SYEP(300867) 新浪财经·2025-04-19 02:39Core Viewpoint - The company reported a decline in revenue but achieved significant growth in net profit, indicating a stable development in its main business and an improvement in gross margin [2] Revenue and Profit Summary - In 2024, the company achieved operating revenue of 1.582 billion yuan, a year-on-year decrease of 9% [1] - The net profit attributable to shareholders was 182 million yuan, a year-on-year increase of 24% [1][2] - Excluding the impact of PPP project construction service revenue, the main business revenue grew by 1.24% year-on-year [2] Business Segment Performance - The waste incineration business generated operating revenue of 1.278 billion yuan, a year-on-year increase of 1.72%, with a gross margin improvement of 4.74 percentage points to 41.29% [2] - The sewage treatment business achieved operating revenue of 154 million yuan, remaining stable year-on-year, with a gross margin increase of 4.18 percentage points to 39.58% [2] Capacity Expansion and Profitability Enhancement - The company continued to focus on its solid waste main business, receiving various types of waste for collaborative disposal [3] - The company’s waste incineration power plants received a total of 6.0165 million tons of waste, a year-on-year decrease of 2% [3] - The company processed 92.7939 million tons of domestic sewage in 2024, a year-on-year increase of 10.78% [3] Strategic Business Focus - The company signed a share transfer agreement to sell its sewage treatment business for a total price of 382 million yuan, realizing a value increase of 104 million yuan, or 37.29% [4] - The divestment aims to streamline management and focus resources on developing a new health industry centered around taurine and its derivatives [4] - The company is constructing a production line with an annual capacity of 40,000 tons of taurine, expected to start in June 2024 [4] Profit Forecast - The company is projected to achieve operating revenues of 1.640 billion, 1.704 billion, and 1.774 billion yuan for 2025-2027, with year-on-year growth rates of 3.66%, 3.92%, and 4.12% respectively [5] - The net profit attributable to shareholders is expected to be 298 million, 249 million, and 280 million yuan for the same period, with growth rates of 63.87%, -16.53%, and 12.53% respectively [5]