QINGDA ENVIRONMENT(SH:688501) GOLDEN SUN SECURITIES·2024-10-29 11:14Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has experienced significant revenue growth driven by an increase in orders, with a 50.11% year-on-year increase in revenue for the first three quarters of 2024, reaching 769 million yuan. The net profit attributable to shareholders increased by 64.05% year-on-year to 33.81 million yuan [1][2]. - The company's traditional business, including slag removal equipment and low-temperature economizers, benefits from the expansion and energy-saving renovations in coal-fired power plants, leading to a substantial market demand for auxiliary machines [2]. - The company is actively investing in research and development, with a 22.83% increase in R&D spending in Q3 2024, and is exploring new business opportunities in the non-electric sector and hydrogen energy equipment [3]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 769 million yuan, a 50.11% increase year-on-year, and a net profit of 33.81 million yuan, up 64.05% year-on-year. The basic earnings per share (EPS) for Q3 was 0.27 yuan [1][2]. - The company forecasts net profits for 2024, 2025, and 2026 to be 134 million yuan, 164 million yuan, and 209 million yuan respectively, with corresponding EPS of 1.09 yuan, 1.33 yuan, and 1.70 yuan [3][5]. - The company’s P/E ratios for the next three years are projected to be 13.9, 11.3, and 8.9 times [3][5].