丨证券研究报告丨 港股研究丨公司点评丨光大环境（0257.HK） [Table_Title] 光大环境跟踪点评：运营业务稳定，减值对业绩 或仍有拖累 报告要点 [Table_Summary] 2024 年公司资本开支进一步下降，工程收入下行带来收入结构改善，后续业绩稳定性更强。 绿色环保发布业绩预告，预计 2024 年亏损 5.0-5.1 亿港币，预计光大环境 2024 年业绩受减值 影响拖累仍存。公司全年现金流转正预期充分， 中报每股分红维持稳定（分红比例所有提升）， 持续兑现分红逻辑。多重固废协同处置成为趋势，供热化改造也将带来业绩增量。无需过多担 心行业现金流。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 徐科 任楠 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光大环境（0257.HK） cjzqdt11111 [Table_Title ...

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].

Financial Performance - Revenue for the first half of 2024 was HK$15,612,133, a decrease of 4% compared to HK$16,297,167 in the same period of 2023[13]. - Profit attributable to equity holders was HK$6,550,295, down 11% from HK$7,376,488 in the previous year[13]. - Return on shareholders' equity decreased by 12%, from HK$2,784,923 in 2023 to HK$2,453,917 in 2024[13]. - Basic earnings per share for the first half of 2024 was 5.00 HK cents, a decline of 12% from 5.82 HK cents at the end of 2023[13]. - For the first half of 2024, the Group recorded total revenue of HK$15,612,133,000, a decrease of 4% compared to HK$16,297,167,000 in the same period of 2023[21]. - Profit attributable to equity holders decreased by 11% to HK$6,550,295,000 from HK$7,376,488,000 year-on-year[21]. - Basic earnings per share fell by 12% to HK$39.95 compared to HK$45.34 in the first half of 2023[21]. - Environmental energy reported an EBITDA of HK$4,015,260,000, a decrease of 15% compared to the first half of 2023, and a net profit attributable to the Group of HK$2,300,608,000, down 16% year-on-year[78]. - Everbright Water's environmental water sector contributed an EBITDA of HK$1,199,661,000, a decrease of 7% compared to the first half of 2023[94]. - The greentech sector contributed an EBITDA of HK$1,108,460,000, a decrease of 13% compared to the first half of 2023, and a net profit attributable to the Group of HK$107,638,000, a decrease of 45%[111]. Asset and Liability Management - Total assets increased slightly to HK$189,452,994, compared to HK$189,182,824 in 2023, reflecting a 0% change[13]. - Total liabilities decreased by 2% to HK$121,766,703 from HK$123,659,603 in the previous year[13]. - The gearing ratio improved to 8.141% from 7.837%, indicating a 4% increase[13]. - As of June 30, 2024, the Group's total assets amounted to approximately HK$189.45 billion, with net assets of HK$67.69 billion, representing a net asset value per share of HK$8.141, an increase of 4% from HK$7.837 at the end of 2023[138]. - The Group's gearing ratio as of June 30, 2024, was 64%, a decrease of 1 percentage point from 65% at the end of 2023[138]. - Cash and bank balances as of June 30, 2024, were HK$8.27 billion, a decrease of 4% from HK$8.63 billion at the end of 2023[138]. - Outstanding interest-bearing borrowings as of June 30, 2024, were HK$94.17 billion, similar to HK$94.62 billion at the end of 2023[138]. Operational Efficiency and Development - The Group focused on diversifying its asset-light and asset-heavy businesses, enhancing its operational development quality[17]. - Technology research and development continued to empower all business sectors, with ongoing progress in the commercialization of technology research results[17]. - A dedicated task force was established to enhance operational efficiency, focusing on increasing waste intake and improving the efficiency of slag management[39]. - The Group aims to enhance project operation efficiency and financial management to support high-quality development and cost control[135]. - The Group plans to diversify its business models and accelerate the transformation of new businesses, particularly in overseas markets[135]. - The Group will focus on technological innovation and digitalization to improve cost control and operational efficiency[135]. - The Group is committed to enhancing its risk management culture and has updated its risk factor list to strengthen its risk management system[146]. - The Group has implemented a comprehensive management structure to ensure compliance with safety and environmental standards, securing stable operations of various environmental protection projects[146]. Environmental Contributions and Projects - The Group processed 28,035,000 tonnes of household waste, generating 13,634,000,000 kWh of green electricity, sufficient to meet the annual electricity needs of 11,361,000 households[44]. - Cumulatively, the Group has processed 298,400,000 tonnes of household waste since 2005, generating 144,985,000,000 kWh of green electricity, equivalent to the annual consumption of 120,820,000 households[48]. - The Group treated 835,360,000 m³ of wastewater, reducing chemical oxygen demand (COD) discharge by 416,000 tonnes during the review period[44]. - The Group's environmental contributions include avoiding CO2 emissions by 14,646,000 tonnes through the processing of agricultural and forestry waste, which totaled 3,883,000 tonnes[44]. - The Group organized environmental education activities, attracting approximately 9,500 offline visitors and 80,000 online participants, promoting ecological protection and sustainable development[50]. - The Group's Gansu Wuwei Waste-to-energy Project was successfully registered as an International Verified Carbon Standard (VCS) Project, enhancing its sustainability credentials[63]. - The Group received multiple awards for its environmental initiatives, including recognition as one of the Top 10 Influential Enterprises in China's Water Industry for the seventh consecutive year[53]. - The Henan Nanyang Waste-to-energy Project and others were recognized as "National AAA-level Municipal Solid Waste Incineration Plants," highlighting operational excellence[56]. - The Group's cumulative environmental contributions since 2005 include avoiding CO2 emissions of 127,661,000 tonnes through the processing of 46,517,000 tonnes of agricultural and forestry waste[48]. - As of June 30, 2024, the environmental energy sector has invested in 281 projects with a total investment of approximately RMB 98.324 billion, achieving an annual household waste processing capacity of 53,782,750 tonnes[67]. New Projects and Investments - The Group invested in and secured a total of 8 new projects with a total investment of approximately RMB1.611 billion, covering areas such as waste water treatment, biomass integrated utilization, construction of zero-carbon industrial parks, and energy storage[33]. - The designed treatment/supply capacities of the new projects include 200,000 m³/day for waste water treatment, 70,000 tonnes/year for biomass raw materials, 260,000 tonnes/year for heat and steam supply, and 39.66 MW for solar power and energy storage[36]. - The Group signed various new asset-light businesses with a total contract value of approximately RMB392 million during the review period[33]. - In the first half of 2024, Everbright Water secured 3 new projects with a total investment of approximately RMB1.371 billion and undertook various asset-light businesses with a total contract value of approximately RMB30.25 million[90]. - Everbright Greentech secured 5 new projects with a total investment of approximately RMB240 million, designed to process 70,000 tonnes of biomass annually and have a solar power and energy storage capacity of 39.66 MW[104]. Risk Management and Compliance - The Group's accounts receivable risk has increased due to impaired payment capabilities of governments, leading to high accounts receivable from national subsidies and treatment fees[152]. - Accounts receivable risk remains high due to decreased fiscal payment capabilities of various government levels, increasing the likelihood of delayed payments for national subsidies and waste treatment fees[154]. - The Company established a long-term mechanism for accounts receivable management, including special teams, ledgers, incentives, and assessments[153]. - The Company implemented the 2023-2024 Accounts Receivable Incentive Measures to enhance employee participation in accounts receivable recovery[156]. - Strict supervision of pollutant emissions has become normalized, with higher local emission standards in regions like Jiangsu and Henan, increasing operational management requirements[159]. - A Three-Year Action Plan (2024-2026) was formulated to address work safety issues, focusing on improving safety management and employee safety capabilities[161]. - The Company reinforced process control through intensified inspections, focusing on dangerous operations and ensuring accountability at all levels[163]. Human Resources and Employee Management - The Group employed approximately 11,700 employees as of June 30, 2024, with employee benefits including medical insurance and a mandatory provident fund scheme[151]. - Staff placement risk is heightened due to total remuneration constraints and the remote locations of new projects, impacting employee retention[164]. - The company is strengthening multi-level communication channels to understand employee needs and prevent talent loss[171]. - The company is optimizing its selection and appointment system to effectively address vacancies in key management positions[171]. - The company is committed to building a high-performance culture by allocating resources to high-performing employees and key positions[171]. Market Expansion and Business Strategy - The company is actively exploring new business sectors and has secured new projects in these areas, although overall competitive advantages are still being formed[168]. - The company is expanding its waste-to-energy market in Southeast Asian countries and asset-light businesses in Africa and the Middle East[171]. - The company is focusing on deepening its traditional business and extending the industrial chain to create a business development pattern of "one principal business and multiple specialized businesses"[171]. - The company is actively studying policies related to carbon neutrality and ecological protection to discover new development opportunities[174]. Procurement and Cost Management - The company has implemented a series of management systems to strengthen compliance in procurement, including guidelines against bid rigging and collusive bidding[178]. - The company is enhancing its training and supervision of procurement personnel to prevent non-compliance and improve procurement practices[178]. - The Company aims to achieve cost reduction and consumption reduction through in-depth benchmarking of operation and management, utilizing production and operation data[188]. - The Company plans to leverage centralized procurement advantages to effectively reduce procurement costs by increasing the number of qualified suppliers and exploring long-term supplier relationships[188]. - The green technology sector is optimizing fuel usage and managing fuel prices by developing local biomass fuel markets and establishing township storage centers[188]. - A working group for increasing revenue and reducing costs has been established, with a detailed plan for 2024 to enhance operational efficiency while ensuring safe operations and compliance with emission standards[188].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][5] Core Views - The company has seen an improvement in the proportion of operational revenue, indicating an optimization in revenue structure. Operational service revenue, construction service revenue, and financial income accounted for 61%, 23%, and 16% of total revenue respectively in the first half of 2024 [4][5] - The company is actively expanding its market presence, having implemented 8 new investment projects with a total investment of approximately 1.611 billion HKD, covering areas such as wastewater treatment and biomass utilization [4][5] - The company’s cash flow has improved significantly, with a notable recovery of government subsidies, and a high dividend payout ratio, making it an attractive investment option [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 15.612 billion HKD, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 2.454 billion HKD, down 12% year-on-year. The board declared an interim dividend of 0.14 HKD per share, unchanged from the previous year, with a payout ratio of 35%, up 4 percentage points [3][4] Operational Metrics - The company processed 28 million tons of municipal solid waste, a 9% increase year-on-year, and generated approximately 13.6 billion kWh of electricity, a 5% increase year-on-year. The company also saw a 60% increase in heating and steam supply [4][5] Market Position - The company remains a leader in the industry, with a total of 600 environmental projects implemented, amounting to approximately 162.272 billion HKD in total investment. The company has 191 waste-to-energy projects designed to process 158,900 tons of municipal solid waste daily [4][5] Profitability and Valuation - The company's gross margin for the first half of 2024 was 38.73%, a decrease of 5.41 percentage points year-on-year. The report forecasts revenues of 31.868 billion HKD, 31.965 billion HKD, and 30.616 billion HKD for 2024, 2025, and 2026 respectively, with net profits of 4.202 billion HKD, 4.372 billion HKD, and 4.385 billion HKD for the same years [5][6][7]

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 ...