][37]

Group 1 - The core viewpoint of the news is that Fulongma's stock has shown significant growth this year, with a year-to-date increase of 163.13% and a market capitalization of 11.196 billion yuan [1] - As of November 26, Fulongma's stock price reached 26.95 yuan per share, with a trading volume of 850 million yuan and a turnover rate of 7.78% [1] - The company has seen a net inflow of main funds amounting to 5.2821 million yuan, with large orders contributing significantly to both buying and selling activities [1] Group 2 - Fulongma's main business involves the research, production, and sales of environmental sanitation equipment, with a revenue composition of 77.01% from environmental industry ecological operations and 20.70% from intelligent equipment [1][2] - As of September 30, the number of shareholders increased by 33.02% to 100,000, while the average circulating shares per person decreased by 24.82% [2] - For the period from January to September 2025, Fulongma reported a revenue of 3.599 billion yuan, a year-on-year decrease of 5.07%, and a net profit attributable to shareholders of 113 million yuan, down 1.83% year-on-year [2] Group 3 - Since its A-share listing, Fulongma has distributed a total of 933 million yuan in dividends, with 273 million yuan distributed over the past three years [3]

Group 1 - The core point of the news is that Fulongma's stock price increased by 4.47% on November 20, with a trading volume of 3.009 billion yuan, indicating positive market sentiment towards the company [1] - On the same day, Fulongma had a financing buy-in amount of 281 million yuan, with a net financing buy of 54.73 million yuan, reflecting strong investor interest [2] - As of November 20, the total balance of margin trading for Fulongma was 784 million yuan, which accounts for 6.79% of its circulating market value [2] Group 2 - Fulongma's main business involves the research, production, and sales of environmental sanitation equipment, with revenue composition being 77.01% from environmental industry ecological operations, 20.70% from intelligent equipment, and 1.30% from other sources [2] - For the period from January to September 2025, Fulongma reported a revenue of 3.599 billion yuan, a year-on-year decrease of 5.07%, and a net profit attributable to shareholders of 113 million yuan, down 1.83% year-on-year [2] - Since its A-share listing, Fulongma has distributed a total of 933 million yuan in dividends, with 273 million yuan distributed over the past three years [3]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.39 billion yuan, a year-on-year decline of 4.6%, while the net profit attributable to shareholders was 190 million yuan, an increase of 43.2% [2][6] - The sale of Aolande led to a slight decline in revenue, but the overall quality of vehicle operations improved year-on-year. The sanitation equipment industry is recovering, and the penetration rate of new energy continues to rise [2][14] - The company’s comprehensive gross margin slightly improved due to business structure adjustments, and cash flow continued to improve. The long-term outlook for the company remains positive, driven by its competitive advantages [2][14] Summary by Sections Financial Performance - In Q3 alone, the company achieved operating revenue of 730 million yuan, a year-on-year decrease of 28.6%, while the net profit attributable to shareholders was 70 million yuan, an increase of 44.2% [6] - Excluding the impact of Aolande and Zhengzhou Lvyuan, the company’s revenue for the first three quarters was 2.182 billion yuan, a year-on-year increase of 9.5%, with net profit attributable to shareholders approximately 111 million yuan, a year-on-year increase of 103.8% [14] Industry Insights - The sanitation equipment industry saw sales of 57,700 units in the first three quarters of 2025, a year-on-year increase of 10.0%. New energy sanitation equipment sales reached 10,300 units, a year-on-year increase of 68.6%, with a cumulative penetration rate of 17.8% [14] - The company sold 1,977 units in the first three quarters, a year-on-year increase of 3.4%, with new energy sales of 1,463 units, a year-on-year increase of 13.3% [14] Business Strategy - The company is focusing on the manufacturing sector of new energy sanitation equipment and new energy mining equipment, which are areas where it has competitive advantages. This strategy is expected to enhance cash flow further [14] - The company is one of the few in the industry with integrated manufacturing capabilities for chassis and superstructure, providing a cost advantage in production [14]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 9.54 billion yuan, a year-on-year increase of 2.9%, while the net profit attributable to the parent company was 470 million yuan, a year-on-year decrease of 21.9%. The stable revenue was impacted by the payment of corporate income tax [2][6]. - The sanitation equipment industry is recovering, with a continuous increase in the penetration rate of new energy. The company’s gross profit margin remains under pressure, and the expense ratio has slightly increased. The initial results of new business layouts are evident, with expectations for growth in overseas orders to open up long-term opportunities [2][12]. - The company’s gross profit margin for the first three quarters of 2025 was 23.0%, a decrease of 0.9 percentage points year-on-year. The expense ratio was 14.3%, an increase of 0.3 percentage points year-on-year [12]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 3.08 billion yuan, a year-on-year increase of 1.2%, while the net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 60.1% [6]. - The company paid 53 million yuan in corporate income tax and 5 million yuan in late fees, impacting the net profit by 58 million yuan. Excluding this impact, the net profit would have been 530 million yuan, a year-on-year decrease of 12.4% [12]. Industry Insights - The sanitation equipment industry saw sales of 57,700 units in the first three quarters of 2025, a year-on-year increase of 10.0%. New energy sanitation equipment sales reached 10,300 units, a year-on-year increase of 68.6%, with a cumulative penetration rate of 17.8% [12]. - The company sold 8,836 units in the first three quarters, a year-on-year increase of 4.2%, with new energy sales of 2,917 units, a year-on-year increase of 71.7% [12]. Future Outlook - The company is focusing on overseas market demand in the traditional fuel high machine sector, actively developing various overseas products, which is expected to enhance its global strategy [12]. - Profit forecasts for 2025-2027 are 590 million, 680 million, and 890 million yuan, corresponding to PE ratios of 38x, 33x, and 25x, respectively [12].

Core Viewpoint - Fulongma is a leading manufacturer of sanitation equipment in China, demonstrating strong research and development capabilities and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Fulongma achieved a revenue of 3.599 billion yuan, ranking first among 15 companies in the industry, surpassing the industry average of 926 million yuan and the median of 518 million yuan [2] - The net profit for the same period was 156 million yuan, also ranking first in the industry, exceeding the industry average of -27.6684 million yuan and the median of -7.2344 million yuan [2] Group 2: Financial Health - As of Q3 2025, Fulongma's debt-to-asset ratio was 44.15%, lower than the previous year's 44.93% and below the industry average of 55.85%, indicating good debt repayment capability [3] - The gross profit margin for Q3 2025 was 21.63%, an increase from 20.51% in the previous year, but slightly below the industry average of 22.98% [3] Group 3: Executive Compensation - Chairman Zhang Guifeng's compensation for 2024 was 1.8654 million yuan, an increase of 267,000 yuan from 2023 [4] - President Zhang Xiling's compensation for 2024 was 2.2168 million yuan, an increase of 686,200 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 33.02% to 100,000, while the average number of circulating A-shares held per account decreased by 24.82% to 4,156.3 [5] - In the first half of 2025, Fulongma reported a revenue of 2.423 billion yuan and a net profit of 93.7405 million yuan, with significant improvements in cash flow management [5] Group 5: Market Position and Future Outlook - Fulongma's market share in the sanitation equipment sector was 3.53%, ranking fifth, while its market share in new energy sanitation equipment was 8.27%, ranking third [5] - The company is actively promoting intelligent transformation in sanitation services, with approximately 40 cities implementing cleaning robots [5]

Core Viewpoint - The company reported a revenue of 2.391 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.58%, while the net profit attributable to shareholders reached 187 million yuan, an increase of 43.16% [2] Revenue and Profit Analysis - For the first three quarters of 2025, the company achieved a revenue of 2.391 billion yuan and a net profit of 187 million yuan, with a non-recurring net profit of 111 million yuan, reflecting a year-on-year growth of 14.15% [2] - In Q3 alone, the company reported a revenue of 731 million yuan, a year-on-year decline of 28.65%, while the net profit attributable to shareholders was 68 million yuan, up 44.23% [2] - Excluding the impact of the divested sanitation service business, the core business revenue for the first three quarters was 2.182 billion yuan, a year-on-year increase of 9.5%, with net profit approximately 111 million yuan, a growth of 103.8% [2] Business Segment Performance - The company's new energy equipment business is experiencing rapid growth, particularly in the mining equipment sector, which achieved a revenue of 641 million yuan in the first half of the year, a year-on-year increase of 111.25% [3] - The sanitation equipment segment generated 798 million yuan in revenue in the first half, with new energy product sales growing by 18.25% [3] - The company has strategically focused on core urban areas and key regional markets, enhancing its brand influence through partnerships with governments and sanitation operators [3] Strategic Focus and Product Development - The company has divested its sanitation service subsidiary to concentrate on new energy equipment manufacturing [3] - New products such as pure electric port tire cranes and range-extended electric fracturing vehicles are being introduced to create new growth opportunities [3] - The company is advancing product intelligence and collaborating with leading firms in the autonomous driving sector to promote commercialization [3] Profit Forecast - The company is projected to achieve revenues of 3.882 billion yuan, 4.480 billion yuan, and 5.295 billion yuan for 2025-2027, with year-on-year growth rates of 2.19%, 15.42%, and 18.19% respectively [4] - The net profit attributable to shareholders is expected to be 263 million yuan, 312 million yuan, and 373 million yuan for the same period, with growth rates of 15.72%, 18.75%, and 19.43% respectively [4] - Based on the closing price on October 30, 2025, the corresponding PE ratios are projected to be 23.46, 19.76, and 16.54, with EPS of 0.49, 0.59, and 0.70 yuan [4]