WEIMING(603568) 国盛证券·2024-10-28 00:10Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has shown significant overall revenue growth, with a revenue of 6.05 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 30.8%, and a net profit attributable to shareholders of 2.11 billion yuan, up 34.4% year-on-year [1] - The growth in revenue is attributed to strong operational performance, increased income from equipment, EPC, and service businesses, as well as project operations [1] - The company is expected to see further profit growth from its new energy materials projects, which are set to release capacity soon [1] Financial Performance Summary - For the first three quarters of 2024, the gross margin was 47.6%, an increase of 0.5 percentage points year-on-year, and the net profit margin was 34.9%, up 0.9 percentage points [1] - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 1.82 billion yuan, a year-on-year increase of 31.7% [1] - The company’s equipment manufacturing segment saw a substantial increase in new orders, totaling approximately 1.48 billion yuan, a year-on-year increase of 74.6% [1][2] Future Projections - The company is projected to achieve net profits of 2.81 billion yuan, 3.56 billion yuan, and 4.27 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.65 yuan, 2.09 yuan, and 2.51 yuan [2][3] - The expected P/E ratios for the same years are 12.9X, 10.2X, and 8.5X, indicating a favorable valuation outlook [1][2] Market Position - The company is recognized as a leading player in the private waste incineration sector, with a robust project pipeline supporting its growth [1] - The company has made significant progress in green certificate trading, enhancing its profitability [1]