China Tianying(SZ:000035) Tianfeng Securities·2025-05-08 06:42Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 5.667 billion yuan in 2024, representing a year-on-year growth of 6.46%, while the net profit attributable to shareholders decreased by 16.99% to 279.98 million yuan [1][4]. - In Q1 2025, the company reported a revenue of 1.206 billion yuan, a decline of 3.64% year-on-year, with a net profit of 106 million yuan, down 47.63% [1]. - The company is focusing on enhancing its "environmental protection + new energy" business model, with stable development in traditional operations and an accelerated construction of new energy ecosystems [3]. Summary by Sections Environmental Business Development - The company's domestic and international waste incineration power generation projects are operating efficiently, with a total processing capacity of 21,550 tons per day across 20 projects by the end of 2024 [2]. - The total waste processed in 2024 reached approximately 8.49 million tons, a 20% increase year-on-year, and the generated electricity was about 2.197 billion kWh, up 15% [2]. - The company has expanded its steam supply business, achieving external steam sales of 1.7 million tons in 2024, a significant increase of 177.35% [2]. New Energy Business Development - The company is actively developing a new energy ecosystem in the northeastern regions of China, focusing on green electricity, hydrogen, and methanol production [3]. - Key projects include the Andar project and the Liao Yuan new energy project, which have completed approval and registration processes [3]. - The company anticipates establishing a second growth curve through these new energy initiatives, with projected net profits of 295.29 million yuan, 330.35 million yuan, and 341.80 million yuan for 2025, 2026, and 2027 respectively [3][4]. Financial Forecasts - The company expects revenues to grow from 5.667 billion yuan in 2024 to 6.457 billion yuan in 2027, with corresponding net profits projected to increase from 279.98 million yuan to 341.80 million yuan over the same period [4][10]. - The report outlines a PE ratio of 37.52 for 2025, decreasing to 32.41 by 2027, indicating a positive outlook on valuation [3][4].