Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In the first half of 2025, the company achieved operating revenue of 2.065 billion yuan, a year-on-year increase of 12.60%, and a net profit attributable to the parent company of 461 million yuan, up 9.32% year-on-year. In Q2 alone, the company recorded operating revenue of 1.160 billion yuan, a 28.11% increase year-on-year, and a net profit of 265 million yuan, growing 21.17% year-on-year [2][6] - The acceleration of the co-incineration of aged waste has led to a 28.3% increase in waste processing volume in the first half of the year. The company processed 5.3583 million tons of municipal waste, significantly enhancing the capacity utilization of waste-to-energy projects [12] - The company's gross profit margin improved by 0.7 percentage points, while the expense ratio decreased by 4.3 percentage points, indicating operational efficiency [12] - Capital expenditures have continued to decline, with healthy cash flow maintained. The company’s cash collection ratio was 100.8%, reflecting a slight year-on-year increase of 1.2 percentage points [12] - The company possesses several advantages over its peers, justifying a higher valuation, including high-quality project locations, low national subsidy ratios, and strong cash flow performance [12] Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to be 4.198 billion yuan, with net profits of 932 million yuan, reflecting a PE ratio of 15.1x [17] - The gross profit margin for the first half of 2025 was 43.4%, with a significant contribution from the co-incineration of aged waste [12] Operational Insights - The company has actively expanded its waste processing services, leading to a notable increase in waste processing volume and energy generation [12] - The reduction in capital expenditures is attributed to the completion of ongoing projects, with future capital spending expected to decline further [12] Valuation and Forecast - The company is expected to achieve net profits of 930 million yuan, 1.04 billion yuan, and 1.11 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio decreasing to 12.7x by 2027 [12][17]
永兴股份（601033）：2025H点评：陈腐垃圾掺烧进度加速，Q2业绩加速释放