Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is actively expanding its business through overseas projects and acquisitions, which is expected to enhance its growth trajectory and lead to a potential revaluation of its stock [1][2] - The company has signed multiple overseas waste-to-energy projects, including a significant investment agreement in Kazakhstan, which is projected to contribute to its second growth curve [2] - The acquisition of Renhe Environment has strengthened the company's operational synergies, leading to substantial revenue growth [3] Financial Performance - In the first half of 2025, the company achieved a revenue of 1.478 billion RMB, representing a year-on-year increase of 33.07%, and a net profit of 400 million RMB, up 49.23% year-on-year [3] - The company reported a significant increase in operating cash flow, which rose by 59.81% year-on-year to 724 million RMB, attributed to the acquisition and increased business volume [4] - The company has adjusted its profit forecasts upward, projecting net profits of 785 million RMB, 836 million RMB, and 878 million RMB for 2025, 2026, and 2027 respectively, reflecting a 7% increase in estimates [5] Valuation - The target price for the company's stock has been raised to 19.21 RMB, based on a projected PE ratio of 19.4 times for 2025 [5] - The company is expected to maintain a high dividend payout ratio of at least 50% annually, enhancing shareholder returns [4]
军信股份（301109）：出海扩张+并购整合，打造第二曲线