Dynagreen(601330) 方正证券·2025-03-31 12:13Investment Rating - The report gives a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][18]. Core Viewpoints - The company's core business remains strong, with operational revenue of 2.964 billion RMB, a year-on-year increase of 8.02%, despite a significant decline in construction revenue by 95.42% due to fewer construction projects [5]. - The company has successfully launched the Jingxi project, increasing its operational capacity to over 40,000 tons per day, and processed 14.38 million tons of municipal waste in 2024, a 6.96% increase year-on-year [5]. - The company is expanding its green energy trading and collaborative business efforts, achieving notable results in projects like mobile energy storage heating and biogas purification [6]. - A dividend plan has been announced, with a cash dividend of 0.1 RMB per share for the interim and a proposed annual dividend of 0.20 RMB per share, reflecting the company's confidence in its future [7]. Financial Performance - In 2024, the company reported total revenue of 3.399 billion RMB, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 585 million RMB, down 7% year-on-year [4][10]. - The company expects revenue growth in the coming years, projecting revenues of 3.542 billion RMB, 3.704 billion RMB, and 3.880 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 668 million RMB, 714 million RMB, and 768 million RMB [8][10]. - The company's gross margin improved to 45.44%, an increase of 6.92 percentage points year-on-year, due to optimized revenue structure and cost control [5]. Comparative Analysis - The company's 2025 PE ratio is lower than the average of comparable companies in the waste treatment sector, indicating potential for valuation recovery [11].