青达环保：受益火电投资，订单落地符合预期

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company benefits from increased investment in thermal power, with order fulfillment meeting expectations. For the first three quarters of 2024, the company achieved revenue of 770 million RMB, a year-on-year increase of 50.1%, and a net profit attributable to shareholders of 33.82 million RMB, up 64.1% year-on-year [3][4]. - The thermal power industry has seen accelerated investment due to the introduction of a coal power capacity mechanism, with completed investments reaching 87 billion RMB in the first three quarters of 2024, a 27.3% increase year-on-year [4]. - The demand for renovation business is gradually being released, supported by government policies aimed at enhancing peak regulation capabilities and promoting energy-saving and carbon-reduction modifications in coal power [4]. Summary by Sections Company Performance - In Q3 2024, the company reported revenue of 250 million RMB, a 59.6% increase year-on-year, and a net profit of 9.83 million RMB, a 27.4% increase year-on-year [3][4]. - The company plans to raise up to 150 million RMB through a private placement to supplement working capital [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 130 million RMB, 158 million RMB, and 179 million RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.05 RMB, 1.28 RMB, and 1.45 RMB. The PE ratios are projected to be 14x, 12x, and 10x for the same years [5][7].