英科再生：动态报告：落实“全产业链、全球化”布局的再生“艺术家”

Investment Rating - The report maintains a "Recommended" rating for the company [12][89]. Core Views - The company's overseas base layout strategy has been validated, and capacity expansion is ongoing, aligning with national carbon reduction requirements. The projected net profits for 2024-2026 are estimated at 269 million, 320 million, and 372 million yuan, corresponding to PE ratios of 18, 15, and 13 times based on the closing price on June 28 [11][89]. Summary by Sections 1. Full Industry Chain Layout - The company has established a comprehensive industry chain covering recycling, regeneration, and utilization, creating a diversified product system. It has a significant market competitiveness with approximately 100,000 tons/year of regenerated PS capacity and ongoing construction of 100,000 tons/year of regenerated PET capacity [11][35][60]. 2. Financial Performance and Forecast - The company reported a net profit of 196 million yuan in 2023, with projections of 269 million yuan in 2024, 320 million yuan in 2025, and 372 million yuan in 2026. The expected growth rates for net profit are 37.6% in 2024 and 18.8% in 2025 [5][23][89]. 3. Globalization and Supply Chain Advantages - The company has successfully implemented a "manufacturing base overseas" strategy, enhancing overall profitability. The first quarter of 2023 saw a revenue of 633 million yuan, a year-on-year increase of 22.54%, and a net profit of 72 million yuan, reflecting a significant year-on-year growth of 519.30% [31][49][55]. 4. Environmental, Social, and Governance (ESG) Performance - The company emphasizes its ESG image, having reduced carbon emissions by 3.4 million tons and saved 5.1 million tons of crude oil resources since its establishment. It has received numerous awards for its ESG efforts, showcasing its commitment to green practices [80][81][62]. 5. Market Potential - The global recycled plastic market is projected to grow significantly, with an estimated market value of 11.09 billion USD in 2023, expected to increase at a compound annual growth rate of 10.60% from 2024 to 2032 [71][88].