Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9]. Core Views - The company's revenue showed steady growth, with a total revenue of 20.91 billion yuan in 2024, representing a year-on-year increase of 10.35%. However, the net profit attributable to the parent company decreased by 5.28% to 971 million yuan, and the net profit after deducting non-recurring gains and losses also fell by 7.09% to 751 million yuan [2][6]. - In Q1 2025, the company achieved a revenue of 4.94 billion yuan, a year-on-year increase of 10.86%, but the net profit attributable to the parent company decreased by 12.88% to 271 million yuan. The net profit after deducting non-recurring gains and losses, however, increased by 46.2% to 116 million yuan, indicating significant volatility in performance due to non-recurring items [2][6]. - The company has completed a share buyback plan, repurchasing shares worth 173 million yuan, which will be used for employee stock ownership plans or equity incentives to enhance employee motivation [6]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 20.91 billion yuan, with a net profit of 971 million yuan, down 5.28% year-on-year. The net profit after deducting non-recurring items was 751 million yuan, down 7.09% [2][6]. - The fourth quarter of 2024 saw a revenue of 5.65 billion yuan, a year-on-year increase of 20.63%, with a net profit of 196 million yuan, up 401.23% [6]. - For Q1 2025, the company reported a revenue of 4.94 billion yuan, a 10.86% increase year-on-year, while the net profit decreased by 12.88% to 271 million yuan [6]. Business Segments - The hazardous waste resource recovery business generated 19.79 billion yuan in revenue, a year-on-year increase of 9.92%, accounting for 94.62% of total revenue. The clean energy equipment revenue increased by 20.35% to 1.055 billion yuan [6]. - The gross profit margin for 2024 was 12.04%, a decrease of 0.98 percentage points, primarily due to a decline in the gross margin of hazardous waste disposal and resource recovery products [6]. Cash Flow and Financial Health - The company maintained a high cash collection ratio of 106.11%, with a net cash flow from operating activities of 1.54 billion yuan, a year-on-year increase of 20.35%. The free cash flow was 714 million yuan [6]. - The asset-liability ratio stood at 53.42%, an increase of 3.61 percentage points year-on-year [6]. Future Outlook - The company is expected to focus on hazardous waste disposal and resource recovery, with projected net profits for 2025, 2026, and 2027 estimated at 1.06 billion yuan, 1.13 billion yuan, and 1.18 billion yuan, respectively, corresponding to PE ratios of 15.2x, 14.3x, and 13.7x [6].