瀚蓝环境2024H1业绩点评：收入结构持续好转，期待并购粤丰增厚EPS

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.824 billion yuan for the first half of 2024, a year-on-year decrease of 1.74%, while the net profit attributable to shareholders was 887 million yuan, a year-on-year increase of approximately 28.59% [4][5]. - The decline in revenue is attributed to the gradual commissioning of construction projects, while the profit increase is mainly due to the recognition of electricity revenue from the Jining project, impacting approximately 120 million yuan from November 2020 to June 2024 [4][5]. - The company has announced the acquisition of a controlling stake in Yuefeng Environmental, which, if completed, will result in the company holding 52.4% of Yuefeng Environmental's shares and is expected to increase the net profit attributable to shareholders by approximately 389 million yuan after considering financial expenses [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.109 billion yuan, a year-on-year decrease of 0.54%, with a net profit of 506 million yuan, a year-on-year increase of 33.29% [4]. - The solid waste treatment business generated a revenue of 3.051 billion yuan, a year-on-year decrease of 1.65%, while net profit increased by 12.88% to 581 million yuan [4]. - The energy business reported a revenue of 1.852 billion yuan, a year-on-year decrease of 4.28%, but net profit increased by approximately 570 million yuan [4]. Business Segments - The solid waste treatment segment's revenue from household waste incineration increased by 15.52% to 1.807 billion yuan, primarily due to the recognition of electricity revenue from the Jining project [4]. - The engineering and equipment segment saw a significant decline in revenue, down 59.01% to 258 million yuan, with net profit dropping 91.55% to 4 million yuan [4]. - The water supply business achieved a revenue of 448 million yuan, a year-on-year increase of 1.64%, while the drainage business revenue increased by 9.40% to 334 million yuan [4]. Acquisition and Future Outlook - The acquisition of Yuefeng Environmental is expected to enhance the company's earnings per share (EPS) and create synergies in cost reduction [5]. - The company has a total order scale of 35,750 tons/day for waste incineration projects, with 29,800 tons/day already in operation [5]. - The projected net profits for 2024-2026 are estimated to be 1.69 billion yuan, 2.18 billion yuan, and 2.32 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.3x, 8.0x, and 7.5x [5].