WANGNENG(002034) Tebon Securities·2024-09-01 10:31Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's waste incineration power generation projects are operating stably, and there is active promotion of price adjustments and green certificate trading [4][5] - The company reported a revenue of 1.59 billion yuan for H1 2024, a year-on-year increase of 3.25%, and a net profit attributable to shareholders of 363 million yuan, up 3.3% year-on-year [4] - The company is focusing on improving efficiency and actively pursuing price adjustments and green certificate trading [4] Financial Performance - In H1 2024, the company generated a total power generation of 1,452.93 million kWh, with an average on-grid electricity price of 0.52 yuan/kWh [4] - The revenue from the household waste project increased by 15.5% year-on-year, while the revenue from the kitchen waste project also grew by 15.2% year-on-year [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 85.9 million yuan [5] Future Projections - Revenue projections for 2024 to 2026 are 3.465 billion yuan, 3.701 billion yuan, and 3.997 billion yuan, with growth rates of 9%, 6.8%, and 8% respectively [6] - Net profit projections for the same period are 720 million yuan, 794 million yuan, and 859 million yuan, with growth rates of 19.4%, 10.2%, and 8.2% respectively [6] - The company maintains a PE ratio of 8.02X for 2024, 7.28X for 2025, and 6.72X for 2026 [6]