Grandblue Environment (SH:600323) GOLDEN SUN SECURITIES·2025-10-29 02:26Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has experienced rapid growth in performance, with a revenue of 9.74 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 1.6 billion yuan, up 15.9% year-on-year [1] - The acquisition of Yuefeng Environmental has significantly enhanced the company's operational capabilities and efficiency, contributing to its high-quality development [4] - The company has established a complete ecological environment service industry chain, with strong resource sharing and synergy effects, indicating stable development [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.97 billion yuan, a year-on-year increase of 36.7%, and a net profit of 640 million yuan, up 28.1% year-on-year [1] - The comprehensive gross profit margin for the first three quarters of 2025 was 35.1%, an increase of 3.7 percentage points year-on-year [2] - Operating cash flow net amount reached 2.66 billion yuan, a year-on-year increase of 98.2% [2] Business Segments - The solid waste treatment business generated revenue of 5.48 billion yuan, a year-on-year increase of 21.4%, with a net profit of 1.36 billion yuan, up 42.9% [3] - The energy business revenue remained stable at 2.78 billion yuan, while the water supply and drainage businesses reported revenues of 710 million yuan and 500 million yuan, respectively [3] Strategic Developments - The integration of Yuefeng Environmental since June 1, 2025, has positioned the company among the top three in the domestic industry for waste incineration power generation projects [4] - The company has signed agreements for external heating services for 30 waste incineration power generation projects, with 22 already operational, which is expected to enhance profitability [4] - The company anticipates net profits attributable to shareholders of 2.01 billion yuan, 2.23 billion yuan, and 2.44 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11.6, 10.4, and 9.5 [4]