旺能环境（002034）：前三季度归母净利润同比增加7.6%，盈利能力实现小幅抬升

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a 7.61% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, with a net profit of 5.51 billion yuan [1] - The operating revenue for the first three quarters reached 25.55 billion yuan, reflecting a growth of 5.18% year-on-year [1] - The company has signed new projects in the catering kitchen sector, which are expected to enhance core business revenue [3] - The financial structure continues to improve, with a 13.69% decrease in financial expenses year-on-year [3] - The company is actively exploring overseas markets and new business opportunities, including a strategic cooperation agreement for a zero-carbon computing center project [3] - Profit forecasts for 2025-2027 are projected at 32.39 billion, 34.06 billion, and 36.31 billion yuan in revenue, with net profits of 6.94 billion, 7.6 billion, and 8.01 billion yuan respectively [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross profit margin of 41.26%, up by 2.3 percentage points year-on-year [3] - The net profit margin was 21.81%, an increase of 1.3 percentage points year-on-year [3] - The weighted return on equity (ROE) was 7.87%, reflecting a year-on-year increase of 0.15 percentage points [3] - The basic earnings per share (EPS) for the first three quarters was 1.29 yuan, an increase of 8.40% year-on-year [1] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 32.39 billion, 34.06 billion, and 36.31 billion yuan respectively [5] - Net profit projections for the same years are 6.94 billion, 7.6 billion, and 8.01 billion yuan [5] - The company’s gross margin is expected to be around 38.8% in 2025, with a slight decrease in subsequent years [5]