Investment Rating - The report assigns a "Buy" rating, expecting the stock price to outperform the market by more than 10% within the next 12 months [3]. Core Viewpoints - The company is positioned as a leader in the biomass resource regeneration industry, with a strong focus on both front-end kitchen waste treatment and back-end biodiesel production, which provides a stable profit base even during industry downturns [30][69]. - The company has seen a significant increase in its processing capacity, with kitchen waste treatment capacity growing from 2,537 tons/day in 2021 to 3,541 tons/day in 2023, and is expected to double to 7,071 tons/day by 2026 [11][79]. - The company is also venturing into synthetic biology, particularly in the production of human milk oligosaccharides (HMOs), which is expected to open new revenue streams [30][52]. Financial Summary - Revenue is projected to decline from 1,819 million in 2022 to 1,753 million in 2023, before rebounding to 2,175 million in 2024, with a growth rate of 24.1% [22]. - Net profit is expected to decrease from 243 million in 2022 to 179 million in 2023, but is forecasted to recover to 250 million in 2024, reflecting a growth rate of 39.5% [22]. - The company's EBITDA is projected to decrease from 477 million in 2022 to 422 million in 2023, with a subsequent increase to 502 million in 2024 [22]. Business Layout - The company operates a comprehensive business model that integrates kitchen waste treatment and biodiesel production, which enhances operational efficiency and reduces costs [30][71]. - The front-end waste treatment operations provide a stable income source through government payments, which helps buffer against fluctuations in biodiesel prices [73]. - The company has a strong competitive advantage in biodiesel production, with gross margins ranging from 19.02% to 42.73% from 2018 to 2022, outperforming industry peers [45][62]. Capacity Expansion - The company is expanding its existing projects, such as increasing the processing capacity of the Guangzhou biomass resource regeneration center from 2,040 tons/day to 3,100 tons/day [79]. - New projects, including a 2,100 tons/day biomass waste resource recovery center in Tongzhou, Beijing, are expected to contribute significantly to revenue starting in 2025 [79].
朗坤环境：再生为基、合成为矛，生物科技行稳致远