Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has achieved a net profit of 122.2 million yuan in Q1-Q3 2024, driven by dual engines of import substitution and expansion into foreign markets [2][4] - The company maintains a stable profit forecast for 2024-2026, expecting net profits of 144 million, 155 million, and 174 million yuan respectively, with corresponding EPS of 1.34, 1.44, and 1.61 yuan [3][4] Financial Performance - For Q1-Q3 2024, the company reported revenue of 413 million yuan, a year-on-year decrease of 11.35%, and a net profit of 122.2 million yuan, down 4.34% year-on-year [3] - The current stock price is 25.25 yuan, with a market capitalization of 2.718 billion yuan and a circulating market capitalization of 742 million yuan [3] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 18.8, 17.5, and 15.6 respectively [3] Business Strategy - The company has extensive experience in benchmark projects, with significant supply to major ethylene plants, achieving a high market share in new domestic ethylene installations [4] - The company has successfully replaced UOP's technology in a PDH project, marking a significant step in import substitution [4] - The company has been awarded contracts for international projects, including a successful bid for an MTO project in Uzbekistan, indicating potential for direct exports [4][5] Growth Potential - The company is expanding its production capacity for high-efficiency heat exchangers, with a new project expected to add 10,000 tons of annual production capacity and generate additional sales revenue of approximately 435.96 million yuan per year [5] - The company is exploring opportunities in nuclear energy and LNG cold energy markets, which present strong growth potential [5]
广厦环能：北交所信息更新：进口替代+外销拓展双驱动，Q1-3实现归母净利润1.22亿元