军信股份(301109)：2024年全年及2025年一季度业绩持续增长 收购湖南优质资产

Core Viewpoint - The company's performance shows steady progress with an improvement in operating cash flow. In 2024, the company achieved operating revenue of 2.431 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 536 million yuan, a year-on-year increase of 4% [3] Financial Performance - In 2024, the company reported operating revenue of 2.431 billion yuan, with a net profit of 536 million yuan and a non-recurring net profit of 500 million yuan, all showing positive year-on-year growth [3] - For Q1 2025, the company achieved operating revenue of 767 million yuan, a year-on-year increase of 54%, and a net profit attributable to shareholders of 173 million yuan, a year-on-year increase of 39% [2][3] Business Segmentation - Revenue from waste incineration power generation was 607 million yuan, a year-on-year decrease of 5%, with a gross margin decline of 0.13 percentage points to 64.68% [3] - Revenue from waste incineration and sludge co-treatment was 555 million yuan, a year-on-year increase of 2%, with a gross margin increase of 3.14 percentage points to 72.57% [3] - Revenue from construction period services was 840 million yuan, a year-on-year increase of 145% [3] Market Position and Expansion - The company holds the largest market share in waste incineration power generation in Hunan Province, with a market share of 46.31% in 2023 [4] - The company is expanding its operations both domestically and internationally, with new projects in Hunan and agreements in Kyrgyzstan for waste incineration projects [4] Acquisition and Business Diversification - The company acquired a 63% stake in Renhe Environment, which became a subsidiary, enhancing its capabilities in kitchen waste and waste transfer services [5] - In 2023, Renhe Environment reported operating revenue of 1.027 billion yuan and a net profit of 497 million yuan [5] Profit Forecast - The company is expected to achieve operating revenues of 3.214 billion yuan, 3.315 billion yuan, and 3.421 billion yuan for 2025-2027, with year-on-year growth rates of 32.23%, 3.15%, and 3.20% respectively [5] - Net profits are projected to be 769 million yuan, 813 million yuan, and 861 million yuan for the same period, with growth rates of 43.37%, 5.69%, and 5.92% respectively [5]