青达环保（688501）：龙头产品毛利率逆市提升，业绩高增可期

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.314 billion yuan in 2024, representing a year-on-year growth of 27.67%, with a net profit of 92.9732 million yuan, up 7.26% year-on-year [1] - The company is positioned as a leader in coal power auxiliary machinery and flexibility transformation, with significant growth potential due to the ongoing upgrades in the coal power sector [4] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to drive future revenue growth [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.314 billion yuan, a 27.67% increase from the previous year, and a net profit of 92.9732 million yuan, reflecting a 7.26% growth [1] - The earnings per share (EPS) for 2024 was 0.76 yuan, an increase of 8.57% year-on-year [1] - The company expects revenues of 1.987 billion yuan, 2.384 billion yuan, and 2.785 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] Business Segments - The company's low-temperature flue gas waste heat recovery system generated 430 million yuan in revenue in 2024, a 76.1% increase, with a gross margin of 29.38% [1] - The dry slag removal equipment revenue reached 312 million yuan, up 6.5%, with a gross margin of 35.38% [1] - The wet slag removal equipment saw revenue of 265 million yuan, a 38.7% increase, with a gross margin of 43.22% [1] Market Outlook - The report highlights the increasing demand for coal power upgrades and flexibility transformations, with a potential market space of 700 million to 1.7 billion yuan annually over the next three years [2] - The company is leveraging advanced technologies such as big data and artificial intelligence to enhance its flexibility transformation offerings [2] - Strategic partnerships and projects, including a collaboration with an Indonesian power delegation and a contract with a South Korean company, are expected to contribute positively to future earnings [3]