Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.17 CNY per share, based on a 15x PE ratio for 2024 [20][55]. Core Insights - The company achieved a revenue of 1.857 billion CNY in 2023, representing an 18.3% year-on-year growth, and a net profit of 514 million CNY, which is a 10.2% increase [18][31]. - The profitability of waste incineration projects has improved, with gross margins increasing by 4.4 and 3.9 percentage points to 64.8% and 69.2% respectively, driven by technological innovations [2][42]. - The company is expected to launch new capacities within the year and is actively pursuing acquisitions to enhance its industrial chain layout [48][55]. Financial Performance Summary - Revenue Forecast: The company is projected to achieve revenues of 2.376 billion CNY in 2024, with a growth rate of 27.9% [2]. - Net Profit Forecast: Expected net profits for 2024, 2025, and 2026 are 551 million CNY, 620 million CNY, and 663 million CNY respectively, with growth rates of 7.3%, 12.4%, and 7.0% [55]. - Earnings Per Share (EPS): EPS is forecasted to be 1.34 CNY in 2024, increasing to 1.62 CNY by 2026 [2][55]. - Return on Equity (ROE): The ROE is expected to rise from 10.0% in 2023 to 11.5% in 2026 [2][55]. Operational Highlights - The company processed 3.2354 million tons of waste in 2023, with a utilization rate of 114% [46]. - The total electricity generated from waste incineration reached 1.461 billion kWh, with a per ton generation of 451.46 kWh [46]. - The company’s operational efficiency remains among the industry leaders, with significant improvements in key performance indicators [2][46]. Future Growth Prospects - The company has ongoing projects in Liuyang and Pingjiang, expected to be operational in 2024, and plans for a project in Kyrgyzstan with an initial capacity of 1,000 tons per day [48][55]. - The acquisition of Renhe Environment is anticipated to enhance profitability and extend the company's service offerings in waste collection and sanitation integration [2][55].
业绩+分红稳健，期待新增产能投产+收并购