Core Viewpoint - Yongxing Co., Ltd. achieved a net profit attributable to shareholders of 284 million yuan in Q3 2025, representing a year-on-year growth of 25.61%, aligning with expectations [1] Group 1: Financial Performance - The company continues to experience high growth, with a further increase in gross profit margin quarter-on-quarter [1] - The profit increment from waste heat utilization is estimated at approximately 80 yuan per ton of waste [1] Group 2: Strategic Developments - The company has established a steam supply agreement with several local groups, which is expected to enhance heating capacity in the second half of the year, laying a foundation for profit improvement [1] - As the only waste-to-energy enterprise in Guangzhou, the company is well-positioned to benefit from the national green development initiatives for data centers [1] Group 3: Industry Outlook - The National Development and Reform Commission's action plan emphasizes reducing PUE and increasing the share of green electricity, which aligns with the company's operational focus [1] - Guangzhou's data center planning aims for 600,000 cabinets by 2025 and 800,000 by 2027, indicating potential for accelerated collaboration with service providers and subsequent profit growth [1]
研报掘金丨华源证券：永兴股份业绩延续高增长，维持“买入”评级