China Tianying(SZ:000035) Tebon Securities·2024-05-06 01:00Investment Rating - The report maintains a "Buy" rating for China Tianying (000035.SZ) [1] Core Views - The company is expected to achieve steady growth in operating performance under the dual-engine development strategy of "Environmental Protection + New Energy" [3] - The company reported a revenue of 5.324 billion yuan in 2023, a year-on-year decrease of 20.62%, while the net profit attributable to the parent company was 337 million yuan, a year-on-year increase of 173.15% [2] - The gross profit margin for 2023 was 27.60%, an increase of 8 percentage points year-on-year, with significant improvements in the gross margins of the power supply and waste treatment services segment [2] Financial Performance Summary - The projected operating revenues for 2024, 2025, and 2026 are 8.743 billion yuan, 11.016 billion yuan, and 13.611 billion yuan, with growth rates of 64.2%, 26%, and 23.6% respectively [4] - The net profit attributable to the parent company is expected to be 815 million yuan in 2024, 1.212 billion yuan in 2025, and 1.522 billion yuan in 2026, with growth rates of 141.6%, 48.7%, and 25.6% respectively [4] - The company’s gross margin is projected to be 24.7% in 2024, 25.3% in 2025, and 26.7% in 2026 [7] Business Development Highlights - The company has signed multiple gravity energy storage projects, enhancing its growth trajectory in the new energy sector [11] - As of the end of 2023, the company operated 20 waste incineration power generation projects with a total daily processing capacity of 21,550 tons, achieving a 44% year-on-year increase in waste processed [26] - The company has successfully expanded its international EPC market, providing advanced technology and equipment for waste incineration projects in France, Maldives, and India [26]