惠城环保（300779）：业绩短期承压，废塑料项目值得期待

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing short-term pressure on performance due to a decline in steam business revenue and increased costs associated with new project development. In Q1 2025, the company reported revenue of 290 million yuan, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of -8.3 million yuan, a year-on-year decline of 140.4% [1][2]. - The company's gross margin decreased to 20.3%, down 3.6 percentage points year-on-year, while the overall expense ratio slightly increased due to rising personnel costs and management expenses related to new projects [2]. - The company is focusing on technological innovation, particularly in the waste plastic recycling sector, with a new catalytic cracking technology that converts mixed waste plastics into high-value products. A demonstration project with a capacity of 200,000 tons per year is under construction and is expected to significantly reduce carbon emissions [3]. - The hazardous waste project has been running steadily for two years, enhancing the company's profitability. Additionally, the company is expanding its vanadium production capacity, which is anticipated to be a new growth driver [3]. Financial Summary - The company is projected to achieve revenues of 2.12 billion yuan, 2.75 billion yuan, and 3.43 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 247 million yuan, 502 million yuan, and 705 million yuan for the same years [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 103.4x, 50.9x, and 36.3x, respectively, indicating a potential for growth in earnings [4][5].