股 票 0 研 究 [Table_industryInfo] 其他公用事业 [ Table_Main[光I Tnaf 大bol]e 环_Ti境tle]（ 0257） [评Tab级le_：Inv est] 增持 当前价格（港元）： 2.92 自由现金流拐点将在 2024 年出现 2024.03.28 海 2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 徐强(分析师) 邵潇(分析师) 于歆(分析师) 52周内股价区间（港元） 2.35-3.53 当前股本（百万股） 6,143 公 010-83939805 0755-23976520 021-38038345 当前市值（百万港元） 17,937 司 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 证书编号 S0880517040002 S0880517070004 S0880523050005 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023 年业绩略超预期，盈利能力持续改善。伴随资本开支持续下降，24年自由现金 光大环境 恒生指数 香 ...

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，概不會就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） 截至二零二三年十二月三十一日止年度 全年業績公告 財務摘要 • 收益為港幣32,090,207,000元（二零二二年：港幣37,321,229,000元），較去年下降 14% • 除利息、稅項、折舊及攤銷前盈利為港幣12,827,961,000元（二零二二年：港幣 12,841,787,000元），與去年相比保持穩定 • 權益持有人應佔盈利為港幣4,429,160,000元（二零二二年：港幣4,601,939,000元）， 較去年下降4% ...

Investment Rating - The report gives a "Buy" rating to the company [5] Core Viewpoints - The company is expected to see marginal improvements in 2024, with a valuation inflection point approaching [4] - The company is a leader in waste-to-energy and a comprehensive platform with multiple business layouts [4] - The company is transitioning from a phase of new project additions to an operational cash flow generation phase [4] - The company's income, asset, and liability structures are continuously optimizing, with free cash flow expected to turn positive in 2024 [4] - The company is a high-value investment target in the absolute return track [5] Company Overview - The company is the largest waste-to-energy operator in China and globally, with a daily waste incineration capacity of 130,100 tons as of the end of 2023 [4] - The company focuses on three major areas: solid waste, water, and clean energy [4] - The company has a strong technological foundation, with 1,778 authorized patents as of the first half of 2023 [20] Business Segments Environmental Energy - The company has a daily waste incineration capacity of 130,100 tons, ranking first in the industry [4] - 51.7% of the capacity is located in third- and fourth-tier cities and county markets as of the end of 2023 [4] - The segment contributed 56.0% of the company's revenue and 67.1% of gross profit in the first half of 2023 [4] Environmental Water - The company's wastewater treatment volume and price have both increased, with a compound growth rate of 8.3% from 2017 to 2022 [4] - The average treatment price increased from 1.23 RMB/ton in 2017 to 1.71 RMB/ton in 2022 [4] Green Environmental Protection - As of the first half of 2023, the company has 51 biomass comprehensive utilization projects in operation [4] - The transformation to heating has provided a good supplement to cash flow [4] Financial Performance - The company's operating income exceeded construction income for the first time in 2022 [4] - The proportion of operating income increased to 56.9% in the first half of 2023 [4] - The company's free cash flow is expected to turn positive in 2024 [4] - The company's net profit attributable to the parent company is expected to be 4.037 billion, 4.053 billion, and 4.134 billion HKD in 2023, 2024, and 2025, respectively [5] Valuation and Dividends - The company's PE ratio is 4.73x, 4.71x, and 4.62x for 2023, 2024, and 2025, respectively [5] - The company's dividend yield is 7.72% as of March 21, 2024, higher than industry peers [5]

THIRTY YEARS OF ENDEAVOR twenty years of green progress 卅年奮進 廿載築綠 Interim Report 中 期 報告 2023 the most RELIABLE BRAND in the GREEN WORLD 金 色 品 牌 綠 色 事 業 Interim Report 中 期 報 告 2023 Contents 目錄 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 Discussion and Analysis 管理層討論與分析 49 Disclosure of Interests 披露權益資料 67 Corporate Governance 企業管治 72 Other Information 其他資料 77 Interim Financial Report 中期財務報告 79 Notes to Consolidated Financial Statements 綜合財務報表附註 ...

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） 截至二零二三年六月三十日止六個月 中期業績公告 摘要 • 收益為港幣16,297,167,000元（二零二二年：港幣21,448,683,000元），較去年 同期減少24% • 除利息、稅項、折舊及攤銷前盈利為港幣7,376,488,000元（二零二二年：港幣 7,047,794,000元），較去年同期增加5% • 除稅前盈利為港幣4,505,649,000元（二零二二年：港幣4,326,092,000元），較 去年同期增加4% • 本 公 司 權 益 持 有 人 應 佔 盈 利 為 港 幣2,784,923,000元（二 零 二 二 年：港 幣 2,811,148,000元），較去年同期減少1% ...

Company Overview - Everbright Environment has become the largest environmental enterprise in China and a leading player in Asia's environmental protection industry since shifting its focus to this sector in 2003[3]. - The company operates in 220 cities across 26 provinces and has expanded its business to international markets including Germany, Poland, Vietnam, and Mauritius[4]. - Everbright Environment has been ranked first among the "Top Ten Influential Solid Waste Treatment Enterprises in China" for 12 consecutive years and has been included in the MSCI China Index for ten consecutive years[5]. - The company reported significant achievements in sustainability, including being a constituent member of the Dow Jones Sustainability Indices for seven years running and receiving the Achievement of Net-Zero Certificate in 2022[5]. - Everbright Environment focuses on three core areas: solid waste, water-related business, and clean energy, with a comprehensive range of services including waste-to-energy and environmental remediation[4]. Financial Performance - Revenue decreased by 25% to HK$37,321,229, down from HK$49,895,384 in the previous year[11]. - EBITDA declined by 15% to HK$12,841,787, compared to HK$15,027,003 in 2021[11]. - Profit attributable to equity holders dropped by 32% to HK$4,601,939 from HK$6,804,099[11]. - Return on shareholders' equity fell to 9.28%, a decrease of 4.77 percentage points from 14.05%[11]. - Total assets decreased by 5% to HK$190,597,798, down from HK$200,235,628[11]. - Total liabilities reduced by 6% to HK$127,998,905 from HK$135,893,406[11]. - The gearing ratio improved slightly to 67%, down by 1 percentage point from 68%[11]. - The current ratio decreased to 107%, a drop of 17 percentage points from 124%[11]. Strategic Initiatives - The company aims to create better investment value while undertaking more social responsibility, reflecting its commitment to ecological and environmental protection[5]. - The Group's strategic focus on innovation and corporate management proficiency is expected to drive future growth and development[34]. - The Group's commitment to the "Dual Carbons" strategy is anticipated to provide substantial growth opportunities in the environmental protection industry[26]. - The Group actively promoted project investment and operation in key regions, including the Yangtze River Economic Belt and Hainan Free Trade Zone, aligning with national strategic developments[29]. Operational Achievements - In 2022, China Everbright Environment Group Limited achieved a record high of 385 patents granted, reflecting significant investment in technological research and innovation[30]. - The Group's operational service revenue surpassed construction service revenue for the first time, indicating improved operational efficiency[28]. - The Group processed 48,968,000 tonnes of household waste, generating 24,762,121,000 kWh of green electricity, sufficient to meet the annual needs of 20,635,000 households, while saving 9,905,000 tonnes of standard coal and reducing CO2 emissions by 20,463,000 tonnes[68]. - The Group completed 39 operational projects and 1 completed project in 2022, with 44 new projects initiated, including 12 EPC projects and 8 new environmental restoration services[64]. Environmental Impact - The Group's technologies in solid waste treatment and leachate treatment were assessed to have reached internationally advanced levels by authoritative experts[31]. - The Group's environmental protection projects received over 20 honorary titles at various levels in 2022, promoting community engagement in sustainable development[73]. - The Group's biomass integrated utilization projects benefited over 10 million farmers and provided job opportunities to nearly 5,000 people through a stable supply of biomass raw materials[75]. - The Group completed a pilot project on greenhouse gas emissions monitoring and participated in drafting national carbon accounting standards, enhancing its carbon reduction strategies[70]. Corporate Governance - The Group emphasizes high-quality corporate governance as a cornerstone for long-term value creation and sustainable development[199]. - The Group adheres to integrity and pragmatism in its management principles, promoting an integrity-oriented corporate culture[200]. - The Group has developed various policies to enhance compliance and ethical behavior among employees, including anti-corruption and anti-bribery measures[200]. - The Group actively improves transparency and accountability through a series of rules, regulations, and policies[199]. Challenges and Risks - The principal risks identified for 2022 included accounts receivable risk, strategic transformation and market competition risk, and environmental compliance risk[167]. - The company faced difficulties in recruiting and retaining talent, particularly for projects in remote areas, which could negatively impact operational stability[174]. - The risk level of environmental compliance and safety management remained unchanged, highlighting ongoing challenges in meeting stringent regulations[173]. Future Outlook - The Group aims to achieve five major transformations to become a world-class ecological and environmental management group[146]. - The company is expanding into photovoltaic power, energy storage, and micro-grid projects as part of its business transformation strategy[181]. - The company has initiated pilot projects for carbon asset development and low-carbon sewage treatment plants, along with research on carbon capture technologies[181].

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，概不會就本公告全部 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 （在香港註冊成立之有限公司） （股份代號：257） 截至二零二二年十二月三十一日止年度 全年業績公告 財務摘要 • 收益為港幣37,321,229,000元（二零二一年：港幣49,895,384,000元），較去年 下降25% • 除利息、稅項、折舊及攤銷前盈利為港幣12,841,787,000元（二零二一年： 港幣15,027,003,000元），較去年下降15% • 權益持有人應佔盈利為港幣4,601,939,000元（二零二一年：港幣6,804,099,000元）， 較去年下降32% ...

Company Overview - Everbright Environment has become the largest environmental enterprise in China and a leading player in Asia's environmental protection industry since shifting its focus to the environmental sector in 2003[3][4]. - The company operates in over 210 locations across 25 provinces and has expanded its business to international markets including Germany, Poland, Vietnam, and Mauritius[5][7]. - Everbright Environment has been recognized as the top solid waste treatment enterprise in China for 11 consecutive years and has been included in the MSCI China Index for nine consecutive years[6]. - The company aims to create better investment value and undertake more social responsibility, having been listed in the Fortune China 500 for the first time in 2021[6]. Business Operations - Everbright Environment's main businesses include waste-to-energy, integrated waste treatment, and environmental remediation, contributing to its position as the world's largest waste-to-energy investor and operator[5][6]. - The company has a diverse portfolio that includes hazardous and solid waste treatment, resource recycling, and environmental sanitation integration, showcasing its comprehensive approach to environmental management[5]. - The Group's designed daily waste processing capacity remained the highest globally, while wastewater treatment capacity also saw significant progress[29]. - The Group's strategic deployment includes the "Four Major Areas" of environment, resources, energy, and climate, aiming for high-quality sustainable development[38]. Financial Performance - Revenue for 2021 reached HK$49,895,384, representing a 16% increase from HK$42,926,426 in 2020[12]. - Profit attributable to equity holders of the Company was HK$15,027,003, up 17% from HK$12,851,501 in 2020[12]. - Total assets increased by 27% to HK$200,235,628 from HK$158,187,110 in 2020[12]. - Total liabilities rose by 32% to HK$135,893,406 compared to HK$102,642,506 in 2020[12]. - Basic earnings per share increased to 110.76 HK cents, a 13% rise from 97.93 HK cents in 2020[12]. - The Group achieved a compound annual growth rate (CAGR) of total assets at 29%, revenue at 26%, and profit attributable to equity holders at 18% over the past four years[35]. Sustainability and Innovation - Everbright Environment has been a constituent member of the Dow Jones Sustainability Indices for six years running, reflecting its commitment to sustainability[6]. - The company has developed new technologies and solutions in areas such as zero-waste cities and energy-saving lighting, enhancing its service offerings[5]. - The establishment of the Carbon-Neutrality Technology Research and Development Center supports the Group's efforts in carbon emission reduction[30]. - The Group is committed to the "Three Carbons" development targets and action plan, focusing on reducing pollution and carbon emissions[42]. Market Expansion and Projects - Everbright Environment expanded its market presence by entering new markets including Xinjiang Uygur Autonomous Region, Hong Kong, and Mauritius[29]. - The Group signed 69 new projects in 2021, with a total investment of approximately RMB 13.248 billion, covering areas such as waste-to-energy, food waste treatment, and solar energy[62][63]. - The Group processed 43,452,000 tonnes of household waste, generating 22,271,602,000 kWh of green electricity, sufficient to meet the annual needs of 18,559,000 households[74]. - The Group's hazardous and solid waste processing reached 269,000 tonnes, contributing to a reduction of 20,211,000 tonnes of CO2 emissions[74]. Employee and Risk Management - The Group emphasized the importance of employee training, conducting various training sessions including safety management, cybersecurity, and corporate culture training to equip employees with necessary skills[171]. - The principal risks identified for the Group in 2021 included policy changing risk, environmental compliance risk, and market competition risk, with targeted control measures implemented to manage these risks[174]. - The Group's risk management system has been enhanced to address uncertainties arising from new policies and market conditions[175]. - The Group has established a three-level management system for pandemic prevention and control, focusing on vaccination and securing pandemic prevention supplies[186]. Awards and Recognition - The Company ranked first in the Top 50 Environmental Enterprises in China for the third consecutive year[23]. - The Company was included in the Fortune China 500 list for the first time, ranking 283rd[23]. - Everbright Water ranked first in the "Top 10 Influential Solid Waste Treatment Enterprises in China" for the 11th consecutive year[80]. - The company received the "Outstanding Enterprise in Fighting Against the Pandemic" award at the China Charity Festival[84].