Science Environmental Protection (688480) 东吴证券·2025-01-23 02:57Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 170 to 200 million yuan in 2024, representing a year-on-year increase of 88.20% to 121.42% [7] - The increase in revenue from product sales and operational services is expected to drive an improvement in gross margin [7] - The partnership with Zijin Mining is deepening, contributing to revenue growth [7] - The company has set ambitious revenue targets through stock incentive plans, indicating strong growth confidence [7] - The report adjusts the net profit forecast for 2024 down to 192 million yuan from the previous estimate of 202 million yuan, while maintaining forecasts for 2025 and 2026 [7] Financial Projections - Total revenue is projected to grow from 808.41 million yuan in 2023 to 996.98 million yuan in 2024, reflecting a year-on-year growth of 23.33% [1] - Net profit attributable to shareholders is expected to increase from 90.33 million yuan in 2023 to 191.81 million yuan in 2024, a growth of 112.35% [1] - The earnings per share (EPS) is forecasted to rise from 0.95 yuan in 2023 to 2.01 yuan in 2024 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 29.70 in 2023 to 13.99 in 2024 [1]