Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is experiencing rapid revenue and profit growth, with projected revenue of 7.17 billion yuan in 2024, representing a year-over-year increase of 19.0%, and a net profit of 2.70 billion yuan, up 32.0% year-over-year [1]. - The company has a strong pipeline of waste incineration projects that will support steady growth, with 55 operational projects by the end of the reporting period, totaling an operational scale of approximately 37,300 tons per day [3]. - The company is making significant progress in its new energy materials business, with key projects in production, which are expected to contribute to profit growth [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 51.8%, an increase of 4.2 percentage points year-over-year, and a net profit margin of 38.8%, also up by 4.2 percentage points year-over-year [2]. - The management expense ratio decreased to 3.5%, while the financial expense ratio also saw a decline to 3.5%, indicating improved cost control [2]. - The company reported a net operating cash flow of 2.43 billion yuan in 2024, reflecting a year-over-year increase of 4.7% [2]. Project Pipeline and Growth Potential - The company has a robust project pipeline in waste incineration, with several projects entering operation or trial phases, ensuring a steady revenue stream [3]. - The equipment manufacturing segment is expanding, with new orders totaling approximately 3.17 billion yuan expected to contribute to revenue growth [3]. - The new energy materials segment is progressing well, with significant projects in production that are anticipated to enhance profitability [4]. Future Projections - The company is expected to achieve net profits of 3.34 billion yuan, 3.88 billion yuan, and 4.39 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 2.0 yuan, 2.3 yuan, and 2.6 yuan [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 10.0X, 8.6X, and 7.6X, respectively, indicating a favorable valuation outlook [4].

杨燕指出， 这一波忙起来的投资人有个共性——"基本都是被De eps e ek刺激到了 。大家也看 到了AI这一波的投资机会是比较具有确定性的，赶紧动起来。毕竟，这几年大家都放缓出手， 也不知道投点什么好，好不容易看到了新机会。" 今年一季度，一级投资人又忙起来了。 "从过完年开工到现在，只在自己家住了六天，其余时间都在外面出差。虽然2 0 2 4年过得很不 容易，但越是下行周期，越不能躺平。并且，今年我们确实看到了不少新机会，才动起来的， 近期遇到不少同行交流，大家的体验也都是今年变忙了。"上海VC投资人杨燕（化名）告诉母 基金研究中心。 母基金研究中心关注到，此前，2 0 2 4一整年，一级市场上有大量"零出手"的机构。从GP角度 来说，"不是不想投，是有钱也不敢投"——"一方面是项目竞争激烈，现在热门的投资方向都 是硬科技、新能源新材料等战略新兴产业，项目估值被推高的很厉害，没什么可选择的空间， 没什么可以投的，而另一方面就是退出难倒逼投资也谨慎了，老股转让打骨折都难出手，很多 在过去投的时候认为好的项目估值下调严重。在复杂多变的市场形势下，不出手是最好的选 择，不投就不会亏呀。并且我们现在最看重DPI ...