Grandblue Environment (600323) 长江证券·2025-03-18 11:24Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has established a power sales company and is actively expanding into the power sales and energy-saving carbon reduction services market. All prerequisites for privatization have been met [2][4]. - The company is focusing on the energy conversion attributes of waste incineration projects and is strategically positioning itself in the industry. The privatization of Yuefeng is progressing smoothly, and multiple announcements regarding increased dividends have been made since 2024, indicating a positive outlook for both EPS and dividend yield [2][4]. Summary by Sections Company Overview - On March 17, 2025, the company announced the establishment of Guangdong Hanlan Green Carbon Power Technology Co., Ltd. to enter the power sales market [4]. - The company has completed all prerequisites for the privatization transaction, including the separation of subsidiaries and necessary approvals [4]. Financial Performance - The company forecasts net profits attributable to shareholders of 1.645 billion, 1.843 billion, and 2.302 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 12.0% and 24.9% for 2025 and 2026 [8]. - The projected PE ratios for 2024, 2025, and 2026 are 10.8x, 9.6x, and 7.7x, respectively [8]. Business Strategy - The company is leveraging its waste incineration projects to provide stable green energy, which is expected to assist downstream enterprises in energy conservation and carbon reduction [8]. - The newly established green carbon power subsidiary will also engage in green certificate trading, carbon reduction, and environmental consulting services [8].