伟明环保(603568)：营收、净利润均双位数增长 新能源材料项目产能释放可期

Core Viewpoint - The company reported a significant increase in net profit exceeding 30%, indicating stable core business operations and improved gross margins [2] Financial Performance - In 2024, the company achieved operating revenue of 7.171 billion yuan, a year-on-year increase of 19% - The net profit attributable to shareholders reached 2.704 billion yuan, up 32% year-on-year - The non-recurring net profit was 2.619 billion yuan, also showing double-digit growth year-on-year [2] - Operating cash flow improved, reaching 2.430 billion yuan, a 5% increase year-on-year [2] Business Segments - Project operations generated revenue of 3.370 billion yuan, a 10% increase year-on-year, with a gross margin improvement of 0.14 percentage points to 59.48% - Equipment, EPC, and services generated revenue of 3.759 billion yuan, a 29% increase year-on-year, with a gross margin increase of 9.74 percentage points to 44.46% [2] Project Developments - The company progressively launched waste incineration and kitchen waste projects, with 55 waste incineration projects in operation by the end of the reporting period, totaling an operational scale of approximately 3.73 thousand tons per day [3] - In 2024, the company processed 12.5438 million tons of household waste and 494.6 thousand tons of kitchen waste, with several new projects entering formal operation [3] - The company actively participated in green certificate trading, achieving a total of approximately 4.92 million green certificates issued by the end of 2024 [3] Equipment and New Materials - The equipment business had a robust order backlog, with new orders totaling approximately 3.17 billion yuan in 2024 [4] - The new materials project is progressing well, with the first production line for high-nickel materials entering trial production [4] Profit Forecast - The company is expected to achieve operating revenues of 11.669 billion yuan, 16.505 billion yuan, and 18.282 billion yuan for 2025-2027, representing year-on-year growth rates of 62.72%, 41.45%, and 10.76% respectively [4] - The net profit attributable to shareholders is projected to be 3.220 billion yuan, 3.777 billion yuan, and 4.103 billion yuan for the same period, with growth rates of 19.08%, 17.31%, and 8.63% respectively [4]