Grandblue Environment (600323) 国泰君安·2024-10-27 17:35Investment Rating - The report maintains an "Accumulate" rating for the company [4][9]. Core Views - The company achieved a net profit of 1.385 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19% [2][9]. - The revenue for the first three quarters of 2024 was 8.731 billion yuan, a decrease of 3% year-on-year, while the net profit attributable to the parent company was 1.366 billion yuan, reflecting a growth of 20% [9]. - The report highlights improvements in the natural gas business and ongoing cost reduction measures contributing to operational efficiency [2][9]. Financial Summary - The company’s total revenue for Q3 2024 was 2.907 billion yuan, down 4% year-on-year, with a net profit of 498 million yuan, up 5% year-on-year [9]. - The solid waste business generated a net profit of 954 million yuan in the first three quarters, a 15% increase year-on-year, with an operating net profit margin of 52.71% [9]. - The energy business reported a revenue of 2.784 billion yuan, a decline of 6% year-on-year, primarily due to lower natural gas sales prices, although the price difference improved during the reporting period [9]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 1.659 billion yuan, 1.795 billion yuan, and 1.920 billion yuan respectively, with corresponding EPS of 2.03 yuan, 2.20 yuan, and 2.35 yuan [9][10]. - The target price remains at 32.75 yuan, with the current price at 23.05 yuan, indicating potential upside [4][9].