Dynagreen(601330) 申万宏源·2024-11-06 11:13Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [4][6]. Core Insights - The company reported a total revenue of 2.544 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.4%, while the net profit attributable to shareholders was 504 million yuan, down 6.0% year-on-year. However, the third quarter showed a slight improvement with a revenue of 883 million yuan, a decrease of only 1.9%, and a net profit of 201 million yuan, which increased by 16.8% [4][5]. - The increase in waste processed has led to an improvement in gross margin, which reached 47% in the third quarter, up 2 percentage points from the previous quarter. The waste processed in the first three quarters was 10.7075 million tons, a year-on-year increase of 7% [5][6]. - The company has significantly improved its free cash flow, which rose from 51 million yuan in the first three quarters of 2023 to 763 million yuan in the same period of 2024, reflecting a 60% increase in operating cash flow [5][6]. Financial Data and Profit Forecast - The company’s total revenue for 2024 is projected to be 3.372 billion yuan, with a year-on-year decline of 14.8%. The net profit is expected to be 697 million yuan, reflecting a growth of 10.7% in 2024 [7][9]. - Earnings per share (EPS) are forecasted to be 0.50 yuan in 2024, increasing to 0.60 yuan by 2026. The price-to-earnings (PE) ratio is projected to decrease from 13 in 2024 to 11 in 2026 [7][9]. - The company has committed to increasing its dividend payout, with a target of at least 50% by 2026, up from 33% in 2023 [6][7].