青达环保点评报告：经营业绩稳健增长，新兴业务加速突破

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown steady growth in revenue and performance, with a reported revenue of 1.314 billion yuan in 2024, representing a year-on-year increase of 27.70% [1] - The company focuses on its core business of energy-saving and environmental protection system 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] - Emerging businesses, particularly in hydrogen energy equipment, are making significant progress, with a notable investment in a 120MW fish-solar complementary project [4] Financial Summary - The company is projected to achieve revenues of 1.257 billion yuan, 1.814 billion yuan, and 2.299 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 22.12%, 44.33%, and 26.75% [5] - The forecasted net profit for 2024, 2025, and 2026 is 94 million yuan, 200 million yuan, and 237 million yuan, respectively, with corresponding growth rates of 8.56%, 112.49%, and 18.39% [5] - The earnings per share are expected to be 0.76 yuan, 1.62 yuan, and 1.92 yuan for the years 2024, 2025, and 2026 [5]