China Tianying(SZ:000035)2024-08-15 02:40Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance [6][7]. Core Insights - The company reported a revenue of 2.649 billion yuan for the first half of 2024, representing a year-over-year increase of 10.92%. The net profit attributable to shareholders reached 360 million yuan, a significant year-over-year growth of 118.93% [6]. - The company's waste incineration capacity has increased to 21,550 tons per day, with a notable rise in the gross profit margin from 36% in the first half of 2023 to 47% in the first half of 2024 [6]. - The growth in overseas environmental protection projects and equipment exports has contributed to stable profit increases, with equipment being exported to countries like Maldives, India, and France [6]. - The company is advancing its integrated wind-solar-storage-hydrogen-ammonia project, with a planned capacity of 1.8 GW and significant production targets for green hydrogen and methanol [6]. - A partnership with CRRC has been established to enhance cooperation in equipment and capital, ensuring funding sources for the company's projects [6]. - The company plans to cancel 22.994 million repurchased shares, which is expected to enhance earnings per share (EPS) [7]. - The forecast for net profit attributable to shareholders for 2024-2026 is set at 850 million, 1.258 billion, and 1.831 billion yuan, reflecting year-over-year growth rates of 152%, 48%, and 46% respectively [7]. Financial Summary - As of June 30, 2024, the company reported a net asset value per share of 4.29 yuan and a debt-to-asset ratio of 61.38% [3]. - The total revenue for 2024 is projected to reach 6.129 billion yuan, with a year-over-year growth rate of 15.1% [8]. - The expected earnings per share for 2024 is 2.39 yuan, with a price-to-earnings ratio of 13 [8].