Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.977 billion yuan, a year-on-year increase of 6.20%, while the net profit attributable to shareholders was 143 million yuan, down 4.11% year-on-year. In Q3 2024, the revenue was 672 million yuan, a decrease of 5.58% year-on-year, and the net profit was 32 million yuan, down 48.07% year-on-year [1]. - The gross margin slightly declined to 26.20% in Q3 2024, with net profit margin fluctuating to 4.38%, a decrease of 4.72 percentage points year-on-year. Operating cash flow improved significantly, with a net cash flow from operating activities of 80 million yuan in Q3 2024, turning positive compared to the same period last year [1]. - The company has strong core competitiveness across various segments, leveraging production technology, customer resources, and overseas sales experience. It emphasizes innovation and energy-saving technologies in its data services segment, while also expanding its industrial and special segments in line with national development plans [2]. Financial Summary - The company is projected to achieve net profits of 169 million yuan, 212 million yuan, and 257 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 60.9%, 25.8%, and 20.9% [2]. - Financial indicators show that total revenue is expected to grow from 2.712 billion yuan in 2024 to 4.068 billion yuan in 2026, with corresponding growth rates of 8.0%, 25.0%, and 20.0% [3][11]. - The latest diluted EPS is projected to be 0.63 yuan in 2024, increasing to 0.97 yuan by 2026, with a P/E ratio of 38.9 in 2024, decreasing to 25.6 by 2026 [3][11].
申菱环境：盈利能力短期承压，现金流明显改善