Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a strong performance in H1 2025, with revenue of 1.478 billion yuan, a year-on-year increase of 33.07%, and a net profit of 400 million yuan, up 49.23% year-on-year, slightly exceeding expectations [7] - The integration of Renhe Environment and operational efficiency improvements are key drivers of growth, with significant contributions from Renhe Environment [7] - The company is advancing in overseas markets, having signed a project agreement in Kyrgyzstan for a 7,000 tons/day capacity, with the first phase expected to be operational by the end of 2025 [7] - The company is exploring innovative business models by combining waste incineration with data centers, enhancing the value of its electricity assets [7] - Operating cash flow significantly improved, reaching 724 million yuan in H1 2025, a year-on-year increase of 59.81%, supported by stable cash inflows from Renhe Environment [7] - The company has committed to a long-term dividend plan with a payout ratio of no less than 50% and initiated a share buyback plan of 200-300 million yuan [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 2.431 billion yuan in 2024 to 3.254 billion yuan in 2025, reflecting a year-on-year growth rate of 33.9% [5] - Net profit attributable to the parent company is expected to increase from 536 million yuan in 2024 to 807 million yuan in 2025, with a growth rate of 50.5% [5] - The company’s earnings per share are forecasted to be 1.02 yuan in 2025, with a gross margin of 50% [5] - The projected price-to-earnings ratios for 2025-2027 are 15, 14, and 12 respectively, indicating a favorable valuation [7]
军信股份（301109）：业绩增长超预期，海外+IDC有望逐步落地