Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for the company [2][36]. Core Views - The company is a leading enterprise in the field of organic solid waste treatment in China, focusing on biomass resource regeneration and synthetic biology, particularly in developing human milk oligosaccharides (HMOs) [3][32]. - The company achieved a total revenue of RMB 1.384 billion in the first three quarters of 2024, representing a year-on-year growth of 7.98%, with a net profit of RMB 189 million, up 34.90% year-on-year [3][32]. - The company has a strong market position in first-tier cities, having won multiple biomass waste resource treatment projects, including significant contracts in Beijing and Shenzhen [4][34]. Summary by Sections Company Overview - The company was founded in January 2001 and listed on the Shenzhen Stock Exchange in May 2023, specializing in organic solid waste treatment and resource utilization [3][32]. - It operates through BOT and BOO models for waste treatment projects, providing comprehensive solutions for waste management [4][5]. Financial Performance - Revenue projections for 2024-2026 are RMB 1.855 billion, RMB 2.046 billion, and RMB 2.343 billion, respectively, with corresponding net profits of RMB 220 million, RMB 282 million, and RMB 335 million [27][36]. - The company’s gross profit margin is expected to improve from 26.2% in 2023 to 30.0% by 2025 [27]. Business Segments - The company’s main business segments include organic solid waste treatment (85% of revenue), municipal solid waste treatment (12%), and environmental engineering (3%) [23]. - The biodiesel business benefits from cost advantages due to self-produced feedstock oil, allowing the company to adapt to market price fluctuations effectively [10][33]. Growth Strategy - The company is expanding into synthetic biology, particularly in HMOs, with plans to produce various health products, leveraging partnerships with research institutions [12][35]. - The first phase of HMO production is expected to commence in the second half of 2024, with a total capacity of 1,000 tons per year by 2026 [15][36]. Market Position - The company has secured significant contracts in major cities, enhancing its competitive edge and market share in the organic waste treatment sector [4][34]. - The projected CAGR for the HMO market in the Asia-Pacific region is approximately 46.37% from 2023 to 2029, indicating substantial growth potential [14].
朗坤环境：首次覆盖：国内有机固废处理领先企业，布局HMOs发展第二成长曲线-20250224