维尔利：营收承压，生物能源具备增量空间

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 3.41 [1][5]. Core Insights - The company reported a revenue of RMB 1.004 billion for H1 2024, reflecting a year-over-year decrease of 11.80%, while the net profit attributable to the parent company was RMB 42.21 million, showing a significant increase of 153.09% year-over-year [5]. - The company is actively expanding its bioenergy business, which includes biogas and biofuel projects, indicating potential for incremental growth [6]. Financial Performance - For H1 2024, the company achieved a revenue of RMB 1.004 billion, with Q2 revenue at RMB 620 million, down 13.28% year-over-year but up 61.63% quarter-over-quarter [5]. - The net profit for Q2 2024 was RMB 5.26 million, down 11.60% year-over-year and down 85.78% quarter-over-quarter [5]. - The company’s overall gross margin for H1 2024 was 21.05%, an increase of 1.91 percentage points year-over-year [5]. Segment Performance - Environmental engineering revenue was RMB 318 million, up 12.87% year-over-year, with a gross margin of 11.96%, down 5.40 percentage points [5]. - Environmental equipment revenue was RMB 180 million, down 4.47% year-over-year, with a gross margin of 37.30%, up 8.65 percentage points [5]. - Operation services revenue was RMB 194 million, down 22.32% year-over-year, with a gross margin of 15.49%, up 0.75 percentage points [5]. - BOT operation services revenue was RMB 280 million, down 27.1% year-over-year, with a gross margin of 24.03%, up 7.69 percentage points [5]. Order Book and Future Projections - As of H1 2024, the company had 132 orders on hand, with confirmed revenue orders amounting to RMB 320 million and unconfirmed revenue of RMB 1.168 billion [5]. - The company expects EPS for 2024, 2025, and 2026 to be RMB 0.08, RMB 0.15, and RMB 0.24 respectively [5]. - The average PE ratio for comparable companies in 2024 is projected to be 28.4 times, while the company is assigned a PE of 42.6 times for 2024 [5].