BGE(603588) 民生证券·2024-04-26 06:30Investment Rating - The report maintains a "Cautious Recommendation" rating for the company with a target price of 7.98 CNY per share, based on a current price of 6.54 CNY [12]. Core Views - The company achieved an operating income of 10.58 billion CNY in 2023, representing a year-on-year growth of 20.58%. However, the net profit attributable to shareholders decreased by 27.13% to 505 million CNY [18]. - The company is focusing on enhancing raw material reserves and expanding into the recycled plastic utilization sector, which is expected to improve its market position [2]. - The company has completed its market layout for hazardous waste resource utilization and has a total approved hazardous waste treatment capacity of 785,400 tons per year [18]. - The environmental operations are progressing steadily, with 13 operational waste-to-energy projects and 7 hazardous waste disposal projects, contributing to a revenue of 1.628 billion CNY in 2023, up 11.71% year-on-year [18]. Financial Summary - The forecasted operating income for 2024 is 11.795 billion CNY, with a growth rate of 11.5%. The net profit is expected to rebound to 876 million CNY, reflecting a growth rate of 73.6% [20]. - The earnings per share (EPS) for 2024 is projected to be 0.57 CNY, with a price-to-earnings (PE) ratio of 11 [20]. - The company’s gross profit margin is expected to improve, with a projected gross margin of 19.94% in 2024 [20].