证券研究报告·海外公司点评·环保 光大环境（00257.HK） 减值拖累业绩，自由现金流增厚趋势不改 2025 年 02 月 06 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 37750 | 32495 | 31031 | 29633 | 29311 | | 同比(%) | (24.89) | (13.92) | (4.50) | (4.51) | (1.08) | | 归母净利润（百万元） | 4602 | 4429 | 3270 | 3867 | 4105 | | 同比(%) | (32.37) | (3.75) | (26.17) | 18.23 | 6.17 | | EPS-最新摊薄（元/股） | 0.75 | 0.72 | 0.53 | 0.63 | 0.67 | | P/E（现价&最新摊薄） | 4.57 | 4.74 | 6.42 | 5.43 | 5.12 | [Table_Tag] [T ...

Investment Rating - The report assigns an "Outperform the Market" rating to the company, with a target price range of 4.48 to 4.73 HKD, indicating a potential upside of 14% to 20% from the current stock price [7][46][51]. Core Views - The company is recognized as the world's largest waste-to-energy operator, with a significant market presence and a robust project pipeline. The report highlights a decline in capital expenditures, leading to positive free cash flow in 2024H1, which is expected to enhance the company's dividend capacity [46][55][166]. - The report emphasizes the company's operational income growth, which is projected to increase as construction income declines, suggesting a shift towards more sustainable revenue streams [7][46][173]. - The company faces challenges due to complex accounting practices and diversified business operations, which may suppress its valuation in the market [46][123][173]. Financial Performance - The company achieved revenues of 32.09 billion HKD in 2023, with a projected decline to 28.74 billion HKD in 2024, reflecting a year-on-year decrease of 10.4% [47][189]. - The gross profit margin is expected to improve from 41.5% in 2024 to 44.4% by 2026, indicating a positive trend in profitability [47][189]. - The net profit attributable to the parent company is forecasted to be 3.70 billion HKD in 2024, down from 4.43 billion HKD in 2023, but is expected to recover to 4.14 billion HKD by 2026 [47][189]. Business Segments - The company's revenue is primarily derived from three segments: Environmental Energy, Environmental Water, and Green Environmental Services. The Environmental Energy segment contributes the most, accounting for 51% to 66% of total revenue [97][100]. - The Environmental Water segment has shown stable performance, with revenues of 6.73 billion HKD in 2023, expected to decline to 5.70 billion HKD in 2024 [5][179]. - The Green Environmental Services segment has faced profitability challenges, with a significant drop in net profit in recent years, primarily due to market conditions and government subsidy delays [136][137]. Valuation Metrics - The report indicates that the company's current P/E ratio is approximately 5.5, which is significantly lower than the industry average, suggesting that the stock may be undervalued [47][195]. - The absolute valuation method estimates the company's fair value at around 4.73 HKD per share, while the relative valuation method suggests a target price of 4.48 HKD, both indicating potential upside from the current market price [190][195]. Market Position - The company holds a leading position in the waste-to-energy sector, with a total waste processing capacity of 15.89 million tons per day, the highest in the industry [46][116]. - The report notes that the company has a diversified project portfolio across various regions, which enhances its operational resilience [46][68][120].

alliallia 址 EVERBRIGHT ENVIRO 情 繁生態 環 境 Devoted to Ecology and Environment for a Beautiful China 錄夢美麗 中 l或 INTERIM REPORT 中期報告 2024 金 色品牌 綠 (B -事 事 The Most Reliable Brand in the Green World Contents 目錄 Contents 目錄 業綠色 e Most in the Reliable Brand Green World | --- | --- | --- | |---------------------------------------------|--------------------------|-------| | | | | | Corporate Information | 公司資料 | 2 | | Financial Highlights | 財務概況 | 4 | | Business Review and Prospects | 業務回顧與展望 | 5 | | Management Discuss ...

2024 年 08 月 29 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 王宁 S0350522010001 wangn02@ghzq.com.cn 证券分析师： 张婉姝 S0350522010003 zhangws@ghzq.com.cn [Table_Title] 运营收入占比提升，应收账款加速回流 ——光大环境（00257）点评报告（港股美股） 事件: 最近一年走势 相对恒生指数表现 2024/08/29 表现 1M 3M 12M 光大环境 -1.1% -0.6% 31.7% 恒生指数 3.2% -3.7% -3.8% | --- | --- | |-------------------------|------------| | 市场数据 | 2024/08/29 | | 当前价格（港元） | 3.53 | | 52 周价格区间（港元） | 2.33-4.08 | | 总市值（百万港元） | 21,684.70 | | 流通市值（百万港元） | 21,684.70 | | 总股本（万股） | 614,297.53 | | 流通股本（万股） | 614,297.53 | | 日均成交额（百 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of HKD 16.14 billion for the first half of 2024, a year-on-year decline of 4.2%, and a net profit attributable to shareholders of HKD 2.45 billion, down 11.9%, which aligns with expectations [3] - The company announced an interim dividend of HKD 0.14 per share, unchanged from the previous year, with a payout ratio of 35.1%, an increase of 4 percentage points from last year [3] - A significant decrease in construction service revenue was noted, primarily due to a decline in revenue from energy and environmental projects, particularly waste incineration [3] - The gross margin for the first half of 2024 was 38.7%, a decrease of 5.4 percentage points year-on-year, attributed mainly to a drop in the gross margin of construction services [3] - The company has successfully reduced costs, with financial expenses down by HKD 200 million and management expenses down by HKD 240 million, leading to an overall decrease in expense ratio by 1.9 percentage points [3] - The company’s free cash flow is expected to turn positive due to reduced capital expenditures, with construction service revenue significantly lower than in previous years [3] - The company has a substantial amount of receivables, totaling HKD 21.4 billion, with a large portion expected to be government subsidies, which could further improve cash flow upon collection [3] - Profit forecasts for 2024-2026 are maintained at HKD 4.14 billion, HKD 4.31 billion, and HKD 4.49 billion respectively, with corresponding PE ratios of 5.2, 5.0, and 4.8 times [3] Summary by Sections Financial Performance - Revenue for H1 2024: HKD 16.14 billion, down 4.2% YoY [3] - Net profit for H1 2024: HKD 2.45 billion, down 11.9% YoY [3] - Gross margin: 38.7%, down 5.4 percentage points YoY [3] Dividend and Shareholder Returns - Interim dividend: HKD 0.14 per share, unchanged from last year [3] - Dividend payout ratio: 35.1%, up 4 percentage points YoY [3] Cost Management - Reduction in financial expenses: HKD 200 million [3] - Reduction in management expenses: HKD 240 million [3] - Overall expense ratio decreased by 1.9 percentage points [3] Cash Flow and Capital Expenditure - Free cash flow expected to turn positive [3] - Significant decrease in construction service revenue impacting cash flow [3] Receivables and Subsidies - Total receivables: HKD 21.4 billion, with a large portion as government subsidies [3] Profit Forecasts - 2024-2026 net profit forecasts: HKD 4.14 billion, HKD 4.31 billion, HKD 4.49 billion [3]

股价走势图 (%)光大环境 恒生指数 (17) 2 20 39 57 Aug-23 Dec-23 Apr-24 Aug-24 资料来源：S&P 目标价 4.96 港元，维持"买入"评级 光大环境于 8 月 26 日公布 1H24 业绩：收入同比下滑 4%至 156.12 亿港元， 其中建造/运营/财务收入 35.8/94.6/25.7 亿港元（1H23：41.2/94.9/26.9 亿 港元），归母净利润同比下降 12%至 24.54 亿港元。我们维持 24-26 年归母 净利预测 41.48/42.82/43.91 亿港元，给予公司 7.3 倍 2024 年预测 PE（可 比公司 Wind 一致预期均值：7.3 倍），目标价为 4.96 港元（前值：5.10 港 元），维持"买入"评级。 运营服务收入微降，垃圾处理量同比+9% 光大环境是全球最大的垃圾发电投资运营商，截至 6 月 30 日，公司环保能 源及绿色环保板块合计落实垃圾发电项目 191 个（含委托运营项目），生活 垃圾处理能力 15.89 万吨/日。上半年公司运营服务收入 94.6 亿港元（1H23： 94.9 亿港元），占总收入的 61%（1H ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Views - The company's net profit attributable to shareholders decreased by 12% year-on-year in H1 2024, primarily due to a decline in capital expenditure and construction revenue [4]. - Free cash flow has turned positive for the first time in recent years, with a mid-year cash dividend payout ratio increased to 35% [4][5]. - The company reported a revenue of HKD 15.612 billion in H1 2024, a 4% decline year-on-year, with construction revenue dropping 13% to HKD 3.584 billion [5]. - Operational revenue remained stable at HKD 9.459 billion, with operational and financial income accounting for 77% of total revenue, indicating improved earnings quality [5]. Summary by Sections Financial Performance - The company slightly adjusted its net profit forecasts for 2024-2026 to HKD 4.200 billion (previously HKD 4.467 billion), HKD 4.321 billion (previously HKD 4.541 billion), and HKD 4.456 billion (previously HKD 4.620 billion), respectively, with corresponding EPS of HKD 0.68, HKD 0.70, and HKD 0.73 [5]. - The company achieved a free cash flow of HKD 970 million in H1 2024, marking its first positive free cash flow [5]. Operational Highlights - The company launched a new waste incineration project with a capacity of 3,700 tons in H1 2024, bringing the total operational capacity to 138,000 tons, with 5,700 tons under construction [5]. - The amount of municipal waste processed reached approximately 25.98 million tons, a 9% increase year-on-year, while heating and steam supply increased by 60% [5]. - The average power generation efficiency of waste-to-energy projects was approximately 446 kWh per ton of waste [5]. Dividend Policy - The company plans to distribute a mid-term dividend of HKD 0.14 per share, corresponding to a cash dividend payout ratio of 35%, an increase from 31% in the previous year [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （於香港註冊成立之有限公司） （股份代號：257） 截至二零二四年六月三十日止六個月 中期業績公告 摘要 • 收益為港幣15,612,133,000元（二零二三年：港幣16,297,167,000元），較去年同期 減少4% • 除利息、稅項、折舊及攤銷前盈利為港幣6,550,295,000元（二零二三年：港幣 7,376,488,000元），較去年同期減少11% • 除稅前盈利為港幣3,883,226,000元（二零二三年：港幣4,505,649,000元），較去年 同期減少14% • 本公司權益持有人應佔盈利為港幣2,453,917,000元（ 二 零 二 三 年：港 幣 2,784,923,000元），較去年同期減少12% • 中期股息每股14.0港仙（二零二三年：每股14.0港仙） ...

2024 年 08 月 14 日 公司研究 评级：增持(首次覆盖) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 王宁S0350522010001 | | | wangn02@ghzq.com.cn | | 证券分析师： | 张婉姝S0350522010003 | | | zhangws@ghzq.com.cn | [Table_Title] 现金流拐点已至，分红率持续高位 ——光大环境（00257）深度报告 投资要点: 最近一年走势 相对恒生指数表现 2024/08/13 表现 1M 3M 12M 光大环境 -1.3% 1.9% 34.3% 恒生指数 -6.1% -10.2% -10.0% 市场数据 2024/08/13 当前价格（港元） 3.70 52 周价格区间（港元） 2.33-4.08 总市值（百万港元） 22,729.01 流通市值（百万港元） 22,729.01 总股本（万股） 614,297.53 流通股本（万股） 614,297.53 日均成交额（百万港元） 42.06 近一月换手（%） 7.07 ...

证券研究报告 公用事业|电力 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 联系人 市场表现: -30% -20% -10% 0% 10% 20% 30% 40% 光大环境 恒生中国企业指数 2024 年 07 月 23 日 光大环境(0257.HK) 买入(维持) ——自由现金流有望迎来转正,建议关注低协方差行情扩散 下的固废投资机会 投资要点: 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com ➢ 事件:公司近期股价波动较大。 ➢ 在建项目持续减少,垃圾发电行业进入存量运营期,公司 2023 年运营服务收入占比超过 50%。随着过 去 20 年以光大环境为首的垃圾发电集团持续扩张产能,我国大中城市的垃圾焚烧能力趋近饱和,大型优 质新建项目持续减少,根据北极星固废网统计,2024 年上半年垃圾焚烧发电特许经营累计开标 10 个, 与 2023 年同期开标 27 个项目相比,数量下滑 63%,建设规模下滑 77%。十四 ...