Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [18]. Core Views - The company reported a revenue of 3.765 billion yuan for 2024, representing a year-on-year increase of 6.45%, and a net profit of 821 million yuan, up 11.67% year-on-year [2]. - The operating cash flow for 4Q24 doubled year-on-year, indicating improved profitability, with a net cash flow of 530 million yuan, a 121.76% increase [3]. - The company is focusing on the excavation of existing landfill waste and the construction of heating networks in 2025, which are expected to enhance operational capacity and profitability [4]. - The company is positioned in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its unique location for potential AIDC (Artificial Intelligence Data Center) empowerment, which could reduce carbon emissions from data centers [5]. Financial Summary - For 2024, the company achieved a total waste processing volume of 9.2856 million tons, a year-on-year increase of 11.83%, with a capacity utilization rate rising from 70.89% in 2023 to 79.28% in 2024, an increase of 8.38 percentage points [4]. - The projected net profits for 2025 and 2026 are 959 million yuan and 1.061 billion yuan, respectively, with an EPS of 1.07 yuan and 1.18 yuan per share [5]. - The overall gross margin for 2024 was 41.87%, a decrease of 3.43 percentage points year-on-year, while the gross margin for 4Q24 was 38.57%, an increase of 4.34 percentage points year-on-year [3].
永兴股份（601033）：运营指标整体稳中向好，关注存量垃圾进展及AIDC赋能潜力