Huatai Securities recently pointed out in a research report that Sanfeng Environment's waste incineration power generation operation is stable. The company expects rapid growth in heating scale by 2025, with significant advantages in core waste incineration equipment and sufficient pending equipment contracts, reaching 1.5 billion yuan by 9M24. Overseas equipment supply contracts in Thailand, Malaysia, Vietnam, and other countries are progressing smoothly, and the overseas business is expected to drive performance growth. The average PE ratio of comparable companies for 2025 based on Wind consensus expectations is 12.4 times. Considering the company's ample overseas equipment orders and rapid growth in heating scale, a target PE of 14.3 times is given for 2025, corresponding to a target price of 11.44 yuan, maintaining a "buy" rating
