盈峰环境（000967）：设备收入增长转为正，每股分红（DPS）上涨

Equipment Revenue GrowthTurned Positive,DPSRising Huatai Research Annual Results Review 15 May 2025│China (Mainland) Waste Management AnalystWANG WeijiaSAC No. S0570517050002SFC No. BEB090wangweijia@htsc.com+(86) 21 2897 2079 Infore Enviro releasedits annualresults, reporting 2024 revenue of RMB13,118mn(+3.85%yoy) and attributable net profit(NP)of RMB514mn (+3.04%yoy),belowourexpectationofRMB660mn,mainlyduetorecognitionofcreditimpairment/investmentlossesofRMB262/31mn,inourview.In1Q25,thecompany posted revenue of RMB3,182mn (+6.15%yoy) and attributableNPofRMB181mn (+4.74%yoy), in line with our forecast of RMB181–198mn. Infore hasdeveloped a“full range of intelligent equipment + full scenario intelligent cityservice”model, and operates under the dual-wheel drivers of“city housekeeper +sanitation integration.”Equipment revenue growth turnedpositive in 2024, andnew-energy (NE) equipment salesvolumerose 177% yoy in 1Q25. Weareoptimistic on the sustainedrevenuegrowth of NE equipment and city services.Maintain BUY. AnalystHUANG BoSACNo. S0570519090003SFC No. BQR122huangbo@htsc.com+(86) 755 8249 3570 AnalystLI YalinSAC No. S0570523050003SFC No. BTC420liyalin018092@htsc.com+(86) 10 6321 1166 Key data Sanitation/electric equipment revenue +2/+117% yoy in 2024/1Q25In 2024,sanitation equipment revenue rose 2.0% yoy to RMB5,187mn, marking the firstrallysince 2021. The share of NE equipment in total sales climbed to 22%,with NE equipment revenue growth offsetting the decline in traditional equipmentsales. The company sold2,691 pure-electric sanitation vehicles in 2024, securinga 30.5% market share and ranking No.1 in the industry for the third consecutiveyear. Salesvolume jumped117% yoyin 1Q25, lifting market share to 35%. WeexpectcontinuedgrowthinbothsalesvolumeandpenetrationrateofNEequipment, supporting sustained growth in sanitation equipment revenue. City service revenue andGPMboth improved yoyDrivenbynewlysignedprojects,cityservicerevenue rose14.41%yoytoRMB6,441mn in 2024, withGPMup 1.3pp yoy to 18.0%. Newly added annualizedcontract value reached RMB1,486mn, ranking second among industry peers, whiletotal newly signed contract value came in at RMB4,447mn. As of end-2024, thecompany’s total backlog of contractspending executionstood at RMB39,383mn,indicatingleadingcapabilities in conducting sustainable operations. Source:Wind Free cash flow up 34% yoy; DPS continued to riseIn 2024, accounts receivablereached RMB6,224mn (+6.08% yoy), net operatingcash flow came in at RMB1,162mn (-16.13%yoy), and capex was RMB806mn(-27.96%yoy),resultinginfreecashflowofRMB356mn(+34%yoy).Thecompany declared a DPS of RMB0.19 for 2024 (+46%yoy), with a payoutratio of116.6% (+37.2%yoy) and a dividend yield of 3.80% based on the closing price asof 31 December 2024. Target price of RMB6.74Considering headwinds in traditional equipment sales and more prudent quality and payment expectations in new city service orders, we lower our revenueforecasts for traditional equipment and city services. We project 2025/2026/2027EPS at RMB0.21/0.27/0.33 (2025/2026 revised down by 19/13%). Given Infore’sstrong NE equipment edge and robust 1Q25 sales, along with its DPSgrowthtrend during2021–2024,we value the stock at32.1x2025E PE, above its peers’average of21.4x on Wind consensus. Ourtarget priceisRMB6.74 (previous:RMB7.25,based on 27.9x 2025E PE). Risks: greater asset/credit impairment than we expect;disappointing sanitationequipmentsales;slowerprogressindevelopingmarket-orientedsanitationsegmentthan we expect. Source:Wind, Huatai Research Source:Wind, HuataiResearch Full financials Disclaimers Analyst CertificationI/We, WANG Weijia, HUANG Bo, LI Yalin, hereby certify that the views expressed in this report accurately reflect the personal views of the analyst(s) about the subject securities or issuers; and no part of thecompensation of the analyst(s) was, is, or willbe, directly or indirectly, related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Hold ings (Hong Kong) Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy orcompleteness of such information. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instrume