QINGDA ENVIRONMENT(688501) 浙商证券·2025-03-20 11:23Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown steady growth in revenue and profits, with a reported revenue of 1.314 billion yuan for 2024, representing a year-on-year increase of 27.70% [1] - The company is focusing on its core business of energy-saving and environmental protection equipment, achieving a significant revenue growth of 45.81% in the first half of 2024 [2] - The company is expected to benefit from the clear trend of energy conservation and carbon reduction in its target industries, supported by various government policies [3] - The company is actively developing emerging businesses, such as hydrogen energy equipment, and has made strategic investments to optimize its asset structure [4] Financial Summary - The company is projected to achieve revenues of 1.257 billion yuan in 2024, 1.814 billion yuan in 2025, and 2.299 billion yuan in 2026, with respective growth rates of 22.12%, 44.33%, and 26.75% [5] - The forecasted net profit for 2024 is 94 million yuan, increasing to 200 million yuan in 2025 and 237 million yuan in 2026, with growth rates of 8.56%, 112.49%, and 18.39% respectively [5] - The earnings per share are expected to rise from 0.76 yuan in 2024 to 1.62 yuan in 2025 and 1.92 yuan in 2026 [5]