联合资信评级报告认为，中国光大环境(集团)有限公司(以下简称"公司")为中国光大集团股份公司(以下 简称"光大集团")下属从事环保业务的重要实业投资主体，在业务规模、行业地位以及外部支持等方面 具备明显竞争优势。作为香港联合交易所有限公司主板上市企业，公司法人治理结构及内控制度完善， 管理规范。2021-2023年，公司已投运项目运行情况良好，运营业务规模保持增长，但新建项目大幅减 少，导致公司整体收益同比有所下降；同时，受益于盈利率相对较高的运营服务收益占比上升，公司整 体盈利率有所提升。公司资产构成符合行业特征，但应收账款及合约资产规模较大，对资金形成占用； 公司债务规模和债务负担小幅下降，债务结构与资产结构匹配。公司偿债能力指标表现一般，但考虑到 其融资能力强，业务符合现有政策导向，公司有望通过持续经营提升其偿债保障。本期债项的发行对公 司债务结构影响小，公司EBITDA对发行后长期债务的保障能力较强。 本期债项发行金额上限为人民币15亿元，期限为3+N(3)年。本次募集资金拟全部用于赎回公司永续中期 票据。本期债项附设递延支付利息选择权、赎回选择权和利率跃升机制等特殊条款，在破产清算时的清 偿顺序劣后 ...

Investment Rating - The report maintains a "Positive" investment rating for the waste incineration industry [9]. Core Insights - Recent attention has been drawn to waste incineration projects supplying power to IDC (Internet Data Centers), highlighting the potential for these projects to effectively reduce energy consumption and improve cash flow for B-end enterprises [3][16]. - The transition from energy consumption dual control to carbon emission dual control is expected to enhance the demand for renewable energy, particularly from industrial enterprises, benefiting the waste incineration sector [7][36]. - The report emphasizes the feasibility of direct power supply from waste incineration projects to B-end enterprises, which could lead to valuation recovery for the industry [3][8]. Summary by Sections Energy Consumption Control and Approval Process - The tightening of energy consumption policies necessitates energy efficiency assessments for fixed asset investment projects, with significant variations in approval timelines across different regions [5][22]. - IDC projects are specifically required to undergo energy efficiency assessments due to their high energy consumption levels, which often exceed 10,000 tons of standard coal annually [6][25]. Expansion of Green Energy Applications - The application of green energy from waste incineration is anticipated to expand beyond IDC to B-end enterprises, driven by increasing renewable energy demands and regulatory shifts towards mandatory green electricity consumption [7][38]. - The report notes that the carbon market's expansion, now covering over 60% of national CO2 emissions, will further enhance the demand for green certificates from waste incineration companies [7][8]. Challenges and Opportunities in Direct Power Supply - The current limitations on direct power supply to B-end enterprises stem from unresolved pricing mechanisms, but pilot projects in certain regions are beginning to explore direct green electricity supply [8][36]. - The report suggests that overcoming these challenges could lead to a new trend in direct green electricity supply for industrial enterprises, benefiting all stakeholders involved [8][36]. Investment Recommendations - The report recommends focusing on leading companies in the waste incineration sector, including Hanlan Environment, Weiming Environmental, and others, as they are well-positioned to benefit from the anticipated cash flow improvements and valuation recovery [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 3.51 and a fair value of HKD 3.99 [3]. Core Insights - The company's financial performance shows a continuous improvement in the quality of its financial statements, with a dividend payout ratio increased to 41.8% from 30.5% in the previous year, resulting in a dividend yield of 5.94% [7][36]. - The company has shifted its revenue structure, with operational revenue now accounting for 63% of total revenue, while construction revenue has decreased significantly [7][22]. - The company is expected to improve its cash flow and dividend potential, with projected net profits for 2025-2027 at HKD 35.0 billion, 36.4 billion, and 39.1 billion respectively, corresponding to a PE ratio of 6.16, 5.92, and 5.52 [7][36]. Summary by Sections 1. Operational Performance and Dividend Increase - The company reported a revenue of HKD 30.26 billion for 2024, a decrease of 6% year-on-year, and a net profit of HKD 3.38 billion, down 23.8% year-on-year, primarily due to a decline in construction service revenue and one-time impairment factors [12][14]. - The operational revenue has increased to 63%, with the environmental energy segment being the core driver of growth [7][22]. 2. Steady Improvement in Operating Data - The company has seen a rise in the amount of waste processed, with a total of 5,200.6 million tons in 2024, reflecting a 7% increase year-on-year, and an increase in electricity generation by 8% [37][40]. - The operational efficiency is highlighted by an increase in the average effective rate of return on receivables, which improved by 7 percentage points to 86% [7][33]. 3. Financial Projections - The report forecasts a gradual recovery in net profit margins, with expected improvements in cash flow and a stable dividend policy, indicating a positive outlook for the company's financial health [7][36]. - The projected EBITDA for 2025-2027 is expected to be HKD 11.48 billion, 11.67 billion, and 12.03 billion respectively, indicating a stable growth trajectory [2][36].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][3] Core Views - The company's revenue and profit have been under pressure due to a decline in construction income and impairment factors, with a reported revenue of HKD 30.258 billion in 2024, down 5.71% year-on-year, and a net profit of HKD 3.377 billion, down 23.75% year-on-year [6][8] - The company has increased its dividend payout ratio to 41.8%, the highest in its history, with a total dividend of HKD 1.41 billion for 2024, reflecting a commitment to enhancing shareholder returns [2][12] - The company is expected to see a gradual recovery in net profit from 2025 to 2027, with projected figures of HKD 3.836 billion, HKD 4.129 billion, and HKD 4.298 billion, respectively, indicating a growth rate of 13.6%, 7.6%, and 4.1% [3][12] Summary by Sections Financial Performance - In 2024, the company reported a gross profit margin of 38.13%, a decrease of 4.91 percentage points from 2023, and a net profit margin of 13.13%, down 3.38 percentage points from the previous year [6][8] - The environmental energy segment generated revenue of HKD 15.916 billion, down 8% year-on-year, while the environmental water segment saw a revenue increase of 2% to HKD 6.847 billion [2][8] - The green environmental segment's revenue was HKD 6.974 billion, down 6% year-on-year, primarily due to underperformance in hazardous waste and solid waste disposal markets [2][8] Dividend Policy - The company has enhanced its dividend policy, with a payout ratio increase from 30.5% in 2023 to 41.8% in 2024, and a dividend per share of HKD 0.23 [2][12] - The dividend's absolute value increased from HKD 1.35 billion to HKD 1.41 billion, corresponding to a dividend yield of approximately 6.6% based on the closing price on March 26, 2025 [2][12] Valuation and Forecast - The company is projected to have a price-to-earnings (PE) ratio of 5.6 for 2025, with a target price range of HKD 4.03 to HKD 4.34 per share, based on a PE multiple of 6.5 to 7 times [3][12] - The expected revenue for 2025 is HKD 30.499 billion, with a slight increase projected for subsequent years [4][12]

Group 1: Key Insights from Reports - The report highlights that overseas growth remains strong, driven by both IP and product categories, with Pop Mart achieving a revenue of 13.04 billion RMB in 2024, a year-on-year increase of 106.9% [4][5] - The adjusted net profit for Pop Mart reached 3.4 billion RMB in 2024, reflecting a year-on-year growth of 185.9% [5][6] - The company plans to distribute a final dividend of 0.8146 RMB per share, totaling 1.094 billion RMB, which represents 35% of the net profit [6] Group 2: Company Performance and Growth - Xingtong Co. reported a revenue of 1.515 billion RMB in 2024, up 22% year-on-year, with a net profit of 350 million RMB, marking a 39% increase [12][13] - China Foreign Transport achieved a revenue of 105.621 billion RMB in 2024, a 3.9% increase, although net profit decreased by 7.2% to 3.918 billion RMB [16][17] - The company’s logistics and agency business volumes grew steadily, with contract logistics volume increasing by 4% and sea freight agency volume by 13% [17][18] Group 3: Industry Trends and Developments - The distributed energy storage demand is accelerating, with a focus on sodium battery solutions and new product iterations [21][24] - The report indicates that the global industrial storage market is entering a new growth phase, driven by economic viability and increasing backup power demands [24] - The wind power sector is experiencing a surge in component production, with significant increases in offshore wind projects expected in 2025 [25][26] Group 4: Investment Outlook - The report maintains a "buy" rating for Pop Mart, projecting revenues of 21.749 billion RMB, 30.671 billion RMB, and 38.205 billion RMB for 2025-2027, with adjusted net profits of 5.516 billion RMB, 8.026 billion RMB, and 9.974 billion RMB respectively [11] - Xingtong Co. is also rated as a "buy," with projected revenues of 1.943 billion RMB, 2.495 billion RMB, and 2.991 billion RMB for 2025-2027, alongside net profits of 417 million RMB, 494 million RMB, and 576 million RMB [15] - China Foreign Transport is expected to see revenues of 113.848 billion RMB, 118.386 billion RMB, and 122.636 billion RMB for 2025-2027, with net profits of 4.154 billion RMB, 4.300 billion RMB, and 4.429 billion RMB [20]

Investment Rating - The report maintains an "Outperform" rating for the company [5][12][3] Core Views - The company's revenue and profit are under pressure due to a decline in construction income and impairment factors, with a 2024 revenue of HKD 30.258 billion, down 5.71% year-on-year, and a net profit of HKD 3.377 billion, down 23.75% year-on-year [1][6] - The company has increased its dividend payout ratio to 41.8%, the highest in its history, with a total dividend of HKD 1.41 billion for 2024, reflecting improved cash flow and a commitment to returning value to shareholders [2][12] - The report projects a slight downward adjustment in profit forecasts but expects net profit growth from 2025 to 2027, with estimates of HKD 3.836 billion, HKD 4.129 billion, and HKD 4.298 billion respectively [3][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 30.258 billion, a decrease of 5.71% from the previous year, primarily due to a reduction in new projects [1][6] - The net profit for 2024 was HKD 3.377 billion, reflecting a decline of 23.75%, attributed to reduced construction profits and increased impairment provisions [1][6] - The gross profit margin for 2024 was 38.13%, down 4.91 percentage points from 2023, while the net profit margin was 13.13%, down 3.38 percentage points [1][6] Segment Performance - Environmental Energy Segment: Revenue of HKD 15.916 billion, down 8% year-on-year, with operational income increasing by 5% but construction income decreasing by 41% [1][8] - Environmental Water Segment: Revenue of HKD 6.847 billion, up 2% year-on-year, with construction income increasing by 17% [2][8] - Green Environmental Segment: Revenue of HKD 6.974 billion, down 6% year-on-year, with construction income significantly declining by 65% [2][8] Dividend Policy - The company has enhanced its dividend policy, with a payout ratio rising to 41.8% and a dividend of HKD 0.23 per share for 2024, compared to 30.5% in 2023 [2][12] - The absolute dividend value increased from HKD 1.35 billion in 2023 to HKD 1.41 billion in 2024, corresponding to a dividend yield of approximately 6.6% based on the closing price on March 26, 2025 [2][12]

华夏时报（www.chinatimes.net.cn）记者 王悦 北京报道 灯工厂"技术，取消夜班值守。5个污水处理厂获批上调水价。绿色环保深挖燃料本地资源化，节约相关成本，探 索生物质资源化、高值化利用，加快业务转型发展。 值得一提的是，在积极盘活存量业务，着力提升运营质效的同时，光大环境也在不断调整收入结构，实现运营服 务收益占比进一步提升。 具体而言，光大环境2024年的运营收入为194.3亿元港币，建造收入为57.4亿元港币，财务收入为50.9亿元港币； 而各类收益占比变化趋势来看，运营服务收益占比已由2020年的32%上升至64%，建造收益自2021年持续下降， 由54%占比降至19%，财务收入占比水平在近五年内稳中有升，由2020年的占比9%上升至17%。 应收账款回款率提升 3月25日，光大环境公布了2024年年度业绩，公司录得收益约港币302.58亿元，毛利约港币115.36亿元，除利息、 税项、折旧及摊销前盈利约港币100.75亿元，公司权益持有人应占盈利约港币33.77亿元，每股基本盈利为54.98港 仙。 值得一提的是，光大环境拟派末期股息每股9港仙，同比增长12.5%；全年股息每股23 ...

证券研究报告 光大环境 (257 HK) 港股通 自由现金流转正，DPS 和派息比例双增 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 27 日│中国香港 | 废物管理 | 光大环境发布年报，2024 年实现营收 302.58 亿港币（yoy-5.71%），归母 净利 33.77 亿元（yoy-23.75%），低于华泰预期（38.09 亿港币），主要原因 系建造服务收入下降和危废业务减值大于预期。近年来，公司投运产能增加， 运营收入占比持续提升，由 2020 年 32%提升至 2024 年 64%，建造服务收 入占比由 2020 年 59%下降至 2024 年 19%。自 2003 年以来自由现金流首 次转正并达到 40.4 亿人民币，DPS 和派息比例双增，体现环保运营资产的 稳健回报属性。我们认为公司自由现金流仍有提升空间，维持"买入"评级。 生活垃圾量和发电量均保持增长 2024 年公司生活垃圾处理量约 5,600 万吨（yoy+7%），垃圾发电项目综合 厂用电率约 15.4%，垃圾发电入厂吨发突破 400 度，入炉吨发 461 千瓦时， 较 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of HKD 30.258 billion for 2024, a year-on-year decrease of 6%, and a net profit attributable to shareholders of HKD 3.377 billion, down 24% year-on-year. The annual dividend per share is set at HKD 0.23, an increase from HKD 0.22 in the same period of 2023 [2][4]. - The operational business showed stable growth, with a 7% year-on-year increase in the amount of municipal solid waste processed and an 8% increase in electricity generated [2][7]. - The company plans to maintain a dividend of HKD 0.23 for 2024, with a payout ratio increasing by 11.3 percentage points to 41.8%, indicating potential for further dividend increases in the future [2][7]. Summary by Sections Financial Performance - The company achieved a total revenue of HKD 30.258 billion in 2024, with operational service revenue at HKD 19.430 billion, a 1% increase year-on-year, while construction service revenue fell by 25% to HKD 5.743 billion [7]. - The total amount of municipal solid waste processed reached 52.06 million tons, reflecting a 7% increase, and the electricity generated was 17.042 million MWh, up 8% [7]. Asset Impairment and Financial Costs - Asset impairment negatively impacted the company's performance, with property, plant, and equipment depreciation increasing by HKD 220 million to HKD 600 million, and intangible asset depreciation rising by HKD 487 million to HKD 697 million [7]. - The company's borrowing costs decreased to a range of 2.20% to 3.35%, down from 2.70% to 3.50% in 2023, leading to a reduction in financial expenses by HKD 520 million [7]. Dividend and Cash Flow - The company announced a cash dividend that exceeded expectations, with a payout ratio of 41.8%. The company received approximately RMB 1.534 billion in renewable energy price subsidies, contributing to improved cash flow [7]. - The projected net profits for 2025 to 2027 are estimated at HKD 3.7 billion, HKD 4.1 billion, and HKD 4.3 billion, respectively, with corresponding price-to-earnings ratios of 5.75x, 5.19x, and 5.03x [7].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 30,258,009,000, a decrease of 6% from HKD 32,090,207,000 in 2023[3] - EBITDA for the year was HKD 10,074,731,000, down 21% from HKD 12,827,961,000 in the previous year[3] - Profit attributable to equity holders was HKD 3,377,200,000, a decline of 24% compared to HKD 4,429,160,000 in 2023[3] - Gross profit for the year was HKD 11,535,959,000, down from HKD 13,811,291,000 in 2023[4] - Total comprehensive income for the year was HKD 1,488,406,000, compared to HKD 2,581,444,000 in the previous year[6] - The company reported a basic and diluted earnings per share of HKD 0.5498, down from HKD 0.7210 in the previous year[4] - The company reported a pre-tax profit of HKD 3,377,200,000 for the year, down 23.7% from HKD 4,429,160,000 in 2023[41] - The consolidated gross profit for 2024 was HKD 11,535,959,000, down 16% from the previous year, with a gross profit margin of approximately 38.1%, a decrease of 4.9 percentage points[129] - The net profit attributable to equity holders for 2024 was HKD 3,377,200,000, a decline of 24% compared to 2023[129] Dividends - The final dividend per share increased to HKD 0.09 from HKD 0.08 in the previous year, with total annual dividends per share at HKD 0.23, up from HKD 0.22[3] - Proposed final dividend per ordinary share increased to HKD 0.09 from HKD 0.08 in 2023[40] - The board proposed a final dividend of HKD 0.09 per share for the year ending December 31, 2024, compared to HKD 0.08 per share for the previous year[157] Assets and Liabilities - Non-current assets totaled HKD 138,252,572,000, a decrease from HKD 142,029,678,000 in 2023[7] - Current liabilities decreased to HKD 35,731,838,000 from HKD 41,184,880,000 in the previous year[8] - The net asset value increased to HKD 66,416,576,000 from HKD 65,523,221,000 in 2023[8] - The company’s total liabilities decreased to HKD 119,610,448 from HKD 123,659,603, a reduction of approximately 3.3%[25] - The total outstanding loans as of December 31, 2024, were HKD 91,669,439,000, down HKD 2,954,705,000 from HKD 94,624,144,000 at the end of 2023[133] Revenue Breakdown - The segment revenue from Environmental Energy projects was HKD 16,004,953, down from HKD 17,472,414, representing a decline of 8.4%[21] - The Environmental Water segment reported revenue of HKD 6,851,918, consistent with the previous year's HKD 6,704,684, indicating a slight increase of 2.2%[21] - The Green Environmental segment's revenue decreased to HKD 6,976,892 from HKD 7,416,973, reflecting a decline of 5.9%[21] - Revenue from external customers in Mainland China was HKD 29,371,234, down from HKD 31,388,415, a decline of approximately 6.4%[28] - Revenue from environmental energy project construction services was HKD 2,537,007,000, down 41.5% from HKD 4,332,798,000 in 2023[31] - Revenue from environmental water project construction services increased by 17.2% to HKD 2,933,926,000 from HKD 2,502,809,000 in 2023[31] - Operating service revenue from environmental energy projects was HKD 9,720,110,000, up 5.2% from HKD 9,241,305,000 in 2023[31] Segment Performance - Adjusted EBITDA for the Environmental Energy segment was HKD 6,886,316, down from HKD 9,078,517 in the previous year, representing a decrease of approximately 24.5%[23] - The total reported segment profit from external customers decreased to HKD 9,803,001 from HKD 12,930,295, a decline of about 24.5%[23] - The operating profit before interest, tax, depreciation, and amortization for the environmental water services segment was HKD 2,196,829,000, a decrease of 11% compared to 2023[105] Investments and Projects - The company invested HKD 802,724 in property, plant, and equipment during the year, compared to HKD 1,149,071 in the previous year, a decrease of about 30.2%[23] - The group has expanded its business to 26 provinces and regions in China, covering 229 cities and counties, with overseas markets in Germany, Poland, Vietnam, and Mauritius, and has invested in 604 environmental projects totaling approximately RMB 162.425 billion[68] - The group has implemented 193 waste-to-energy projects with a designed daily processing capacity of 159,900 tons of municipal solid waste[68] - In 2024, the group invested in 12 new projects with a total investment of approximately RMB 1.764 billion and signed various light asset business contracts totaling approximately RMB 1.835 billion[71] Environmental Impact and Achievements - The group processed 56,162,000 tons of municipal waste, generating 27,678,000,000 kWh of green electricity, equivalent to the annual electricity consumption of approximately 23,065,000 households[78] - The group treated 1,763,000,000 cubic meters of wastewater, reducing COD emissions by 7,478,000 tons[78] - The group received multiple awards, including ranking first in the "Top 50 Environmental Enterprises in China" and "Top 10 Influential Solid Waste Enterprises in China" for the 14th consecutive year[80][82] Corporate Governance and Management - The company has adopted the Corporate Governance Code as its standard for corporate governance practices[153] - The company has established a comprehensive safety and environmental management system, ensuring compliance with national environmental regulations[150] - The company conducted multiple training sessions covering ESG, procurement management, cybersecurity, and other topics to enhance management and employee skills[144] - The company identified key risks including accounts receivable risk, environmental compliance risk, and market competition risk, which will be detailed in the 2024 annual report[146] Future Outlook - The group aims to enhance its core competitiveness and solidify its industry-leading position while focusing on the "14th Five-Year Plan" strategic blueprint[127] - The company plans to enhance its operational management and financial coordination to improve efficiency and reduce costs[60] - The company is focusing on technological innovation and the establishment of a "research ecosystem" to drive business development[60]