BGE(SH:603588) Changjiang Securities·2024-04-28 03:02Investment Rating - The report maintains a "Buy" rating for the company [49] Core Insights - The company's cash flow is expected to improve significantly as projects come online, particularly with the full production of the Jiangxi project [2] - In 2023, the company's net profit was significantly below expectations, with a net profit margin of 4.8%, down 3.7 percentage points year-on-year [18] - The solid hazardous waste resource utilization segment saw a revenue increase of 59.5% in 2023, driven by the Jiangxi project [47] - The company anticipates substantial improvements in net profit and cash flow in Q2 2024, aided by rising metal prices [48] Financial Summary - In 2023, the company reported total revenue of 105.8 billion yuan, a year-on-year increase of 20.58%, but a net profit of 5.05 billion yuan, down 27.13% [45] - For Q1 2024, revenue was 31.25 billion yuan, up 80.1% year-on-year, with a net profit of 1.94 billion yuan, down 5.95% [45][48] - The company expects net profits of 10.2 billion yuan, 12.7 billion yuan, and 15.8 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 9.9x, 7.9x, and 6.4x [48]