Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown accelerated growth in its third-quarter performance, with a significant increase in revenue and net profit driven by higher waste processing volumes and contributions from acquisitions [4] - The company is recognized as a leader in solid waste treatment in Guangzhou, with stable profitability in its main business and potential for upward performance elasticity due to increased capacity utilization from co-incineration of aged waste [4] - The company has successfully reduced financial costs and improved operational efficiency, leading to a notable decrease in financial expenses [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 3.25 billion yuan, a year-on-year increase of 16.3%, and a net profit attributable to shareholders of 746 million yuan, up 15% [1] - In the third quarter alone, the company reported operating revenue of 1.19 billion yuan, a year-on-year increase of 23.36%, and a net profit of 284 million yuan, up 25.61% [2] - The company's gross profit margin was 43.82%, with a net profit margin of 23.33%, both showing slight improvements from the previous quarter [4] Future Earnings Forecast - The company is projected to achieve operating revenues of 4.13 billion yuan, 4.39 billion yuan, and 4.75 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The forecasted net profit attributable to shareholders is expected to be 932 million yuan, 1.06 billion yuan, and 1.17 billion yuan for the same years [4]
永兴股份（601033）：三季度业绩增长提速，盈利能力实现提升