QINGDA ENVIRONMENT(SH:688501) Guotai Junan Securities·2024-04-25 01:32Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 30.01, unchanged from the previous rating [17]. Core Views - The company is experiencing rapid expansion in traditional slag and flue gas energy-saving and environmental protection businesses, with expectations for breakthroughs in new areas such as hydrogen energy [1][6]. - The company's revenue for 2023 is projected to reach 10.29 billion, representing a year-on-year growth of 35%, while the net profit attributable to shareholders is expected to be 0.87 billion, up 48% year-on-year [1][6]. - The gross margin is reported at 33.71%, with a net profit margin of 8.98%, indicating stable performance [1]. Summary by Sections Financial Performance - The company achieved a revenue of 1,029 million in 2023, a 35% increase from the previous year, and is expected to reach 1,329 million in 2024, a 29% growth [6]. - The net profit attributable to shareholders is projected to grow from 87 million in 2023 to 140 million in 2024, reflecting a 61.4% increase [6]. - The gross margin is expected to remain stable around 32.8% in 2024, with an EBIT margin of 13.5% [6]. Business Expansion - The company is actively expanding its energy-saving and environmental protection services into non-electric sectors such as steel and chemical industries, leveraging its experience in the power sector [1][6]. - The report highlights the company's successful entry into the steel slag energy-saving and environmental protection business, generating revenue of 0.92 billion in 2023 [1][6]. - The company is also accelerating its hydrogen energy initiatives, with ongoing research and development in hydrogen production and storage technologies [1][6]. Market Outlook - The report anticipates a significant increase in demand for the company's services due to the ongoing transformation of the thermal power sector, positioning the company as a leader in the industry [1][6]. - The company is expected to benefit from policy support for new thermal power investments and upgrades, which will drive revenue growth in the coming years [1][6].