Minsheng Securities: Initial rating for environmental protection and energy industry as "recommended", driven by the dual wheels of coal trade and cogeneration of heat and power.

Minsheng Securities Research Report points out that Wuhu Environmental Energy has a dual drive of "coal trading + cogeneration of heat and power." The company relies on coal trading as its basic foundation, continuously expanding the scale of cogeneration of heat and power assets through acquisitions. The company's cogeneration of heat and power assets are located in industrial park areas with high downstream heating demand, with the ability to continuously generate stable profits and cash flow. With the growth of the local economy and the commissioning of new projects, the market demand for cogeneration of heat and power business is expected to further expand, and the contribution to the company's overall performance is expected to gradually increase. The bank predicts that the net profit attributable to the mother from 2025 to 2027 will be 7.48/8.18/9.22 billion, with year-on-year growth rates of 1.3%/9.4%/12.7%. Based on the closing price on June 23, the PE ratios for 2025-2027 are 9x/8x/7x, with coverage for the first time, and a "recommended" rating is given.