BGE(SH:603588) Soochow Securities·2024-08-26 14:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 7.545 billion RMB in H1 2024, representing a year-on-year increase of 68.85%, while the net profit attributable to shareholders was 416 million RMB, a decrease of 15.84% [1] - The resource utilization projects are expected to reach a turning point in H2 2024, with significant revenue contributions anticipated from the full production of the Jiangxi Xinke project [1] - The environmental operation services segment showed stable performance, with revenue of 883 million RMB in H1 2024, up 9.12% year-on-year, and a gross margin increase of 5.61 percentage points [1] - Cash flow from operating activities improved significantly, with a net cash flow of 110 million RMB in H1 2024, an increase of 108.11% year-on-year [1] - The company forecasts net profits of 929 million RMB, 1.105 billion RMB, and 1.286 billion RMB for 2024, 2025, and 2026 respectively, with growth rates of 84%, 19%, and 16% [1] Financial Summary - Total revenue is projected to grow from 10.58 billion RMB in 2023 to 14.325 billion RMB in 2024, reflecting a growth rate of 35.39% [7] - The net profit attributable to shareholders is expected to increase from 505 million RMB in 2023 to 929 million RMB in 2024, marking an 84.12% growth [7] - The company's P/E ratio is projected to decrease from 14.05 in 2023 to 7.63 in 2024, indicating improved valuation attractiveness [7] - The company’s total assets are expected to grow from 26.683 billion RMB in 2023 to 30.192 billion RMB in 2024 [7]