青达环保（688501）：主业稳健发展，火改加速可期

Investment Rating - The report maintains a "Buy" rating for Qingda Environmental [1] Core Views - The company reported a revenue of 1.314 billion yuan in 2024, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 93 million yuan, up 7.26% year-on-year. In Q1 2025, the company achieved a revenue of 619 million yuan, a significant year-on-year increase of 317.43%, and a net profit of 69 million yuan, which represents a staggering increase of 990.26% year-on-year [4] - The company is actively expanding its traditional business and exploring overseas markets, with a notable increase in revenue from low-temperature flue gas waste heat recovery systems, which reached 430 million yuan in 2024, up 76.1% year-on-year [6] - The company has successfully completed the delivery of its fish-solar complementary project, contributing significantly to Q1 2025 profits, with a total investment of 547 million yuan [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 2.095 billion yuan, with a year-on-year growth rate of 59.4%. The net profit forecast for 2025 is 204 million yuan, reflecting a year-on-year increase of 118.9% [5] - The projected earnings per share for 2025 is 1.65 yuan, with a price-to-earnings ratio of 16 [5] - The company’s gross margin is expected to stabilize at 33% from 2025 to 2027, with a return on equity (ROE) projected at 18% for 2025 [5] Business Development - The company’s traditional business is showing steady growth, with significant contributions from various segments, including dry and wet slag removal equipment [6] - The company is expected to benefit from new policies aimed at accelerating the flexibility transformation of coal-fired power plants, which may lead to increased demand for its services [6] - The company has established strategic partnerships with international entities, including a contract with a South Korean company for ash treatment systems valued at 15.895 million USD [6]