SYEP(SZ:300867) Xin Lang Cai Jing·2025-08-29 02:49Core Viewpoint - The company's revenue slightly declined due to a high base effect, while net profit showed robust growth driven by investment income and cost optimization [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 745 million yuan, a year-on-year decrease of 6% - The net profit attributable to shareholders reached 115 million yuan, a year-on-year increase of 12% - The revenue decline was primarily due to a one-time large income recognition from the Qianyang Phase II project in the previous year [2] - Non-operating gains significantly contributed to profit growth, with fair value changes from financial assets generating 8.37 million yuan in gains compared to a loss in the same period last year - Financial expenses decreased by 13.80% due to measures such as replacing low-interest loans, enhancing cost control - Operating cash flow remained strong, with a net amount of 281 million yuan, a year-on-year increase of 119.37% [2] Business Operations - The solid waste main business operated steadily, with a total waste received of 2.9041 million tons and electricity generation of 973 million kWh, remaining stable compared to the previous year - The company is enhancing its main business and actively expanding high-value-added services, with 7 waste-to-energy plants supplying 56,200 tons of steam and 508,600 GJ of heat [3] - The company is strategically developing a new health industry centered around taurine, with a 40,000-ton taurine raw material project set to start construction in June 2024, aiming for a leading capacity in China [3] Future Development - The company is advancing two major construction projects to build future growth engines, including the taurine project located in the Quangang Petrochemical Park, which has significant raw material cost and safety advantages - The Shengyuan Xiamen Ruiji Hotel project has completed the main structure and is expected to begin trial operations by the end of 2026, potentially becoming a new profit growth point [4] - The company is optimizing its asset structure by strategically divesting non-core businesses, having signed an agreement in February 2025 to sell four sewage treatment plants for 382 million yuan, representing a 37.29% increase over net asset value [4] Profit Forecast - The company is projected to achieve operating revenues of 1.640 billion yuan, 1.704 billion yuan, and 1.774 billion yuan for 2025-2027, with year-on-year growth rates of 3.66%, 3.92%, and 4.12% respectively - Net profits attributable to shareholders are expected to be 298 million yuan, 249 million yuan, and 280 million yuan, with growth rates of 63.87%, -16.65%, and 12.44% respectively - Based on the closing price on August 27, 2025, the corresponding PE ratios are projected to be 16.28, 19.53, and 17.37, with EPS of 1.10, 0.92, and 1.03 yuan respectively, suggesting continued attention [4]