惠城环保(300779)：利润短期承压 废塑料项目发力在即

Core Viewpoint - The company faces short-term profit pressure in 2024, with a significant decline in net profit due to intense competition and rising operational costs [1][2]. Financial Performance - The company reported a revenue of 1.15 billion, a year-over-year increase of 7.3%, while the net profit attributable to shareholders was 40 million, reflecting a year-over-year decrease of 69.24% [1]. - In Q4, the company achieved a revenue of 290 million, showing a slight year-over-year decrease of 0.11%, and a net profit of -839,000, indicating a year-over-year decline of 137.5% [1]. - The overall gross margin decreased by 7.5 percentage points to 24.7%, with specific segments showing varied performance: resource utilization products at 24.8% (down 5.0 percentage points), hazardous waste treatment services at 23.5% (down 10.4 percentage points), and three waste governance services at 33.6% (up 1.8 percentage points) [2]. - The net cash flow from operating activities was 160 million, a year-over-year decrease of 40.0%, primarily due to increased cash payments for goods and services [2]. - The company's expenses increased, with sales, management, and financial expense ratios at 3.0%, 10.7%, and 5.3%, respectively, reflecting increases of 0.5, 2.5, and 0.5 percentage points year-over-year [2]. Strategic Initiatives - The company is committed to technological innovation, having launched a mixed waste plastic deep catalytic cracking technology (CPDCC) that converts mixed waste plastics into high-value products [3]. - A demonstration project for resource utilization of 200,000 tons/year of mixed waste plastics is under construction in Guangdong Province, expected to significantly reduce CO2 emissions from plastic production and incineration [3]. - The company has established strategic partnerships with several firms, which may contribute to its growth trajectory [3]. - The hazardous waste projects are operating steadily, and the vanadium extraction project is anticipated to provide new growth opportunities, with plans for a 1,000 tons/year production facility and two additional 4,500 tons/year facilities [3]. Investment Outlook - The company is projected to achieve revenues of 2.12 billion, 2.75 billion, and 3.43 billion in 2025, 2026, and 2027, respectively, with net profits of 250 million, 500 million, and 710 million, corresponding to price-to-earnings ratios of 113.5, 55.8, and 39.8 [4].