Grandblue Environment (SH:600323) Soochow Securities·2025-08-28 15:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated better-than-expected growth through both organic and acquisition strategies, with the first interim dividend being distributed [1] - The integration of the acquired company, Yuefeng, has shown significant contributions to revenue and profit, indicating strong synergy effects [1] - The company's financial performance is projected to improve, with net profit estimates for 2025-2027 being raised due to better-than-expected growth [1] Financial Summary - Total revenue for 2023 is projected at 12,541 million, with a decline of 2.59% year-on-year, while 2024 is expected to see a further decline of 5.22% [1] - Net profit attributable to shareholders is forecasted to be 1,430 million in 2023, with a year-on-year growth of 25.23% [1] - The latest diluted EPS is expected to be 1.75 in 2023, with a P/E ratio of 14.85 [1] - The company’s operating cash flow for the first half of 2025 is reported at 12.21 billion, showing a year-on-year increase of 2.80 billion [1] - The company plans to distribute an interim dividend of 0.25 per share, totaling 2.04 billion, which is 21.08% of the net profit for the first half of 2025 [1]