BGE(SH:603588) Changjiang Securities·2025-03-20 13:11Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 14.5 billion yuan for 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 482 million yuan [4][5]. - The solid waste hazardous waste resource utilization segment achieved a revenue of 11.14 billion yuan, a significant increase of 72.17% year-on-year, driven by the gradual release of production capacity in the metal resource recovery sector [6][8]. - The company plans to implement substantial cash dividends in 2024, with a total cash dividend of approximately 609 million yuan for the year [6][8]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 145 billion yuan, with a net profit of 482 million yuan. The fourth quarter saw a revenue of 30.49 billion yuan, a slight decrease of 1.34% year-on-year [4][5]. - The gross profit margin for the year was 14.4%, down 3.79 percentage points year-on-year, while the net profit margin was 3.74%, a decrease of 1.06 percentage points [8]. Business Segments - The solid waste hazardous waste resource utilization segment's revenue was 11.14 billion yuan, with a notable increase in sales volumes for various metals, including a 54.3% increase in cathode copper sales [8]. - The environmental engineering segment's revenue decreased by 34.26% year-on-year, indicating challenges in this area [8]. Future Outlook - The company is expected to focus on improving the profitability of resource recovery projects in 2025, with anticipated net profits of 727 million yuan, 820 million yuan, and 907 million yuan for 2025, 2026, and 2027, respectively [8]. - The company’s operating cash flow significantly improved to 760 million yuan in 2024, compared to a negative cash flow of 953 million yuan in the previous year [8].