Core Viewpoint - In 2024, the company reported its first annual loss since its listing, with a net profit of -56.55 million yuan, attributed to industry adjustments, new capacity investments, and increased expenses [2][5] Financial Performance - Revenue for 2024 was 278 million yuan, a decrease of 20.92% year-on-year [2][12] - The net profit attributable to shareholders was -56.55 million yuan, marking a 309.69% decline compared to the previous year [12] - The company recorded asset impairment losses totaling 34.84 million yuan, with 27.26 million yuan related to accounts receivable [2] Business Operations - The company plans to enhance its cash flow by pursuing legal actions to expedite receivables collection, with accounts receivable amounting to 211 million yuan as of the end of Q1 [2] - The company’s main business includes the production and sale of biological feed products and inorganic solid waste treatment services [2] Strategic Initiatives - The company aims to develop synthetic biology as its third growth curve, focusing on early-stage quality projects through cautious investments [2][7] - The company has rebranded from "Lude Environmental Technology Co., Ltd." to "Lude Biological Environmental Technology Co., Ltd." to reflect its business transformation [5] Market Position and Future Outlook - The biological fermentation feed business generated 217 million yuan in revenue, accounting for 78.11% of total revenue, an increase of 31.80 percentage points from 2022 [5] - The company has expanded its production capacity from one factory to five, with a total capacity of 470,000 tons per year, and plans to increase it to 1 million tons [6][7] - The company expects stable growth in revenue and net profit for 2025, driven by the synthetic biology sector, particularly in beauty and functional food applications [7]

值得注意的是，2024年，其在研项目合成生物学技术改造乳酸克鲁维酵母发酵酒糟废弃物生产γ-氨基丁 酸（GABA）取得较大进展，公司研发团队成功完成200L规模发酵中试，技术水平跻身国内先进行 列，并发表了两篇SCI论文。 扫码进 合成生物学交流群 备注：姓名+公司+职位 以合成生物学为底层技术，全面打通生物制造技术链条 公开资料显示，路德环境成立于2006年， 以生物技术、合成生物学为底层技术 ，以食品酿造副产物为 培养基，以细胞工厂为制备方式，通过可持续的生物制造技术，研制出富含氨基酸、消化酶、寡糖、有 机酸、小肽、活性肽等功能成分的微生物酵母培养物、酵肽营养剂等生物饲料原料产品。 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作合成生物相关领域介绍，本 文不构成任何投资建议！转载请注明来源！ 近期，专注食品酿造副产物资源化开发利用的科创板上市企业—— 路德环境 在投资者关系活动上表 示，2025年，公司将 继续以 合成生物学 为核心技术驱动 ，深度挖掘酿造副产物的生物学价值， 研发 将不断拓展至食品原料、 生物基材料 、化妆品原料等应用场景 ，为公司未来发展构建 ...

风险提示：项目进展不及预期；行业竞争加剧；政策转向风险；应收账款风险。 核心观点： 公司营收下滑主要系无机固废业务收缩，亏损受饲料毛利率下降及费用增加影响，经营性现金流大幅改 善。2024 年，公司实现营业收入2.78 亿元，同比下降，主要系公司为规避垫资和坏账风险，主动收缩 了无机固废处理服务业务，而生物发酵饲料业务收入实现2.17 亿元，同比增长10.19%。归母净利 润-0.57 亿元，扣非后归母净利润-0.60 亿元，主要原因系：1）受下游畜牧行业调整及大宗饲料原料 （如豆粕）价格下跌影响，公司生物饲料产品价格下调，同时前期高价酒糟原料库存导致成本未同步下 降，毛利率下滑；2）新产能投建导致费用增加；3）无机固废业务回款延长，计提信用减值损失增加 715.34 万元。经营活动产生的现金流量净额为0.53 亿元，同比增长379%，主要系收入结构优化及应收 账款催收取得一定成效。2025 年一季度，公司实现营业收入0.63 亿元，归母净利润0.01 亿元，同比下 滑幅度较2024 年好转。 生物发酵饲料业务销量逆势增长，新产能逐步投放。分业务看，白酒糟生物发酵饲料业务实现收入2.17 亿元，同比增长10% ...

证券研究报告·公司点评报告·环境治理 路德环境（688156） 2024 年报&2025 一季报点评：生物发酵饲料 销量稳步增长，现金流大幅改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 351.08 | 277.62 | 423.67 | 587.88 | 811.75 | | 同比（%） | 2.63 | (20.92) | 52.61 | 38.76 | 38.08 | | 归母净利润（百万元） | 26.97 | (56.55) | 17.32 | 35.28 | 74.50 | | 同比（%） | 4.02 | (309.69) | 130.62 | 103.71 | 111.17 | | EPS-最新摊薄（元/股） | 0.27 | (0.56) | 0.17 | 0.35 | 0.74 | | P/E（现价&最新摊薄） | 57.70 | (27.52) | 89.85 | 44.11 | 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights steady growth in sales of bio-fermented feed and significant improvement in cash flow [1] - The company is focusing on expanding its bio-fermented feed business, which now accounts for 78% of its revenue, while actively reducing its environmental engineering business [7] - The report anticipates a gradual increase in production capacity, with a projected annual capacity of 700,000 tons for bio-fermented feed by the end of 2024 [7] Financial Summary - Total revenue for 2024 is projected at 2.78 billion yuan, a decrease of 20.92% year-on-year, with a net profit attributable to shareholders of -0.57 billion yuan, down 309.69% [7] - The gross margin for the bio-fermented feed segment is expected to be 21.93%, reflecting a decrease of 14.32 percentage points [7] - The company’s operating cash flow is expected to increase significantly, with a net operating cash flow of 0.53 billion yuan in 2024, up 379.41% [7] - The report forecasts a net profit of 0.17 billion yuan for 2025 and 0.35 billion yuan for 2026, with a long-term net profit projection of 0.74 billion yuan for 2027 [1][8] Business Performance - The revenue from the distiller's grains feed segment is projected to be 2.17 billion yuan in 2024, representing a year-on-year increase of 10.19% [7] - The company’s sales volume for distiller's grains bio-fermented feed is expected to reach 11.26 million tons in 2024, an increase of 20.75% [7] - The average selling price for this segment is projected to be 1,926 yuan per ton, down 8.74% year-on-year [7] Market Data - The closing price of the company's stock is 14.39 yuan, with a market capitalization of 1,449.28 million yuan [5] - The price-to-earnings ratio (P/E) is projected to be 89.85 for 2025 and 44.11 for 2026 [1][8] Asset and Liability Overview - The company’s total assets are projected to be 1,725 million yuan in 2024, with total liabilities of 853 million yuan [8] - The debt-to-asset ratio is expected to be 49.41% in 2024, indicating a moderate level of leverage [8] Future Outlook - The report emphasizes the strategic importance of the company's bio-fermented feed products in ensuring food security, as they can partially replace soybean meal and corn [7] - The company is positioned as an industry leader with expanding production capacity, which is expected to enhance long-term profitability [1][7]