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 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Views - The company reported a revenue of 3.216 billion RMB for H1 2025, representing a year-over-year increase of 11.25%, and a net profit attributable to shareholders of 589 million RMB, up 20.15% year-over-year [2] - The company is actively optimizing its business structure through acquisitions and divestitures, which is expected to enhance operational efficiency and cash flow [4][3] - The report anticipates continued growth in revenue and profit, with a target price set at 19.46 RMB, reflecting a potential upside from the current market price [5] Revenue and Profit Growth - For H1 2025, the company achieved a revenue of 3.216 billion RMB, with a net profit of 589 million RMB, indicating strong growth in both revenue and profit [2] - The solid waste management segment generated 1.869 billion RMB in revenue, a year-over-year increase of 16.13% [3] - Operating cash flow for H1 2025 was 977 million RMB, up 53.91% year-over-year, indicating improved cash generation capabilities [3] Business Segmentation - The solid waste management business is the largest contributor, followed by highway operations and integrated environmental solutions [3] - The company has seen a 9% increase in electricity generated from waste and an 8% increase in heating supply, reflecting operational improvements [4] - Recent acquisitions include 100% of Dunhua Zhongneng and 85% of Aolande, aimed at enhancing the company's waste-to-energy capabilities [4] Financial Projections - The report projects net profits for 2025, 2026, and 2027 to be 1.214 billion RMB, 1.289 billion RMB, and 1.346 billion RMB respectively, with corresponding EPS of 1.89 RMB, 2.01 RMB, and 2.10 RMB [5][11] - The target price of 19.46 RMB is based on a PE ratio of 9.2 for 2025, reflecting the company's growth potential in the environmental and highway sectors [5][11]

Group 1 - The company has pre-won a sanitation service project in Hebei Province with a first-year service fee of 12.7208 million RMB, accounting for 0.25% of the company's audited revenue for 2024 [1] - The total contract amount for the project is 38.1625 million RMB, contributing positively to the company's operating performance in 2025 and beyond [1] - As of the announcement date, the company has won 26 sanitation service projects this year, with a total first-year amount of 408.8022 million RMB and a total contract amount of 1.169974 billion RMB [1][2] Group 2 - The company has an annualized contract amount of 4.066 billion RMB for the sanitation service projects it is currently executing, with a total contract amount of 33.546 billion RMB [2] - The company has established subsidiaries in Hainan, Tianjin, and Hebei, completing the necessary business registration procedures [5] - The newly established subsidiaries include Fulongma Environmental Services (Haikou Longhua) Co., Ltd., Tianjin Wuqing Longhuan Environmental Engineering Co., Ltd., and Fulongma Environmental Services (Guangping) Co., Ltd., with registered capital of 0.1 million RMB, 1 million RMB, and 1 million RMB respectively [6][7][10]

Core Viewpoint - Fulongma has announced a pre-bid win for five sanitation service projects with a total first-year service fee of 70.68 million yuan, which is expected to positively impact the company's operating performance in 2025 and beyond [1] Summary by Relevant Sections - **Project Details** - The company is set to provide sanitation services in Jiangxi Province, Hebei Province, Tianjin, Hainan Province, and Fujian Province [1] - The total first-year service fee for these projects amounts to 70.68 million yuan [1] - **Overall Performance** - As of the announcement date, the company has won a total of 25 sanitation service projects this year, with a combined first-year service fee of 396.08 million yuan [1] - The total contract value for all projects is 1.13 billion yuan [1] - **Contract Status** - The projects mentioned are not yet finalized with formal contracts, and the specific details and amounts will be subject to the final signed contracts [1]

Meeting Overview - The company held a performance and cash dividend briefing on May 23, 2025, from 16:00 to 17:00 via the Shanghai Stock Exchange's online platform, featuring interactions with investors [1][2]. Financial Performance - In 2024, the company reported a decrease in operating income, primarily due to the exclusion of the subsidiary Yueda Zhixing, resulting in a net profit attributable to shareholders of -72,663,870.68 yuan, a year-on-year improvement of 66,764,143.27 yuan [1][2]. - The first quarter of 2025 saw a decline in operating income by 11.87%, attributed to business transformation adjustments. Excluding the impact of Yueda Zhixing, operating income increased by 1.37 billion yuan, a growth rate of 25.08% [2]. Strategic Focus - The company plans to focus on core industries such as "new energy, new materials, and intelligent manufacturing." It aims to accelerate the development of photovoltaic and energy storage projects, enhance market share in lithium iron phosphate products, and promote technological upgrades in its manufacturing sectors [2][3]. Dividend Policy - The profit distribution plan for 2024 includes a cash dividend of 0.5 yuan per 10 shares, totaling 42,544,724.70 yuan. The company commits to a sustainable cash dividend policy, aiming for a total cash dividend of no less than 40% of the distributable profits in the following three years (2025-2027) [2][3]. Competitive Advantages - The company benefits from rich wind and solar resources in Yancheng, facilitating the development of multiple photovoltaic projects. It also leverages partnerships with state-owned platforms and maintains a comprehensive industrial chain from power generation to carbon management [2][3]. Business Transformation - The textile segment achieved significant growth, with sales of "four new" functional yarns increasing by 66.8% year-on-year, and green cotton sales rising by 59.9%. The company plans to eliminate low-end capacity and explore flexible production models [3].

Core Viewpoint - The company reported its annual and Q1 financial results for 2024, showing a slight increase in revenue and net profit, but overall performance was below expectations due to credit impairment losses. The company maintains a strong position in the urban services and environmental equipment sectors, with significant growth potential driven by market reforms and policy support [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 13.118 billion yuan (+3.85%) and a net profit attributable to shareholders of 514 million yuan (+3.04%), impacted by credit impairment losses of 262 million yuan [1]. - For Q1 2025, the company reported operating revenue of 3.182 billion yuan (+6.15%) and a net profit of 181 million yuan (+4.74%), meeting expectations [1]. Urban Services Sector - The urban services segment experienced robust growth, with revenue reaching 6.441 billion yuan in 2024, representing a year-over-year increase of 14.41%. The company secured new annual contracts worth 1.486 billion yuan, ranking second in the industry [1]. - As of the end of 2024, the total contract amount for operational projects was 61.285 billion yuan, with an annualized contract amount of 7.172 billion yuan and a backlog of 39.383 billion yuan, indicating a solid project reserve for sustainable development [1]. Environmental Equipment Sector - The environmental equipment sector faced short-term pressure, but sales of new energy environmental equipment grew against the trend. The company maintained its position as the industry leader, with revenue from environmental equipment at 5.187 billion yuan in 2024 (+2.01%) [2]. - The company achieved a market share of 30.5% in new energy environmental equipment, with sales of 2,691 pure electric environmental vehicles, maintaining the top position in the industry for three consecutive years [2]. Dividend Policy - The company plans to distribute a cash dividend of 1.89 yuan per 10 shares (including tax) for the 2024 fiscal year, amounting to approximately 599 million yuan in total cash dividends, with a dividend payout ratio of about 116.56% and a current dividend yield of approximately 3.3% [3]. Investment Outlook - Due to impairment risks, the company has adjusted its net profit forecasts for 2025-2026 to 759 million yuan and 880 million yuan, respectively, while introducing a new forecast of 993 million yuan for 2027. The current market capitalization corresponds to price-to-earnings ratios of 24, 21, and 18 for 2025-2027 [3]. - Given the company's strong market position in environmental equipment and services, along with evident synergy benefits, the investment rating is maintained at "overweight" [3].

4月14日，截至港股收盘，恒生指数上涨2.4%，报21417.4点。永顺控股香港（06812.HK）收报0.134港 元/股，上涨21.82%，成交量1.5万股，成交额2010港元，振幅0.0%。 最近一个月来，永顺控股香港累计跌幅45%，今年来累计跌幅12%，跑输恒生指数4.26%的涨幅。 资料显示，永顺控股香港有限公司于1983年创立之时,集团初期为一家小型企业,以提供专业环境清洁及 灭虫服务为主。集团的共同创办人以真诚的心为服务之本,以对家庭的理念来照料顾客所需,致使每一项 服务都一丝不苟、贴心仔细,这份坚持令永顺控股香港的服务愈趋完善,赢尽客户口碑。随着香港社会发 展及人们对生活质素要求的提高,永顺控股香港以想顾客所想的用心,开展关顾到方方面面的度身定制服 务,在原有的环卫服务的基础上,为顾客提供更多增值服务的选择,以提供优质舒适的工作及居住环境为己 任。凭藉三十多年的丰富经验及卓越服务,永顺控股香港已成为备受客户赞誉及业界关注的环卫服务及 虫控管理品牌,加上灵活求变的经营智慧,不断为企业带来源源不息的生命力,令永顺控股香港傲视同侪。 集团已经由从前的小型公司蜕变成今日以环卫服务、虫控管理、航空餐饮支 ...