Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company's 2024 interim report shows revenue of 809 million yuan, a year-on-year increase of 28%, and net profit attributable to the parent company of 120 million yuan, a year-on-year increase of 47.54%, meeting expectations [4] - The company has solidified its position in water environment governance and rapidly expanded in the solid waste sector, with projects such as waste-to-energy plants and sludge treatment facilities [4] - The company secured new EPC orders worth 947 million yuan in the first half of 2024, with total orders on hand reaching 1.003 billion yuan [4] - The company is investing in new energy sectors, including a 1GW photovoltaic project in Xinjiang and a hydrogen energy equipment base in Yangzhou [5] Financial Data Summary - The company's revenue for 2024H1 was 809 million yuan, with a year-on-year growth rate of 28.2% [6] - Net profit attributable to the parent company for 2024H1 was 120 million yuan, with a year-on-year growth rate of 47.5% [6] - The company's gross margin for 2024H1 was 34%, up from 29.5% in 2023 [6] - The company's ROE for 2024H1 was 4.5%, with projected ROE for 2024-2026 at 13.2%, 15%, and 15.6% respectively [6] Business Expansion and Projects - The company plans to invest 3.02 billion yuan in a 1GW photovoltaic project in Xinjiang, with a capital contribution of 20% [5] - The company signed an agreement to invest 1 billion yuan in a hydrogen energy equipment base in Yangzhou, to be developed in two phases [5] - The company has partnered with academic institutions and research organizations to advance technologies in areas such as fly ash recycling, hydrogen energy equipment, and deep-sea robotics [4] Market Performance - The company's stock price closed at 8.95 yuan on August 19, 2024, with a price-to-book ratio of 2.2 and a dividend yield of 1.9% [2] - The company's market capitalization for A-shares was 3.111 billion yuan [2] - The company's stock performance over the past year has shown significant volatility, with a high of 12.26 yuan and a low of 6.86 yuan [2]
天源环保：水务固废订单持续兑现，积极拓展光伏及氢能