BGE(603588) 天风证券·2024-10-29 00:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.53 CNY, indicating an expected return of over 20% within the next six months [6][4]. Core Views - The company achieved a revenue of 11.451 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 52.88%, while the net profit attributable to the parent company was 561 million CNY, a decrease of 14.69% [1]. - The resource utilization business is expected to benefit from favorable national policies, enhancing the long-term development of the company's hazardous waste resource utilization business [3]. - The report highlights that despite revenue growth, the company's profit margins are under pressure due to high operating costs and reduced orders in the engineering segment [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 653.85 million CNY, with a year-on-year growth of 29.57%, and an EPS of 0.43 CNY [4][5]. - The revenue forecast for 2024 is 15.3 billion CNY, reflecting a growth rate of 44.61% compared to 2023 [5]. - The company's financial ratios indicate a P/E ratio of 12.42 for 2024, which is expected to decrease to 7.69 by 2026 [5][10]. Industry Outlook - The hazardous waste resource utilization sector is gaining attention from the government, with recent policy changes aimed at promoting resource recycling and utilization [3]. - The establishment of the China Resource Recycling Group and the new regulations on the import of recycled materials are expected to create a favorable environment for the company's operations [3].