Core Viewpoint - The company is a leader in waste incineration and is developing its water and biomass businesses, with a total waste-to-energy capacity of 150,400 tons/day by the end of 2024, ranking first in the industry [1] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of HKD 3.377 billion in 2024, with contributions from the environmental energy, green environmental, and water sectors being HKD 2.924 billion, -HKD 290 million, and HKD 743 million respectively, accounting for 87%, -9%, and 22% of the total profit [1] - Operating and financial income will account for 79% of total revenue by the end of 2024, with core operational indicators improving steadily, including a waste incineration power generation of 328 kWh per ton and a capacity utilization rate of 103% [2] - The company’s financial costs are expected to decrease, with financing costs dropping by 50 basis points to 3.2% and interest-bearing liabilities reduced to HKD 91.7 billion, leading to a savings of HKD 521 million in financial expenses [2] Group 2: Cash Flow and Capital Expenditure - Capital expenditure (Capex) has significantly decreased from HKD 22.8 billion in 2021 to HKD 5.1 billion in 2024, as the industry matures [3] - The company’s free cash flow (FCF) has turned positive for the first time, reaching HKD 4.416 billion, with expectations for further improvement [3] - The annual national subsidies are approximately RMB 3.8 billion, with significant amounts expected to be received, which will enhance operational cash flow [3] Group 3: Dividend Policy - The company’s dividend yield is currently at 6%, with potential for increase, and the dividend payout ratio is expected to rise from 31% to 42% in 2024 [3] - The company plans to maintain a stable increase in dividends, with a projected dividend per share (DPS) of HKD 0.23 [3] Group 4: Investment Outlook - The company’s net profit attributable to shareholders is projected to be HKD 3.589 billion, HKD 3.810 billion, and HKD 4.055 billion for 2025-2027, respectively [4] - Based on a price-to-earnings (PE) ratio of 8x and considering the positive cash flow and dividend potential, the estimated market value of the company is HKD 28.71 billion, indicating a 23% upside [4]

上 市 公 司 2025 年 06 月 09 日 光大环境 (00257) ——垃圾焚烧龙头迎现金流拐点，分红提升可期 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 06 日 | | --- | --- | | 收盘价（港币） | 3.81 | | 恒生中国企业指数 | 8629.75 | | 52 周最高/最低（港币） | 4.14/3.20 | | H 股市值（亿港币） | 234.05 | | 流通 H 股（百万股） | 6,142.98 | | 汇率（人民币/港币） | 1.0920 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg -11% 9% 29% 49% 06/06 07/06 08/06 09/06 10/06 11/06 12/06 01/06 02/06 03/06 04/06 05/06 06/06 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 研究支持 莫龙庭 A0230523080005 molt@sw ...

光大环境 20250603 光大环境长期自由现金流估算约为 20 亿港币，高于 2024 年分红总额， 即使不考虑补贴也能覆盖未来分红。管理层保持分红绝对值上升，释放 了积极信号。 公募重仓持仓比例在 EQ24 时提升，EQ25 时下降，但南向资金持仓不 断提升。目前光大环境一年期 PE 约 6.8，对应股息率 6.5%，具备较强 长期投资价值。 光大环境的主要业务板块有哪些？ 光大环境主要有三个业务板块：环保能源、光大水务和绿色环保。其中，环保 能源包括生活垃圾发电和餐厨处置，是其核心业务；光大水务负责市政污水处 理；绿色环保则涉及农林生物质及危废处置。 摘要 光大环境作为国内最大的垃圾发电运营商，2023 年市场份额约 16%， 显著领先竞争对手。环保能源板块贡献了公司 52%的收入、96%的 EBITDA 和 97%的净利润，是其核心盈利来源。 2010-2020 年间，光大环境经历快速扩张，产能增长率达 30%，尤其 在 2016-2022 年间通过 PPP 模式迅速扩大规模。目前垃圾发电产能主 要集中在山东、江苏等经济发达省份。 光大环境单项目产能高于行业平均水平，吨发电量处于行业中等偏上水 平，反 ...

Core Viewpoint - The announcement of the fifth batch of national public open units for environmental facilities and urban sewage and waste treatment facilities by the Ministry of Ecology and Environment marks a significant milestone for the company, showcasing its commitment to environmental responsibility and the "Two Mountains" concept [1] Group 1: Company Achievements - The company has successfully included 18 environmental projects in the national public open unit list, reflecting its dedication to the "open sharing" philosophy and its role as a leading environmental enterprise in China [1][2] - Since the second half of 2018, the company has opened 226 projects to the public, receiving approximately 220,000 visitors over three years, making it the earliest and largest enterprise in China to open environmental facilities to the public [2] - The "Urban Living Room" waste-to-energy project in Changzhou, Jiangsu, has been recognized as one of the "Top Ten National Environmental Facility Open Units," receiving high praise from the Ministry of Ecology and Environment [2] Group 2: Project Details - The 18 projects included in the latest public open unit list are as follows: 1. Tianjin Xiqing Waste-to-Energy Project 2. Hebei Zhangjiakou Waste-to-Energy Project 3. Heilongjiang Harbin Waste-to-Energy Project 4. Jiangsu Yixing Waste-to-Energy Project 5. Jiangsu Suzhou Waste-to-Energy Project 6. Jiangsu Rugao Biomass Direct Combustion Project 7. Jiangsu Danyang Waste-to-Energy Project 8. Zhejiang Ninghai Waste-to-Energy Project 9. Zhejiang Shengzhou Waste-to-Energy Project 10. Jiangxi Jiujiang Waste-to-Energy Project 11. Shandong Zhucheng Waste-to-Energy Project 12. Shandong Dongping Waste-to-Energy Project 13. Shandong Binzhou Development Zone Sewage Treatment Project 14. Henan Nanyang Waste-to-Energy Project 15. Henan Xinyang Waste-to-Energy Project 16. Henan Taikang Waste-to-Energy Project 17. Hunan Xiangtan Waste-to-Energy Project 18. Hunan Shaoyang Waste-to-Energy Project [3]

Core Viewpoint - The rural waste management market in China is expanding due to increasing waste generation, with a per capita daily waste production of 0.86 kg, growing faster than urban areas. The market size reached 302.7 billion yuan in 2024, reflecting a year-on-year growth of 7.19% [1][13]. Industry Overview - Rural waste management involves the classification, collection, transportation, and disposal of waste generated by rural residents, aiming for reduction, resource recovery, and harmless treatment. The main model is "household classification, village collection, town transportation, county processing," but some areas still rely on simple landfilling or open burning, leading to secondary pollution [2][5]. Industry Development History - The industry has evolved through four stages: 1. Self-consumption period before 2003, where waste was managed naturally [5]. 2. Governance initiation from 2003 to 2007, with the introduction of centralized waste management [5][6]. 3. Pilot promotion from 2008 to 2014, where waste classification began to be implemented [6]. 4. Special governance period from 2015 onwards, with systematic deployment of rural waste management strategies [6]. Industry Chain - The upstream of the rural waste management industry includes waste generation, waste treatment equipment, and technology research and services. The midstream involves waste processing, while the downstream applications include environmental protection, energy, and agriculture [8]. Market Size - The rural waste management market is driven by the increasing waste generation and supportive government policies. The market size in 2024 is projected at 302.7 billion yuan, with a growth rate of 7.19% [1][13]. Key Enterprises - Leading companies in the rural waste management sector include: - **Huanlan Environment**: Offers integrated waste management solutions and operates numerous waste-to-energy projects [15][17]. - **Fuchun Environmental**: Focuses on waste-to-energy projects, effectively addressing rural waste issues [19]. - **China Everbright International**: Engages in various waste management sectors, promoting standardized and professional development [17]. - **Weili Environmental**: Specializes in leachate treatment and landfill restoration, contributing to rural ecological improvements [17]. Industry Development Trends 1. **Technological Upgrades and Resource Utilization**: The industry is moving towards more environmentally friendly and efficient circular economy practices, with waste-to-energy and resource recovery becoming mainstream [21]. 2. **Diversified Operation Models and Market Transformation**: The shift from government-led to multi-stakeholder management is expected, with increased participation from social capital [22]. 3. **Full-Chain Control and Digital Transformation**: Emphasis on comprehensive management from waste generation to processing, utilizing digital tools for improved efficiency and quality [23].

Company Overview - China Everbright Environment Group Limited is the largest environmental enterprise in China and a leading player in Asia's environmental protection industry, focusing on solid waste, water-related business, and clean energy [4]. - The company operates in 229 cities across 25 provinces and has expanded its presence to international markets including Germany, Poland, Vietnam, and Mauritius [5]. - Everbright Environment has been ranked first among the "Top Ten Influential Solid Waste Treatment Enterprises in China" for 14 consecutive years and is a constituent member of the Dow Jones Sustainability Indices for nine years running [6]. - The company reported significant growth in its waste-to-energy operations, being the world's largest investor and operator in this sector [4]. - Everbright Environment's corporate mission emphasizes its commitment to ecological and environmental sustainability, aiming to create investment value while undertaking social responsibility [6]. Financial Performance - Revenue for 2024 decreased to HK$30,258,009, a decline of 6% compared to HK$32,090,207 in 2023 [18]. - EBITDA for 2024 was HK$10,074,731, down 21% from HK$12,827,961 in 2023 [18]. - Profit attributable to equity holders decreased by 24% to HK$3,377,200 in 2024 from HK$4,429,160 in 2023 [18]. - Return on shareholders' equity fell to 7.01% in 2024, down 2.26 percentage points from 9.27% in 2023 [18]. - Total assets decreased by 2% to HK$186,027,024 in 2024 from HK$189,182,824 in 2023 [18]. - Total liabilities decreased by 3% to HK$119,610,448 in 2024 from HK$123,659,603 in 2023 [18]. - Current ratio improved to 134% in 2024, an increase of 20 percentage points from 114% in 2023 [18]. Operational Highlights - The Group operated 193 waste-to-energy projects, 162 wastewater treatment projects, and 31 integrated biomass utilization projects, serving approximately 160 million residents [47][48]. - The Group generated 27.7 billion kWh of electricity, sufficient to meet the annual needs of over 23 million households, saving more than 11 million tonnes of standard coal and displacing over 13 million tonnes of CO2 emissions [47][48]. - The Group's investment in new business areas, including biomethane and battery recycling, led to significant breakthroughs [51][52]. - The Group established a Science and Technology Committee to enhance technological capabilities and successfully launched a coke-cleaning robot service [54][55]. - The Group's investments and contracts exceeded RMB 1.7 billion and RMB 1.8 billion, respectively, while entering the Central Asian market for the first time [56][57]. Market Expansion and Strategic Initiatives - The company continues to enhance its market expansion strategies, aiming for sustainable growth in both domestic and international markets [5]. - The Group is actively involved in strategic partnerships for green development initiatives along the Belt and Road and the Yangtze River Economic Belt [6]. - The Group's international market expansion includes securing contracts in Egypt, Indonesia, Malaysia, and India [84]. - The Group's Guangdong Nanxiong Livestock and Poultry Manure Resource Utilisation Project commenced operation, laying a foundation for new business growth points [92]. Environmental and Social Responsibility - The Group received multiple awards for its social responsibility initiatives, including the "Social Responsibility Brand of the Year" for the 10th consecutive year [106]. - The Group supported rural revitalization through its integrated biomass utilization model, with the Hunan Xinhua Waste-to-energy Project recognized as a "2024 China Livelihood Project" [62]. - The Group's projects attracted over 80,000 visitors and more than 100,000 participants in online activities, promoting environmental education [97]. Technological Innovations - The Group has been granted a total of 2,149 intellectual property rights and received over 20 provincial and ministerial-level scientific and technological awards, showcasing its innovation capabilities [89]. - The Group's carbon asset management system has been applied to over 370 projects, enhancing intelligent management of carbon emission data [152]. - The company has made technological breakthroughs in fields like battery recycling and flue gas treatment to drive innovation [193]. Challenges and Risk Management - The principal risks for 2024 include accounts receivable risk, environmental compliance and safety management risk, and market competition risk [186]. - The Company implemented targeted control measures for accounts receivable risk to enhance management effectiveness [189]. - The Company faced high pressure related to environmental compliance and safety management due to stringent regulations [191]. Future Outlook - The Group aims to enhance its core competitiveness and embark on a new journey of "Second-stage Entrepreneurship" to support the "15th Five-Year Plan" [158]. - The Group will focus on integrating technology and industry to drive innovation and improve operational management [157]. - The Company is exploring new business areas such as fly ash recycling and carbon trading to uncover growth opportunities [193].

证券研究报告 环保 | 环境治理 港股|公司点评报告 hyzqdatemark 2025 年 04 月 17 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com | 基本数据 | 2025 | 04 | 日 | 月 | 16 | 年 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 3.41 | | | | | 一年内最高/最低（港 | | | 4.14/3.01 | | | | | 元） | | | | | | | | 总市值（百万港元） | | | 20,947.55 | | | | | 流通市值（百万港元） | | | 20,947.55 | | | | | 资产负债率（%） | | | 64.30 | | | | | 资料来源：聚源数据 | | | | | | | 光大环境(00257.HK) ...

7天5板贝因美（002570），收到浙江证监局行政监管措施决定书。 二是公司控股股东贝因美集团存在非经营性资金占用情形，控股股东2021年和2022年分别占用公司资金3091.66万元和1693.55万元，上述资金在当年内归 还公司； 三是公司对广西全安圣企业管理有限公司的财务资助事项未及时审议并披露。 经过两日回调后，4月16日，贝因美股价午后再度冲上涨停板，当日换手率44.52%，成交额达32.93亿元。 此前在4月8日至11日的连续4个交易日间，贝因美股价收获连续涨停板，加上16日报收的涨停，该股在连续7个交易日间实现了5个涨停板。 不过16日晚间贝因美即披露收到浙江证监局行政监管措施决定书。 公告显示，贝因美及相关人员、控股股东于近日收到浙江证监局下发的行政监管措施决定书。 浙江证监局在现场检查中发现公司存在三大问题： 一是公司收入确认不符合企业会计准则，上述事项导致公司定期财务报告披露不准确； 对此，浙江证监局决定对贝因美及相关人员、贝因美集团分别采取出具警示函的监督管理措施。 贝因美主要从事婴幼儿配方奶粉、营养米粉和其他婴幼儿辅食、营养品的研发、生产和销售。在2022年业绩亏损后，近年来该公司经营 ...

[Table_Page] 公告点评|公用事业 证券研究报告 [Table_Title] 【 广 发 环 保 & 海 外 】 光 大 环 境 （00257.HK） 三表质量持续改善，分红超预期提升 [Table_Summary] 核心观点： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 32,495 | 30,258 | 29,718 | 29,617 | 29,704 | | 增长率 （ % ） | -13.9% | -6.9% | -1.8% | -0.3% | 0.3% | | EBITDA（百万港元） | 13,163 | 8,708 | 11,477 | 11,666 | 12,026 | | 归母净利润（百万港元） | 4,429 | 3,377 | 3,502 | 3,641 | 3,906 | | 增长率 （ % ） | -3.8% | -23.8% | 3.7% | 3.9% | 7.3% | | EPS（港元/股） ...

证券研究报告 | 2025年03月31日 光大环境（00257.HK） 优于大市 建造收入、减值拖累业绩，派息比率 41.8%创历史新高 受建造收入下滑和减值因素影响，收入利润均承压。2024 年公司实现营业收 入 302.58 亿港元，同比-5.71%，主要原因是新建项目减少，导致建造收入 下降。2024 年公司实现净利润 33.77 亿港元，同比-23.75%。净利润下降的 主要系建造利润减少和计提减值增加（物业、厂房及设备耗损 6 亿港元，2023 年为 3.8 亿港元；无形资产耗损 6.97 亿港元，2023 年为 2.10 亿 港元）所 致。公司 2024 年销售毛利率为 38.13%，较 2023 年下降 4.91pct；销售净利 率为 13.13%，较 2023 年下降 3.38pct；管理费用率小幅下滑 0.5pct 至 9.3%； 财务费用率下滑 1.1pct 至 9.9%。 环保能源板块：收入 159.16 亿港元，同比-8%。其中运营收入 97 亿港元， 同比+5%；建造收入 25 亿，同比-41%；财务收入 37 亿港元，同比-3%。 该板块收益和盈利均有所下降，主要受在建项目数量减少 ...