Grandblue Environment (SH:600323) Hua Yuan Zheng Quan·2025-09-05 09:10Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance aligns with expectations, demonstrating growth resilience. In H1 2025, the company achieved revenue of 5.76 billion yuan, a year-on-year decline of 1.05%, while net profit attributable to shareholders was 970 million yuan, a year-on-year increase of 9% [6] - The company announced an interim dividend of 0.25 yuan per share, totaling 204 million yuan, which accounts for 21.08% of the net profit attributable to shareholders for H1 2025 [6] - The integration of Yuefeng Environmental exceeded market expectations, contributing to profit growth despite a high base from the previous year. The company is actively expanding its heating services and optimizing financing costs, which is expected to sustain high growth in performance for the second half of the year [6][8] Summary by Sections Market Performance - Closing price as of April 4, 2025, was 26.26 yuan, with a yearly high/low of 28.18/18.47 yuan [3] Financial Data - Total market capitalization is 21,411.02 million yuan, with a debt-to-asset ratio of 72.46% and net asset value per share of 16.90 yuan [3] Earnings Forecast and Valuation - Projected revenues for 2025-2027 are 13.721 billion, 15.526 billion, and 15.632 billion yuan respectively, with corresponding net profits of 1.976 billion, 2.263 billion, and 2.358 billion yuan [7][8] - The current price-to-earnings ratio (P/E) is projected to be 11, 9, and 9 times for 2025-2027 [8]