研报掘金丨国盛证券：维持瀚蓝环境“买入”评级，粤丰并购&降本增效共促高质量发展

Core Viewpoint - Hanlan Environment achieved a net profit attributable to shareholders of 1.6 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.9% [1] - The company reported a single-quarter net profit of 640 million yuan in Q3 2025, with a year-on-year growth of 28.1% [1] Financial Performance - The rapid growth in performance is primarily attributed to the consolidation of Yuefeng Environmental, contributing approximately 820 million yuan [1] - Improvement in accounts receivable collection plans, supported by relevant government initiatives, has led to better collection rates compared to the same period last year [1] - Recovery of renewable energy subsidies has also shown year-on-year improvement [1] Business Strategy - The company focuses on solid waste management as its core business while advancing across multiple sectors [1] - Hanlan Environment has established a complete ecological environment service industry chain, demonstrating strong resource sharing and synergy effects [1] - The company is expected to achieve net profits of 2.01 billion, 2.23 billion, and 2.44 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 11.6, 10.4, and 9.5 times [1]