盈峰环境2023A&2024Q1点评：综合毛利率持续改善，期待新能源装备放量

Investment Rating - The report maintains a "Buy" rating for 盈峰环境 (000967 SZ) [20] Core Views - 盈峰环境 achieved revenue of 12 631 billion yuan in 2023, a year-on-year increase of 3 06%, with net profit attributable to the parent company of 498 million yuan, up 19 00% year-on-year [1] - In Q1 2024, the company achieved revenue of 2 998 billion yuan, a year-on-year increase of 12 23%, with net profit attributable to the parent company of 172 million yuan, up 10 31% year-on-year [1] - The company's comprehensive gross margin in 2023 was 22 84%, up 0 10pct year-on-year, while the period expense ratio increased by 0 55pct to 15 36% [1] - The report expects the company's net profit attributable to the parent company to reach 695 million yuan, 811 million yuan, and 932 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 24x, 20x, and 18x [20] Business Performance - The sanitation equipment business revenue in 2023 was 5 085 billion yuan, down 16 42% year-on-year, mainly due to a 15 68% decline in sales volume to 14,903 units [8] - The sanitation services business revenue in 2023 was 5 630 billion yuan, up 35 38% year-on-year, driven by new service contracts [8] - The company's new annualized service contract amount in 2023 was 1 553 billion yuan, ranking second in the industry, with a total of 263 urban service projects in operation by the end of 2023 [8] Financial Metrics - The company's gross margin for sanitation equipment business increased by 1 79pct to 27 71%, while the gross margin for sanitation services business increased by 1 23pct to 16 68% [8] - The company's cash collection ratio in 2023 was 98 60%, up 0 85pct year-on-year, but decreased to 85 80% in Q1 2024 [8] - The report forecasts the company's EPS to be 0 22 yuan, 0 25 yuan, and 0 29 yuan in 2024, 2025, and 2026, respectively [24] Industry Outlook - The penetration rate of new energy sanitation equipment in 2023 was only 8 4%, indicating significant growth potential in the future [7] - The report expects the company's performance to be driven by the continuous advancement of sanitation services and the growth of new energy sanitation equipment [1]