Grandblue Environment (SH:600323) Shenwan Hongyuan Securities·2025-10-19 14:15Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant increase in net profit for the first three quarters of 2025, approximately 1.605 billion yuan, representing a year-on-year growth of 15.85%. Excluding one-time gains from the previous year, the actual growth rate is about 27.85% [6] - The consolidation of Guangdong Feng Environmental Protection has contributed significantly to the company's performance, with a net profit contribution of 240 million yuan over four months, exceeding pre-acquisition levels [6] - The company emphasizes shareholder returns, with a commitment to increase dividends per share by no less than 10% from 2024 to 2026 [6] - The report projects an upward revision of the company's net profit forecasts for 2025-2027, estimating 2.043 billion, 2.298 billion, and 2.482 billion yuan respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 12.211 billion yuan, with a year-on-year growth rate of 2.7% [5] - The projected net profit for 2025 is 2.043 billion yuan, reflecting a year-on-year growth of 22.8% [5] - The earnings per share for 2025 is expected to be 2.51 yuan, with a gross margin of 32% [5] - The company's return on equity (ROE) for 2025 is projected at 13.6% [5]