惠城环保：利润短期下滑，废塑料项目进展顺利

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to experience a decline in profits for 2024, with projected net profit ranging from 40 million to 55 million, representing a year-on-year decrease of 60.29% to 71.12% [1] - The company has made significant progress in its waste plastic project, which is anticipated to become a new profit growth point [2] - The company has secured stable income from hazardous waste projects, contributing to revenue growth [2] - The company has a strong focus on R&D, with 64 authorized patents as of H1 2024, and is expected to see the commercialization of several technologies [3] - Revenue forecasts for 2024-2026 are projected at 1.18 billion, 2.17 billion, and 2.82 billion respectively, with net profits of 50 million, 254 million, and 503 million [3] Financial Summary - The company reported a revenue of 1.07 billion in 2023, with a year-on-year growth rate of 194.8% [4] - The projected revenue for 2024 is 1.18 billion, with a growth rate of 10.5% [4] - The net profit for 2023 was 139 million, with a significant increase from 2 million in 2022 [4] - The projected net profit for 2024 is 50 million, reflecting a decline of 64.1% year-on-year [4] - The company's P/E ratio is expected to decrease from 340.2 in 2024 to 33.6 by 2026 [4]