Grandblue Environment (SH:600323) Xinda Securities·2025-04-13 03:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 11.886 billion yuan in 2024, a decrease of 5.22% year-on-year, while the net profit attributable to shareholders increased by 16.39% to 1.664 billion yuan [1] - The company is expected to complete the acquisition of Guangdong Feng Environmental Protection in the first half of 2025, which will significantly increase its operational capacity [7] - The company aims to achieve a target of 2 billion yuan in receivables collection by 2025, with a strong focus on improving cash flow [4][7] Financial Performance Summary - In 2024, the company achieved a net profit of 1.664 billion yuan, a year-on-year increase of 16.39%, with a basic earnings per share of 2.04 yuan, up 16.57% [1] - The company’s operating cash flow for 2024 was 3.273 billion yuan, an increase of 31.85% year-on-year [1] - The proposed dividend for 2024 is 0.8 yuan per share, reflecting a 66.7% increase year-on-year, with a payout ratio of 39.2% [5] Business Segment Analysis - The solid waste treatment segment generated revenue of 6.008 billion yuan, down 6.61% year-on-year, while net profit increased by 3.8% to 1.025 billion yuan [4] - The energy segment reported revenue of 3.758 billion yuan, a decrease of 7.48% year-on-year, with a natural gas sales volume of 98,300 tons [4] - The water supply business maintained stable operations with a revenue of 972 million yuan, a year-on-year increase of 1% [4] Future Projections - Revenue projections for 2025-2027 are 11.782 billion yuan, 11.818 billion yuan, and 11.981 billion yuan respectively, with net profits expected to be 1.752 billion yuan, 1.787 billion yuan, and 1.845 billion yuan [7] - The company’s PE ratios for 2025-2027 are projected to be 10.85x, 10.64x, and 10.31x respectively, indicating a favorable valuation [7]