BGE(SH:603588) Xinda Securities·2025-10-23 08:05Investment Rating - The report does not specify an investment rating for the company [1] Core Insights - The company reported a significant increase in non-recurring net profit, with a year-on-year growth of 177.01% in Q3 2025, despite a decrease in total revenue by 11.41% to 3.46 billion yuan [1][4] - The increase in non-recurring net profit is attributed to rising metal prices, enhanced capacity in the resource recovery segment, and ongoing optimization of operational strategies [4] - The company’s cash flow from operating activities improved significantly, with a net cash flow of 367 million yuan in the first three quarters of 2025, reflecting a year-on-year increase of 67.29% [4] - The resource recovery segment has strengthened its core competitiveness, focusing on metals such as copper, lead, and nickel, which is expected to sustain profitability growth [4] - The company holds hazardous waste treatment licenses totaling 960,350 tons per year as of H1 2025, indicating a robust operational capacity in waste resource utilization [4] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 3.46 billion yuan, a decrease of 11.41% year-on-year, while the net profit attributable to the parent company was 144 million yuan, down 1.05% [1][4] - The projected revenues for 2025-2027 are 15.11 billion yuan, 16.48 billion yuan, and 17.46 billion yuan, with growth rates of 4.2%, 9.0%, and 6.0% respectively [4] - The net profit attributable to the parent company is expected to reach 786 million yuan, 915 million yuan, and 1.06 billion yuan for the same period, with growth rates of 63.1%, 16.4%, and 16.2% respectively [4][5]