China Tianying(000035) 德邦证券·2024-08-15 00:30Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company is focusing on a dual-engine development strategy combining environmental protection and new energy, accelerating the construction of a new energy business ecosystem centered around wind, solar, hydrogen, and methanol [1][4] - The company reported significant growth in its financial performance, with a 10.92% year-on-year increase in revenue to 2.649 billion yuan and a 118.93% increase in net profit to 360 million yuan for the first half of 2024 [3][4] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 2.649 billion yuan, a year-on-year increase of 10.92% - The net profit attributable to shareholders was 360 million yuan, representing a year-on-year growth of 118.93% - The earnings per share (EPS) for the first half of 2024 was 0.15 yuan, up 114.29% from the same period last year [3][4] Project Development Summary - The company has 20 operational waste incineration power generation projects, with a total daily processing capacity of 21,550 tons, and has achieved a waste input volume of approximately 4.2904 million tons, a year-on-year increase of 25.98% [3] - The company is actively developing integrated projects in regions rich in wind and solar resources, including a 1.8 GW project in Heilongjiang, which includes wind and solar power generation and energy storage [4] Future Revenue and Profit Forecast - The company expects to achieve operating revenues of 8.743 billion yuan, 11.016 billion yuan, and 13.611 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 64.2%, 26%, and 23.6% [4][5] - The net profit attributable to shareholders is projected to be 815 million yuan, 1.212 billion yuan, and 1.522 billion yuan for the same years, with growth rates of 141.6%, 48.7%, and 25.6% [4][5]