瀚蓝环境：利润持续增长，“焚烧+”协同效益显著

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has demonstrated continuous profit growth, with a revenue of 8.73 billion yuan for the first three quarters of 2024, a year-over-year increase of 2.6%, and a net profit attributable to shareholders of 1.39 billion yuan, reflecting a year-over-year increase of 18.8% [1]. - The decline in revenue is attributed to a decrease in solid waste engineering business income, while net profit benefited from improved pricing in the natural gas business and effective cost control measures [1]. - The company has established a complete ecological environment service industry chain, with strong resource sharing and synergy effects, indicating stable development [1]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.91 billion yuan, down 4.2% year-over-year, but net profit increased by 4.7% to 500 million yuan [1]. - The comprehensive gross profit margin for the first three quarters of 2024 was 31.4%, an increase of 4.4 percentage points year-over-year, driven by improved operational efficiency and natural gas price differentials [1]. - The company reported a net cash flow from operating activities of 1.34 billion yuan, a year-over-year increase of 17.7% [1]. Business Segments - The solid waste treatment business generated revenue of 4.51 billion yuan, a decrease of 2.1% year-over-year, but net profit increased by 14.9% to 950 million yuan [1]. - The energy business reported revenue of 2.78 billion yuan, up 6.1% year-over-year, while the water supply business remained stable at 710 million yuan [1]. - The company has expanded its light asset operation business through new rainwater pipeline management contracts [1]. Future Outlook - The company is expected to achieve net profits of 1.74 billion yuan, 1.83 billion yuan, and 1.93 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 10.8, 10.2, and 9.7 [1][2].