QINGDA ENVIRONMENT(SH:688501) GOLDEN SUN SECURITIES·2025-04-03 07:57Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is positioned as a leader in the thermal power environmental protection equipment sector, with a focus on expanding product categories and international markets, indicating strong growth potential [1][3]. - The company has demonstrated significant revenue growth, with a 45.81% year-on-year increase in revenue for the first half of 2024, and an 86.04% increase in net profit attributable to shareholders [1][23]. - The company has a solid technical foundation with 40 core technologies and a comprehensive range of energy-saving and environmental protection solutions [1][22]. Summary by Sections 1. Company Overview - Founded in 2006, the company has developed a complete energy-saving and environmental protection industry layout, listing on the Sci-Tech Innovation Board in 2021 [1]. - The actual controller holds 30.11% of the shares, indicating a stable and concentrated ownership structure [1][19]. 2. Market Demand and Growth - The company’s business is closely tied to the power industry, which accounts for nearly 80% of its revenue, benefiting from the ongoing upgrades and renovations in coal power plants [2]. - The potential annual market size for the company's traditional business segment is estimated to reach between 700 million to 2.9 billion yuan from 2025 to 2027 [2]. 3. International Expansion and New Projects - The company is actively expanding into international markets, establishing a subsidiary in 2024 and forming strategic partnerships, including a significant contract with a South Korean company worth approximately 15.89 million USD [3][4]. - The company is also investing in innovative projects such as a 90 MW fish-solar complementary project in collaboration with Singapore Energy Group, with a total investment of 549 million yuan [3]. 4. Financial Performance and Forecast - The company’s revenue is projected to grow from 1.314 billion yuan in 2024 to 2.375 billion yuan in 2026, with corresponding net profits expected to rise significantly [4][5]. - The earnings per share (EPS) are forecasted to increase from 0.76 yuan in 2024 to 2.18 yuan in 2026, reflecting strong growth potential [4][5]. 5. Shareholder Returns and Incentives - The company has committed to a dividend policy ensuring that at least 30% of net profits will be distributed to shareholders from 2024 to 2026 [37]. - A stock incentive plan for 2024-2025 aims to align the interests of the management team with those of the shareholders, enhancing company vitality [37].