Grandblue Environment (600323) 华创证券·2024-11-18 13:44Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 29 CNY, compared to the current price of 21.72 CNY [1]. Core Insights - The company achieved a revenue of 8.731 billion CNY in the first three quarters of 2024, a year-on-year decrease of 2.58%, while the net profit attributable to shareholders reached 1.385 billion CNY, an increase of 18.82% [1][2]. - The report highlights a divergence between revenue and profit growth, with a decline in revenue primarily due to a decrease in solid waste engineering business, while profit growth was supported by various factors including project confirmations and improved margins in the energy sector [2]. - The solid waste and energy business segments showed positive operational performance, with solid waste treatment revenue at 4.511 billion CNY, down 2.10%, but net profit increased by 14.89% to 0.954 billion CNY [2]. - The company has accelerated cash flow collection, resolving 0.787 billion CNY of outstanding accounts receivable by the end of Q3 2024, with plans to significantly reduce remaining receivables by year-end [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 1.681 billion CNY, with a year-on-year growth of 17.6%, and an EPS of 2.06 CNY [6]. - The main revenue for 2024 is estimated at 13.381 billion CNY, reflecting a growth rate of 6.7% compared to 2023 [6]. - The company maintains a healthy financial position with a debt-to-asset ratio of 63.13% and a net asset value per share of 16.10 CNY [3].