BGT(300774) Tianfeng Securities·2024-10-22 01:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within six months [6]. Core Views - The company has won a significant project in Kashgar, valued at 1.074 billion yuan, which is expected to enhance its operational contributions after the construction phase [1]. - The company has a strong reputation and brand image in the environmental engineering sector, with a total of 25 ongoing projects worth 889 million yuan, indicating a robust order pipeline [2]. - The lithium extraction from salt lakes has shown promising advancements, positioning the company for a potential second growth curve [3]. - The company has been deeply involved in water treatment and high-salinity water resource utilization for 20 years, aligning well with national water conservation policies that aim for a trillion yuan industry scale by 2027 [4]. Financial Summary - The company forecasts a net profit attributable to shareholders of 160.24 million yuan, 202.33 million yuan, and 254.76 million yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 54.03%, 26.27%, and 25.91% [4][5]. - The diluted EPS is projected to be 0.39 yuan, 0.49 yuan, and 0.62 yuan for the same years, with corresponding P/E ratios of 23.49, 18.61, and 14.78 [4][5]. - The company reported a revenue of 653.08 million yuan in 2023, with a forecasted increase to 957.65 million yuan in 2024, representing a growth rate of 46.64% [5][8].