两市第一“牛股”，3年暴涨15倍！谁在炒作？

Core Viewpoint - Huicheng Environmental has seen a dramatic stock price increase of over 15 times since November 2022, making it the top-performing stock in the A-share market during this period, despite significant discrepancies between its stock price and fundamental performance [1][2]. Summary by Sections Stock Performance - Huicheng Environmental's stock price reached a historical high on May 30, 2023, with a cumulative increase of 15.2 times since November 2022, marking it as the top "demon stock" since then [3][4]. - The stock has shown a year-to-date increase of 77.52% in 2023, with monthly gains exceeding 20% for most months [3][4]. - The stock's market capitalization is currently 34 billion yuan, with a TTM price-to-earnings ratio of 2468 times, significantly higher than the industry average of 48 times [1][4]. Business Model and Market Context - Huicheng Environmental specializes in solid waste treatment and resource recovery, primarily serving oil refining companies [3][4]. - The environmental sector has seen a resurgence due to favorable policies, with the Wind environmental index rising by 11.91% in 2023 [4]. Institutional and Retail Investor Activity - Institutional investors, including foreign entities like Goldman Sachs and Morgan Stanley, have participated in Huicheng Environmental's stock but have not been the primary drivers of its price increase [5][6]. - Retail investors have shown significant interest, but there has been a lack of evidence of speculative trading from major retail players during the stock's rise [4][5]. Financial Performance and Volatility - The company's revenue has fluctuated significantly, with a notable drop in net profit in 2024, down 69.25% year-on-year, despite a revenue increase of 7.33% [8][9]. - In 2023, the company reported a revenue of 1.071 billion yuan, a 194.76% increase, attributed to successful project completions [7][8]. - The company's profitability is under pressure due to declining demand for refined oil products and reliance on a concentrated customer base in Shandong province [9]. Future Outlook - Huicheng Environmental is focusing on a new project for plastic waste recycling, which is expected to be a key growth area, although its contribution to revenue remains uncertain as of May 2023 [9].