消息面上，光大环境发布中期业绩，该集团期内取得收益143.04亿港元，同比减少8%；公司权益持有 人应占盈利22.07亿港元，同比减少10%；每股基本盈利35.92港仙；拟派发中期股息每股15港仙。花旗 认为，上半年净利润10.1%的跌幅并不是大问题，主要受汇兑损失拖累；剔除该因素后，税前利润实际 按年增长11.2%。另外，公司的盈利质量持续改善，营运收入占比按年升9个百分点至70%。同时，中期 息按年增长7.1%，超出市场预期，自由现金流上半年按年倍增达20亿元，且下半年有望按季增长。 光大环境(00257)绩后涨超6%，截至发稿，涨5.14%，报4.5港元，成交额2.41亿港元。 美银证券则表示，光大环境上半年净利润同比跌10%。若剔除一次性项目，税前利润(PBT)按年增长 23%，大胜预期。中期息增加1仙，派息率达42%，按年升7个百分点。该行重申光大环境"买入"评级， 预期全年收益率达6.5%，具吸引力，预计料派息存在上行空间。将2025至27年每股盈利预测上调23至 38%，以反映垃圾发电、绿色科技及污水处理业务的毛利率提升、减值损失减少和债务成本下降。 ...

Core Viewpoint - Bank of America Securities reports that Everbright Environment (0257.HK) experienced a 10% year-on-year decline in net profit for the first half of the year, but when excluding one-off items, the profit before tax (PBT) increased by 23%, significantly exceeding expectations [1] Financial Performance - The interim dividend increased by 1 cent, with a payout ratio reaching 42%, up 7 percentage points year-on-year [1] - The company is expected to achieve an annual return of 6.5%, which is considered attractive, with potential for upward movement in dividends [1] Earnings Forecast - Earnings per share forecasts for 2025 to 2027 have been raised by 23% to 38% to reflect improvements in gross margins from waste-to-energy, green technology, and wastewater treatment businesses, as well as reduced impairment losses and lower debt costs [1] - The target price has been adjusted from HKD 4.5 to HKD 5.3 [1]

机构：国信证券 研究员：黄秀杰/刘汉轩/郑汉林/崔佳诚 营收利润双降但结构明显优化。2025H1 年公司实现营业收入143.04 亿港元，同比下滑8%，主要原因是 新建项目减少，导致建造收入下降；公司实现归母净利2.07 亿港元，同比下滑10%，主要系建造利润减 少和汇兑损失扩大所致。 报告期内，公司收入结构明显优化，毛利率较高的运营收入为99.43 亿港元，同比增长5%；毛利率相对 较低的建造收入为18.44 亿港币，同比下滑49%；公司运营/建造/财务收入占比为70%/13%/17%。 分板块来看，环保能源板块实现运营收入51.42 亿港元，同比增长5.8%；实现建造收入5.39 亿港元，同 比下降69.9%。绿色环保板块实现运营收入31.89亿港元，同比增长1%；实现建造收入0.46 亿港元，同 比下降74.3%。环保水务板块实现运营收入14.77 亿港元，同比增长13.5%；实现建造收入12.38亿港元， 同比下降16.7%。 加大投资者回报力度，中期派息比率提升至42%。随着有现金流流入的运营收入占比不断提升，公司的 分红能力和意愿均有增强。2025H1 公司每股派息15港仙，派息率由2023 年的 ...

机构：东吴证券 研究员：袁理/陈孜文 投资要点 事件：2025H1 公司实现主营业务收入143.04 亿港元，同比-8%，归母净利润22.07 亿港元，同比-10%。 2025H1 建造收入占比降至13%，危废减值&汇兑亏损致业绩承压。公司运营项目积累、经营提质增 效、财务费用节约共助经营性利润增长，归母净利润下滑主要受非现金性的建造收入下降、减值增加及 汇兑亏损等影响：1）建造下滑：2025H1 公司建造收入18.44 亿港元（同比-49%，下同），占主营收入 12.9%（-10.1pct），运营收入99.43 亿港元（+5%），占主营收入69.5%（+8.9pct），财务收入25.16 亿 港元（-2%），占主营收入17.6%（+1.1pct），盈利结构进一步优化。2）减值增加：25H1 应收账款、 其他应收款及合约资产减值计提2.08 亿港元（24H1 为0.34 亿港元），25H1 商誉、物业厂房及设备减值 1.78 亿港元（24H1 无）。3）汇兑亏损：25H1 汇兑亏损4.28 亿港元，24H1 汇兑收益为2.31 亿港元。 运营指标稳健增长，供热量同增32%。分板块看，①环保能源：25H1环保能 ...

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, but continues to show operational growth and positive cash flow, indicating potential for value reassessment [1][2] Financial Performance - H1 2025 revenue was HKD 14.304 billion, down 8.4% year-on-year - Net profit attributable to shareholders was HKD 2.207 billion, a decrease of 10.1% year-on-year, slightly below expectations of HKD 2.258 billion [1] - The company declared an interim dividend of HKD 921 million, corresponding to a DPS of HKD 0.15, up from HKD 0.14 in H1 2024, with a payout ratio of 41.8% [1] Operational Highlights - Power generation and heating volumes increased by 9% and 32% year-on-year, respectively - Waste treatment volume reached nearly 29 million tons, a 2% increase year-on-year, with power generation of 14.8 billion kWh (up 9%) and heating volume of 3.8 million tons (up 32%) [1] - The company effectively reduced costs through precise management, with a decrease in the purchase price of biomass fuel by 8% year-on-year [1][2] Market Expansion - The company is expanding into Central Asia's solid waste and water markets, with two waste-to-energy projects in Uzbekistan, involving a total investment of approximately RMB 2.2 billion [2] - It has secured contracts for equipment supply in Thailand and Malaysia, indicating a strategic move towards light asset services in overseas markets [2] Cash Flow and Shareholder Returns - The company achieved a positive free cash flow of RMB 4.04 billion in 2024, marking the first time since 2003 that it has turned positive in its environmental business [2] - H1 2025 free cash flow was approximately RMB 2 billion, with expectations for continued improvement in shareholder returns [2] Earnings Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of HKD 3.392 billion, HKD 3.539 billion, and HKD 3.687 billion, reflecting a downward adjustment of 3%, 4%, and 2% respectively [2] - The target price has been set at HKD 5.34, based on a PE ratio of 9.7 for 2025, an increase from the previous target of HKD 4.79 [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][6][16] Core Views - The company's revenue for the first half of 2025 was HKD 14.304 billion, a year-on-year decrease of 8%, while the net profit attributable to shareholders was HKD 2.207 billion, down 10% year-on-year, aligning with expectations [6][4] - The decline in performance was primarily due to a drop in construction revenue, increased administrative expenses, and higher impairment losses in hazardous waste [6][4] - The revenue structure continues to improve, with operational and financial income accounting for 87% of total revenue, and gross margin increasing from 39% in H1 2024 to 44% in H1 2025 [6][4] - Financial expenses have decreased, with further reduction potential due to lower financing costs and improved cash flow [6][4] - The company expects cash flow to improve, announcing an interim dividend of HKD 0.15 per share, with a payout ratio of 42%, reflecting a 7 percentage point increase year-on-year [6][4] - The forecast for net profit attributable to shareholders for 2025-2027 is HKD 3.589 billion, HKD 3.810 billion, and HKD 4.055 billion, respectively, with corresponding P/E ratios of 7.3, 6.9, and 6.5 [6][4] Financial Data and Profit Forecast - Revenue (in million HKD) for 2023 is projected at 32,090, decreasing to 29,976 in 2025E, with a year-on-year growth rate of -0.9% [3][7] - Net profit (in million HKD) for 2023 is projected at 4,429, with a forecast of 3,589 in 2025E, reflecting a year-on-year growth rate of 6.3% [3][7] - Earnings per share (in HKD) are expected to rise from 0.55 in 2024 to 0.58 in 2025E [3][7] - The company's market capitalization is approximately HKD 26.292 billion, with a closing price of HKD 4.28 [4][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.34 [5][9]. Core Views - The company reported a decrease in revenue by 8.4% year-on-year to HKD 14.304 billion for H1 2025, with a net profit attributable to shareholders of HKD 2.207 billion, down 10.1% year-on-year [1][3]. - The company has shown operational resilience with a 9% increase in electricity generation and a 32% increase in heating supply for H1 2025 [1]. - The interim dividend has been increased to HKD 0.15 per share, up from HKD 0.14 per share in H1 2024, reflecting a stable growth in shareholder returns [3][9]. Summary by Sections Financial Performance - The company achieved a revenue of HKD 14.304 billion in H1 2025, a decrease of 8.4% year-on-year, while the net profit was HKD 2.207 billion, down 10.1% year-on-year [1]. - The interim dividend payout was HKD 0.15 per share, with a dividend payout ratio of 41.8%, compared to 35.0% in H1 2024 [1][3]. Operational Highlights - The company processed nearly 29 million tons of waste, a 2% increase year-on-year, and generated 14.8 billion kWh of electricity, a 9% increase year-on-year [1]. - The heating supply increased by 32% year-on-year, indicating strong operational performance [1]. Market Expansion - The company is actively expanding into Central Asia with two new waste-to-energy projects in Uzbekistan, with a total investment of approximately RMB 2.2 billion [2]. - It has also secured equipment supply contracts in Thailand and Malaysia, indicating a strategic move towards international markets [2]. Cash Flow and Shareholder Returns - The company reported a free cash flow of RMB 4.04 billion for 2024, marking the first positive cash flow since its inception in 2003 [3]. - The stable cash flow and improved free cash flow position the company well for future shareholder returns [3]. Earnings Forecast - The report forecasts a net profit attributable to shareholders of HKD 3.392 billion for 2025, with a slight downward adjustment of 3% from previous estimates [4]. - The expected earnings per share (EPS) for 2025 is HKD 0.55, with a projected price-to-earnings (PE) ratio of 9.7 times [4][8].

证券研究报告·海外公司点评·环保 光大环境（00257.HK） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 32,495 | 30,258 | 28,868 | 28,584 | 28,323 | | 同比(%) | (13.92) | (6.88) | (4.59) | (0.98) | (0.91) | | 归母净利润（百万港元） | 4,429 | 3,377 | 3,576 | 3,874 | 4,036 | | 同比(%) | (3.75) | (23.75) | 5.90 | 8.33 | 4.18 | | EPS-最新摊薄（港元/股） | 0.72 | 0.55 | 0.58 | 0.63 | 0.66 | | P/E（现价&最新摊薄） | 5.94 | 7.79 | 7.35 | 6.79 | 6.51 | [Table_Tag] [投资要点 Table_Summary] 事件：2025H1 公司实现主营 ...

证券研究报告 | 2025年08月24日 光大环境（00257.HK） 优于大市 运营收入占比超 70%，中期派息比例提升 7pct 营收利润双降但结构明显优化。2025H1 年公司实现营业收入 143.04 亿港元， 同比下滑 8%，主要原因是新建项目减少，导致建造收入下降；公司实现归母 净利 2.07 亿港元，同比下滑 10%，主要系建造利润减少和汇兑损失扩大所致。 报告期内，公司收入结构明显优化，毛利率较高的运营收入为 99.43 亿港元， 同比增长 5%；毛利率相对较低的建造收入为 18.44 亿港币，同比下滑 49%； 公司运营/建造/财务收入占比为 70%/13%/17%。 毛利率净利率双升。2025H1 公司的销售毛利率为 44.26%，较去年同期提升 5.53pct；净利率为 19.4%，同比提升 0.8pct；管理费用率为 11.7%，同比提 升 4.6pct，主要系汇兑损失扩大所致（为降低财务费用，公司使用利用较低 的人民币贷款置换外币，2025H1 人民币出现明显升值，在汇率折算时，人民 币负债以港币计价的金额相应增加）；财务费用率为 8.7%，同比下降 0.9pct。 分板块来看，环保 ...

光大环境(00257)发布公告，自2025年9月15日起生效：(1)由于退休缘故，潘婉玲女士辞任公司秘书及替 任授权代表。(2)于考虑公司提名委员会的推荐建议后，董事会委任梁妍钰女士为公司秘书及替任授权 代表。 ...