Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has slightly declined, but collaboration with IDC is expected to lead to a revaluation of its value [5] - The company reported a revenue of 905 million yuan in Q1 2025, a year-on-year decrease of 2.52%, and a net profit attributable to shareholders of 197 million yuan, down 3.4% year-on-year [7] - The decline in performance is attributed to increased maintenance time, which affected waste processing volume and increased maintenance costs [7] - The company is expected to benefit from the ongoing excavation of aged waste, which could bring significant profit increments [7] - The collaboration between waste incineration and IDC is anticipated to become an industry trend, with the company positioned to benefit from this shift [7] Financial Summary - Revenue projections for the company are as follows: 3,536 million yuan in 2023, 3,765 million yuan in 2024, 4,126 million yuan in 2025, 4,378 million yuan in 2026, and 4,540 million yuan in 2027, with growth rates of 7.38%, 6.45%, 9.58%, 6.12%, and 3.70% respectively [6] - Net profit attributable to shareholders is projected to be 735 million yuan in 2023, 821 million yuan in 2024, 917 million yuan in 2025, 1,022 million yuan in 2026, and 1,130 million yuan in 2027, with growth rates of 2.71%, 11.67%, 11.74%, 11.43%, and 10.64% respectively [6] - The company is expected to achieve a free cash flow of 740 million yuan in 2024, with a dividend payout ratio of 65.8%, leading to projected dividend yields of 4.2%, 4.7%, and 5.2% for 2025-2027 [7]
永兴股份（601033）：业绩略有下滑协同IDC有望迎来价值重估