Grandblue Environment (SH:600323) Soochow Securities·2025-07-14 23:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The integration of Guangdong Feng has shown significant results, with the company achieving better-than-expected performance in the first half of 2025, driven by cost reduction and efficiency improvements [8] - The company reported a net profit attributable to shareholders of approximately 967 million yuan for the first half of 2025, representing a year-on-year increase of about 9% [8] - The report highlights strong internal growth, with a projected net profit growth rate of 11.79% for 2025, and a significant increase in cash flow and dividends [8] Financial Forecasts - Total revenue is forecasted to increase from 11,886 million yuan in 2024 to 13,567 million yuan in 2025, reflecting a year-on-year growth of 14.14% [1] - The net profit attributable to shareholders is expected to rise from 1,664 million yuan in 2024 to 1,860 million yuan in 2025, with a growth rate of 11.79% [1] - The report projects earnings per share (EPS) to increase from 2.04 yuan in 2024 to 2.28 yuan in 2025 [1] Market Data - The closing price of the company's stock is reported at 24.56 yuan, with a market capitalization of approximately 20,024.93 million yuan [5] - The company has a price-to-earnings (P/E) ratio of 12.03 for 2024, which is expected to decrease to 10.77 in 2025 [1] Operational Highlights - The company has successfully integrated Guangdong Feng, contributing approximately 50 million yuan to the net profit in June 2025 alone [8] - The report emphasizes the company's strong operational efficiency, with a projected internal growth rate of 18% for the second quarter of 2025 [8]