BGE(SH:603588) Soochow Securities·2025-10-17 08:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in non-recurring net profit by 29% in the first three quarters of 2025, driven by rising metal prices and improved resource recovery capacity [7] - The company's operating revenue for the first three quarters of 2025 was 10.16 billion, a year-on-year decrease of 11.28%, while the net profit attributable to shareholders was 646 million, a year-on-year increase of 15.18% [7] - The report emphasizes the value of recycled resources amid rising metal prices, with the company expanding its resource recovery operations to include a wider range of metals [7] Financial Performance Summary - For 2023A, total revenue is projected at 10.58 billion, with a year-on-year growth of 20.58% [1] - The net profit attributable to shareholders for 2023A is estimated at 504.64 million, reflecting a year-on-year decline of 27.13% [1] - The latest diluted EPS for 2023A is 0.33 yuan per share, with a P/E ratio of 23.09 [1] Future Projections - The company forecasts net profits of 803.26 million, 909.25 million, and 1.05134 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.51, 12.82, and 11.08 [1][7] - The report anticipates a steady increase in operating cash flow, with a net cash flow from operating activities of 367 million in the first three quarters of 2025, a year-on-year increase of 67.29% [7] Market Data - The closing price of the company's stock is 8.02 yuan, with a market capitalization of approximately 12.22 billion [5] - The company has a price-to-book ratio of 1.28 and a debt-to-asset ratio of 61.57% [6]