Ningbo Ligong Environment And Energy Technology Co.,Ltd
002322.SZ · SHZ
Company research
Ningbo Ligong Environment And Energy Technology Co., Ltd (002322.SZ) is a China-based high-tech enterprise founded in December 2000 and listed on the Shenzhen Stock Exchange in 2009, headquartered in Ningbo, Zhejiang Province. The company specializes in the research, development, production, sale, and servicing of online monitoring equipment for the electric power industry, operating across three major fields: smart energy, smart environmental protection, and smart water resources. Its core product and solution portfolio encompasses smart grid online monitoring systems, environmental monitoring platforms, software and information technology services — including tool software development, power grid engineering design, and cost consulting — as well as environmental governance solutions addressing heavy metal treatment, soil remediation, wastewater processing, and atmospheric desulfurization and denitrification. With over 2,000 full-time employees and 23 subsidiaries across China, the company reported annual revenues of approximately CNY 1.09 billion in 2025, cementing its position as a leading supplier of online monitoring products and services in China's power and environmental sectors.
Research reports
The report highlights that 2025 revenue grew slightly while net profit fell due to lower software margins, weaker investment income and subsidies, but operating cash flow nearly doubled to about 4 billion yuan and power instruments delivered double‑digit revenue growth with margins above 60%. It forecasts a recovery in software margins once major quota releases normalize, continued expansion of high‑value transformer monitoring products, and 2026–2028 net profit growth of roughly 20–25% per year, while flagging risks from softer grid investment, slower ultra‑high‑voltage approvals and weaker non‑grid business growth.
华源证券股份有限公司 · August 25, 2025理工能科(002322.SZ)——软件周期性波动致业绩下滑下半年有望重回增长This half‑year report attributes the 22.9% decline in H1 2025 net profit mainly to cyclical weakness in the power‑software segment after a strong 2024 base, noting that software revenue fell mid‑single‑digits while margins remained very high, and that power intelligent instruments revenue jumped over 60% with solid margins above 58%. It emphasizes stabilizing and rebounding environmental O&M revenues, a sharp drop in environmental instruments, a very high interim cash‑dividend payout ratio of about 90%, and forecasts 2025–2027 net profit CAGR in the high‑teens with a maintained “buy” rating, subject to risks from grid investment intensity, ultra‑high‑voltage project approvals and slower growth in off‑grid businesses.