Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company is rapidly developing its environmental protection main business while actively transitioning into photovoltaic operations and hydrogen energy sectors [2][3]. - The projected net profits for 2024-2026 are 414 million, 497 million, and 593 million yuan, respectively, corresponding to EPS of 0.67, 0.81, and 0.97 yuan [3]. - The target price has been raised to 16.20 yuan based on a 20x PE for 2025 [3]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.226 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 187 million yuan, up 8% year-on-year [3]. - In Q3 2024, the company reported revenue of 417 million yuan, a year-on-year decline of 23%, and a net profit of 67.33 million yuan, down 27% year-on-year [3]. - The gross margin improved to 33.98%, an increase of 3.33 percentage points year-on-year, while the net profit margin improved by 0.40 percentage points to 15.32% [3]. Market Expansion and Projects - The company signed an investment agreement in October 2024 to participate in a 7 billion yuan environmental governance project in Nanning, which includes several sub-projects [3]. - In August 2024, the company entered a 3.02 billion yuan photovoltaic project in Xinjiang, expected to generate over 1.4 billion kWh annually [3]. - The company is also collaborating with the Yangzhou government to establish a hydrogen equipment R&D and manufacturing base with an initial investment of 1 billion yuan [3].
天源环保：2024年三季报点评：在手订单充足，毛利率改善