Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.065 billion yuan in H1 2025, representing a year-on-year growth of 12.6%, with a net profit attributable to shareholders of 461 million yuan, up 9.32% year-on-year [7] - The increase in capacity and improvement in waste processing volume, along with a 9.4% increase in grid electricity, supported the performance growth [7] - The company operates 16 waste incineration power generation projects with a total capacity of 34,690 tons/day, and has fully operational biomass treatment projects with a capacity of 2,890 tons/day [7] - The company has actively expanded its business scale and geographic reach through project expansion and acquisitions, enhancing operational management and resource integration [7] - Free cash flow increased by 34.0%, and the debt-to-asset ratio decreased to 57.9% [7] - The company maintains a strong cash flow position and is expected to have a long-term dividend capability [7] Financial Summary - Total revenue forecast for 2023A is 3.536 billion yuan, with a projected growth of 7.38% [1] - Net profit attributable to shareholders for 2023A is forecasted at 734.83 million yuan, with a year-on-year growth of 2.71% [1] - The latest diluted EPS for 2023A is expected to be 0.82 yuan, with a P/E ratio of 20.02 [1] - The company’s operating cash flow for 2025E is projected to be 2.347 billion yuan, with a net profit of 917 million yuan [8]
永兴股份（601033）：2025年中报点评：产能爬坡垃圾处理量提升，支撑归母净利润同增超9%