QINGDA ENVIRONMENT(SH:688501) Guotai Junan Securities·2024-03-03 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][12] - Previous rating was also "Buy" [1] - Target price is set at 30.01 [1][12] - Current price is 14.95 [1][12] Core Insights - The company reported a revenue of 1,036 million yuan for 2023, representing a year-on-year growth of 35% [1] - The net profit attributable to shareholders reached 87 million yuan, up 50% year-on-year [1] - The strong performance is attributed to robust demand in the electricity market, which has driven rapid growth in the company's performance [1][12] - The company is expected to benefit from favorable policies related to new thermal power investments and upgrades [1] Financial Performance Summary - Revenue for 2023 is projected at 1,036 million yuan, with a growth rate of 35% compared to the previous year [1] - The net profit for 2023 is estimated at 87 million yuan, reflecting a 50% increase year-on-year [1] - The company’s total assets reached 19.69 billion yuan, a 17% increase from the beginning of the period [1] - The company’s equity attributable to shareholders was 8.79 billion yuan, showing a growth of 10% [1] Future Outlook - The report anticipates net profits for 2024 and 2025 to be 136 million yuan and 177 million yuan respectively, with corresponding EPS of 1.10 and 1.44 yuan [1] - The company is expected to see continued growth driven by the rapid increase in renewable energy installations and the flexible transformation of thermal power [1][12] - The report emphasizes the company's position as a leading player in the industry, poised to benefit from the explosive growth in demand [1]