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瀚蓝环境(600323):经营效率继续提升,一季度归母净利同比增长10.26%

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown an increase in net profit attributable to shareholders by 10.26% year-on-year in Q1 2025, despite a decrease in revenue by 4.24% to 2.601 billion yuan [1][3] - The improvement in profitability is attributed to enhanced operational efficiency and cost reduction measures, particularly in the waste incineration segment, which saw a revenue increase of 0.88% year-on-year [3] - The acquisition of Yuefeng Environmental is progressing steadily, with expectations to complete the acquisition in the first half of 2025, which will significantly increase the company's waste incineration capacity [3][4] Financial Performance Summary - In Q1 2025, the company achieved a net profit of 420 million yuan, with a basic earnings per share of 0.52 yuan, reflecting a year-on-year increase of 10.64% [1] - The operating cash flow increased by 74.54% year-on-year to 596 million yuan, indicating strong cash generation capabilities [1] - The company's revenue from solid waste treatment decreased by 8.52% to 1.31 billion yuan, while net profit from this segment increased by 32.61% to 331 million yuan [3] - The energy segment reported a revenue of 840 million yuan, down 1.62% year-on-year, while the water supply segment saw a revenue increase of 1.66% to 225 million yuan [3] Earnings Forecast - The projected revenues for 2025, 2026, and 2027 are 11.199 billion yuan, 11.296 billion yuan, and 11.437 billion yuan respectively, with corresponding net profits of 1.680 billion yuan, 1.706 billion yuan, and 1.765 billion yuan [4][5] - The company is expected to maintain a stable growth trajectory with a projected P/E ratio of 11.25x for 2025, indicating a favorable valuation [4][5]