惠城环保(300779)：业绩短期承压 废塑料项目值得期待

Core Viewpoint - The company experienced a short-term performance pressure in Q1 2025 due to a decline in steam business revenue and increased costs associated with new project development [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 290 million yuan, a year-over-year decrease of 4.3% [1]. - The net profit attributable to shareholders was -8.303 million yuan, reflecting a year-over-year decline of 140.4% [1]. - The gross margin decreased to 20.3%, down 3.6 percentage points year-over-year [1]. - Operating cash flow showed a significant decline, with a net cash flow of -33.466 million yuan, a year-over-year decrease of 410.6% [1]. Group 2: Project Developments - The company has initiated a mixed waste plastic deep catalytic cracking technology project, which is expected to produce high-value products and reduce CO2 emissions [2]. - The first phase of the 20,000 tons/year waste plastic resource utilization project is in the production trial preparation stage, with strategic partnerships established with several companies [2]. - The hazardous waste project has been running stably for two years, enhancing the company's revenue and profitability [2]. Group 3: Future Outlook - The company forecasts revenues of 2.12 billion yuan, 2.75 billion yuan, and 3.43 billion yuan for 2025-2027, with net profits of 250 million yuan, 500 million yuan, and 710 million yuan respectively [3]. - The company is focusing on hazardous waste recycling technology and has significant growth potential in the waste plastic and vanadium projects [3].