丨证券研究报告丨 公司研究丨点评报告丨宇通重工（600817.SH） [Table_Title] 宇通重工 2025H1 点评：环卫装备主业稳定增 长，环卫傲蓝德控股权完成转让 报告要点 [Table_Summary] 宇通重工 2025 上半年实现营业收入 16.60 亿元，同比增长 12.07%，归母净利润 1.19 亿元， 同比增长 42.54%，扣非归母净利润 0.70 亿元，同比增长 5.30%。新能源环卫装备销量带动装 备业务收入增长；挂牌出售环卫服务业务的投资收益，对当期业绩影响较大，剔除该因素，归 母净利润同比增 27.16%；整车业务经营质量向好，竞争加剧毛利率下行明显，长期看好公司 竞争优势带动业绩回暖增长。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 徐科 任楠 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research. ...

证券研究报告 福龙马 (603686 CH) 有望受益于环卫电动化和智能化 基本数据 目标价(人民币): 22.46 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 SAC No. S0570519090003 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 | 目标价 (人民币) | 22.46 | | --- | --- | | 收盘价 (人民币 截至 8 月 22 日) | 19.26 | | 市值 (人民币百万) | 8,001 | | 6 个月平均日成交额 (人民币百万) | 701.89 | | 52 周价格范围 (人民币) | 7.22-19.71 | | BVPS (人民币) | 8.12 ...

证券研究报告 盈峰环境 (000967 CH) 服务和装备齐增，海外与高机亮眼 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 SAC No. S0570519090003 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 基本数据 | 目标价 (人民币) | 9.18 | | --- | --- | | 收盘价 (人民币 截至 8 月 22 日) | 7.52 | | 市值 (人民币百万) | 23,815 | | 6 个月平均日成交额 (人民币百万) | 420.99 | | 52 周价格范围 (人民币) | 3.76-7.66 | | BVPS (人民币) | 5.46 | 股价走势图 (9) 15 ...

丨证券研究报告丨 公司研究丨点评报告丨盈峰环境（000967.SZ） [Table_Title] 盈峰环境 2025H1 点评：环卫装备市占率持续提 升，国际化业务初显成效 报告要点 [Table_Summary] 盈峰环境 2025 上半年实现营业收入 64.63 亿元，同比增长 3.69%，归母净利润 3.82 亿元，同 比增长 0.43%；2025 年 Q2 单季度实现营业收入 32.81 亿元，同比增长 1.41%，归母净利润 2.02 亿元，同比下滑 3.14%。收入利润维持稳定，新能源装备市占率进一步提升。毛利率仍承 压下滑，期间费用率有所下降。新业务布局初显成效，海外订单增长迅速打开长期空间。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary2] 事件描 ...

8月8日早盘交易时段，该股曾出现快速反弹，在5分钟内涨幅超过2%，最高触及17.87元。当日主力资 金净流出7347.3万元，近五个交易日累计净流出1.15亿元。 风险提示：股市有风险，投资需谨慎。 截至2025年8月8日15时，福龙马股价报17.43元，较前一交易日下跌1.02%。当日开盘价为17.50元，最 高触及18.20元，最低下探至17.33元，全天振幅达4.94%。成交量为39.72万手，成交金额7亿元，换手率 为9.56%。 福龙马主营业务涵盖环卫装备制造、环卫服务运营及垃圾分类等领域。公司产品包括环卫清洁装备、垃 圾收转装备、新能源环卫装备等，同时提供城乡环境卫生系统规划设计等服务。 ...

Summary of Earnings Call for Yingfeng Environment Company Overview - Yingfeng Environment reported total revenue of 13.1 billion RMB for 2024, with sanitation equipment and services accounting for over 85% of revenue, specifically 5.187 billion and 6.4 billion RMB respectively, with an additional 1.5 billion RMB from wind turbine and solid waste businesses [2][4][23] - The company has a strong market presence in the sanitation equipment sector, with a market share close to 20%, and over 30% for mid-to-high-end products, and 40% for high-end products [2][6] Industry Insights - The sanitation equipment industry is showing signs of recovery, with a 6.7% year-on-year increase in the number of sanitation equipment insured in the first half of 2025, marking the first positive growth since 2021 [2][5] - The public budget for energy-saving and environmental protection spending increased by approximately 6% year-on-year in the first half of 2025, providing support for the sanitation equipment market [2][7] Financial Performance and Projections - Yingfeng Environment's revenue elasticity is projected at 18.3%, 10.5%, and 10.0% for 2025-2027, with corresponding profits of approximately 680 million, 810 million, and 940 million RMB [2][21] - The company expects a significant reduction in goodwill impairment in 2025 due to industry recovery, with an anticipated net profit of around 700 million RMB [21][23] New Energy Equipment Development - Sales of new energy sanitation equipment reached 6,382 units in the first half of 2025, a 95.9% increase year-on-year, with a penetration rate of 16.1% [2][11] - The government has implemented policies to promote new energy sanitation vehicles, aiming for significant electrification in public sector vehicles by 2025 and near-total replacement by 2035 [12][15] Competitive Advantages - Yingfeng Environment maintains a strong competitive edge through effective cost control, with gross margins above industry averages, historically maintaining over 30% gross margin and 15% net margin during stable government spending periods [6][17] - The company is actively developing autonomous sanitation equipment and humanoid robots, with a stable cash flow and approximately 5 billion RMB in cash reserves, indicating long-term investment potential [2][22][23] Market Trends and Challenges - The sanitation service market has seen significant growth, with revenues increasing from 1 billion to over 6 billion RMB from 2019 to 2024, although future growth may slow due to market saturation [18][20] - The transition to new energy vehicles is expected to continue, with the industry projected to maintain high growth rates over the next two to three years [14][15] Conclusion - Yingfeng Environment is well-positioned for future growth with a solid financial foundation, innovative product development, and a favorable market environment for sanitation and new energy equipment [23]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11] Core Insights - The environmental protection industry is experiencing a recovery in market conditions, with a notable increase in sales of sanitation equipment, particularly in the new energy segment, which saw a year-on-year growth of 81.9% in the first four months of 2025 [2][6][22] - The penetration rate of new energy sanitation equipment has risen to 14.7%, driven by declining battery costs and supportive government policies [6][26] - Major companies in the industry, such as Yingfeng Environment and Yutong Heavy Industries, are accelerating their electrification and intelligent transformation efforts [2][9] Summary by Sections Industry Overview - In Q1 2025, national spending on energy conservation and environmental protection reached 130.2 billion yuan, a year-on-year increase of 6.5% [16] - The sales volume of sanitation equipment in 2024 decreased by 8.1% due to local fiscal pressures, but showed signs of recovery with a 4.0% year-on-year increase in the first four months of 2025 [6][22] New Energy Equipment Growth - New energy sanitation equipment sales reached 3,782 units in the first four months of 2025, marking an 81.9% increase compared to the previous year [6][26] - The economic viability of new energy sanitation equipment is becoming evident, with many applications nearing cost parity, which is expected to drive rapid sales growth [28][29] Market Dynamics - The market concentration for sanitation equipment remains high, with the top 10 companies holding a 54.5% market share as of early 2025 [7][31] - Yingfeng Environment leads the market with a 14.7% share, while its new energy equipment market share stands at 32% [7][34] Technological Advancements - The industry is witnessing a shift towards automation and robotics, with companies exploring humanoid sanitation robots to enhance operational efficiency [40][49] - The introduction of autonomous driving technology in sanitation services is gaining traction, addressing labor shortages and operational costs [40][41] Policy Support - The second batch of electric vehicle pilot programs in public sectors has been launched in 10 second- and third-tier cities, aiming to add over 250,000 new energy vehicles [8][39] - The ongoing push for electrification in public service vehicles is expected to significantly boost the demand for new energy sanitation equipment [39] Investment Opportunities - Yingfeng Environment and Yutong Heavy Industries are highlighted as key investment opportunities due to their leading market positions and growth potential in the new energy segment [9][51]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8]. Core Views - In 2024, the company achieved an operating income of 13.12 billion yuan, a year-on-year increase of 3.85%, and a net profit attributable to the parent company of 510 million yuan, up 3.04% year-on-year. For Q1 2025, the company reported an operating income of 3.18 billion yuan, a year-on-year increase of 6.15%, and a net profit of 180 million yuan, up 4.74% year-on-year. Both service and equipment segments experienced growth, with the market share of new energy equipment further increasing [2][6][10]. - The gross profit margin remains under pressure, showing a slight decline, while the expense ratio has decreased. The comprehensive gross profit margin for 2024 was 21.77%, down 1.07 percentage points year-on-year. The gross profit margin for the sanitation equipment business decreased by 1.77 percentage points to 25.87%, while the sanitation service business saw an increase of 1.35 percentage points to 18.03% [10][10]. - The company expects continued growth in sanitation services and an increase in new energy sanitation equipment sales to drive performance improvements. The penetration rate of new energy sanitation equipment reached approximately 14.9% in 2024, with significant growth potential in the future [10][10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 13.12 billion yuan and a net profit of 510 million yuan. For Q1 2025, revenue was 3.18 billion yuan with a net profit of 180 million yuan. The sanitation service revenue grew by 14.41% year-on-year, while sanitation equipment revenue increased by 2.01% [2][6][10]. Market Position - The market share of new energy equipment reached 35% in Q1 2025, with sales increasing by 117% year-on-year. The company holds a leading position in the sanitation equipment market, with a market share of 30.5% for pure electric sanitation vehicles [2][10]. Profitability and Expenses - The comprehensive gross profit margin for 2024 was 21.77%, with a slight decline attributed to changes in revenue structure. The expense ratio for 2024 was 14.37%, down 0.99 percentage points year-on-year, indicating improved cost management [10][10]. Future Outlook - The company anticipates net profits of 690 million yuan, 810 million yuan, and 1.06 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 27x, 23x, and 17x [10][10].

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Views - The company is expected to achieve operating revenue of 3.8 billion yuan in 2024, representing a year-on-year growth of 30.67%, with a net profit attributable to shareholders of 230 million yuan, up 3.97% year-on-year [2][6] - The sales volume of sanitation equipment is projected to be 3,221 units in 2024, reflecting a year-on-year increase of 17.2%, significantly higher than the industry growth rate [2][12] - The sales of new energy sanitation equipment are expected to grow by 77.4% year-on-year in 2024, indicating strong competitiveness in this segment [12] Summary by Sections Revenue and Profitability - The company anticipates a total revenue of 3.8 billion yuan in 2024, with a net profit of 230 million yuan and a non-recurring net profit of 170 million yuan, showing respective year-on-year growths of 3.97% and 22.71% [2][6] - In Q4 2024, the company achieved revenue of 1.293 billion yuan, a year-on-year increase of 44.77%, with a net profit of 96 million yuan, up 3.01% [6] Sales Performance - The sanitation equipment industry is expected to see a decline in sales volume by 8.7% in 2024, while the company’s sales volume of sanitation equipment is projected to grow by 17.2% [12] - The revenue from sanitation equipment is expected to reach 1.543 billion yuan in 2024, marking a year-on-year increase of 28.92% [12] Cost Management and Cash Flow - The company has successfully reduced its expense ratio by 3.85 percentage points in 2024, indicating effective cost management [12] - Operating cash flow is expected to improve significantly, with a net cash flow from operating activities of 572 million yuan in 2024, compared to 36 million yuan in 2023 [12] Long-term Outlook - The company is viewed positively for its competitive advantages, including integrated manufacturing capabilities and strong cost control, which are expected to drive performance recovery in the long term [12] - The penetration rate of new energy sanitation equipment is currently around 13.4%, suggesting significant growth potential as policies for electrification in public vehicles are implemented [12]