青达环保：龙头产品毛利率逆市提升，业绩高增可期-20250422

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 machines and flexibility transformation, with significant growth potential due to the ongoing upgrades in the coal power sector [4] - The company is actively expanding into overseas markets and diversifying its product offerings, which are expected to drive future 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 traditional business, including slag removal equipment and low-temperature economizers, benefits from the expansion and upgrading of coal power plants, with a market space that is expected to grow significantly [1] - The low-temperature flue gas waste heat recovery system generated revenue of 430 million yuan in 2024, a 76.1% increase, with a gross margin of 29.38% [1] - The company is focusing on the flexibility transformation of coal power plants, with a projected annual market potential of 700 million to 1.7 billion yuan over the next three years [2] Strategic Initiatives - The company has established a subsidiary in 2024 and formed strategic partnerships for coal power environmental protection equipment and flexibility transformation technology [3] - A contract worth 15.895 million USD was signed with a South Korean company for ash and slag treatment systems, expected to contribute to revenue in 2025 [3] - The company is also exploring emerging businesses such as desulfurization wastewater and steel slag treatment, which are anticipated to become new growth engines [3]