Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.58, representing a potential upside of 39.3% from the current price of HKD 4.72 [3][5]. Core Insights - The company's net profit for the fiscal year 2023/24 is expected to decline by 12.6%, with total revenue decreasing by 9.4% to HKD 12.86 billion. Excluding currency fluctuations, the revenue decline is 4.1% [3][4]. - Despite the decline in overall performance, core businesses such as water supply, direct drinking water, and environmental services remain robust, indicating a pathway to high-quality development [3][6]. - The direct drinking water segment saw a revenue increase of 31.4% to HKD 1.72 billion, now accounting for 13.2% of total revenue, with over 3,000 new projects added during the period [3][4]. - The water supply business experienced a slight revenue decline of 5.8% to HKD 8.90 billion, but the company anticipates significant revenue growth from over 20 water price adjustment projects currently in progress [3][6]. - The environmental segment's revenue decreased by 35% to HKD 1.03 billion, primarily due to the completion of large projects, but is expected to rebound with the upcoming production of the Mobil project [3][4]. Financial Summary - For the fiscal year 2023/24, the company reported a net profit of HKD 2.59 billion, down 16.1% year-on-year, with a core net profit decline of 4.0% when excluding currency impacts [3][4]. - The EBITDA margin improved slightly by 0.1 percentage points to 40.1%, indicating operational efficiency despite revenue challenges [3][4]. - The company plans to maintain a dividend payout ratio of 30%, with a proposed final dividend of HKD 0.15 per share [3][4]. Future Projections - The company is projected to achieve net profits of HKD 1.70 billion, HKD 1.93 billion, and HKD 2.12 billion over the next three fiscal years [3][4]. - The anticipated reduction in capital expenditures due to the commencement of trial production for approximately 800,000 tons of capacity in the water supply and environmental sectors is expected to improve the financial structure and cash flow [3][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in operational revenue from direct drinking water, up 73%, with expectations for accelerated water price adjustments [1] - For FY2024, total revenue was HKD 12,859 million, a year-on-year decrease of 9.4%, while net profit attributable to shareholders was HKD 1,534 million, down 17.4% [2][6] - The direct drinking water revenue accounted for 13.4% of total revenue, reflecting a growth of 4.2 percentage points [2][6] Summary by Sections Financial Performance - FY2024 total revenue was HKD 12,859 million, down 9.4% year-on-year, while net profit was HKD 1,534 million, down 17.4% [2] - The company maintained a dividend payout ratio of 30%, distributing HKD 0.28 per share [2] - The direct drinking water segment saw revenue growth of 72.5%, with operational revenue reaching HKD 293 million [2][6] Segment Analysis - Urban water supply revenue was HKD 8,276 million, down 5.2%, with segment profit decreasing by 12.2% [2] - Pipeline direct drinking water revenue was HKD 1,722 million, up 31.4%, with segment profit increasing by 17.3% [2] - Environmental services revenue fell by 24.0% to HKD 1,072 million, with segment profit also declining by 24.4% [2] - Total construction revenue decreased by 31.0% to HKD 827 million, with segment profit down 23.4% [2] Future Outlook - The company expects net profit for FY2025 to be HKD 1,626 million, and for FY2026 to be HKD 1,789 million, reflecting adjustments due to currency fluctuations and declining construction activities [2][6] - The projected net profit for FY2027 is HKD 1,989 million, corresponding to a P/E ratio of 5.0 for FY2025, 4.6 for FY2026, and 4.1 for FY2027 [2][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.30, reflecting a potential upside of 21.9% based on the FY25 earnings multiple of 6.5 times [2][3]. Core Insights - The company's FY24 results fell short of expectations, with a 17.4% year-on-year decline in net profit to HKD 1.534 billion, primarily due to a 1.3% drop in water operation revenue and a significant decrease in high-margin connection fee income [2][3]. - The company has initiated price adjustment applications for approximately one-third of its water supply projects, which could take effect by FY26 if approved [2]. - The pipeline drinking water business showed a total revenue increase of 31.4% year-on-year, indicating a cautious but positive growth trajectory [2]. Financial Performance Summary - FY24 revenue was HKD 12.859 billion, down 9.4% from FY23, with a projected revenue of HKD 13.217 billion for FY25 and HKD 14.292 billion for FY26 [5][6]. - The net profit for FY24 was HKD 1.534 billion, with forecasts of HKD 1.582 billion for FY25 and HKD 1.732 billion for FY26, reflecting a recovery trend [5][6]. - Earnings per share (EPS) for FY24 was HKD 0.94, with projections of HKD 0.97 for FY25 and HKD 1.06 for FY26 [5][6]. Market Position and Shareholder Information - The company has a market capitalization of HKD 8,439.11 million, with a circulating share ratio of 47.12% and a 52-week price range of HKD 3.76 to HKD 6.79 [1][2]. - Major shareholder Duan Chuanliang holds a 28.86% stake in the company [1].

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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分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。 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） 截至二零二四年三月三十一日止年度之業績公佈 | --- | --- | --- | --- | --- | --- | |----------------|-------|--------------------------------------------------------------|---------------------------|---------------------------|---------------------| | | | 截至三月三十一日止年度之財務摘要 | 二零二四年 \n港幣百萬元 | 二零二三年 \n港幣百萬元 | 變動 \n% \n附註 (1) | | 收益 | | 總計 | 12,858.5 | 14,195.0 | (9.4) | | | | 管道直飲水供應經營及管道直飲水供應 | ...

Investment Rating - The report initiates coverage on China Water Affairs Group with an "Overweight" rating [2][31] Core Views - China Water Affairs is a leading integrated water operator in China, with a dual-drive business model of "water supply + direct drinking water" [2][8] - The company's direct drinking water business is expected to achieve above-expectation growth, driven by advanced water purification technology, rich customer resources, and strong brand and service capabilities [2] - The water supply business is stable, with clear trends of increasing volume and price [2][24] - The company has strong cash flow and stable dividend payouts, with a dividend payout ratio maintained at 29-30% over the past three years [2][29] Business Overview Water Supply Business - China Water Affairs is one of the top 10 urban water supply operators in China, with a total designed water supply capacity of 1,410 million tons per day and a water supply pipeline network of approximately 148,000 kilometers, covering a population of over 30 million [8] - The company focuses on rapidly growing third- and fourth-tier cities, implementing integrated urban-rural water supply and drainage systems and actively developing direct drinking water supply services [8] - The water supply business is expected to benefit from China's new cycle of water price increases, with a clear trend of increasing volume and price [24][27] Direct Drinking Water Business - The company began expanding its direct drinking water business in 2015 and currently operates over 3,600 direct drinking water projects nationwide, serving approximately 4.5 million people [13] - In 2022, the company ranked first in China in terms of direct drinking water sales revenue, with a market share of 7.3% [13] - The direct drinking water business revenue grew by 89% year-on-year in FY2023, reaching HKD 1.31 billion, with a gross margin of 44.1% [13] - The direct drinking water market in China is expected to grow rapidly, with the market size projected to reach RMB 14.6 billion by 2027 [20][21] Financial Performance - The company's revenue and net profit have shown steady growth, with a compound annual growth rate (CAGR) of 20% and 26%, respectively, from FY2014 to FY2023 [9] - The company's operating cash flow in FY2023 was HKD 4.851 billion, with a CAGR of 19% from FY2014 to FY2023 [29] - The dividend payout ratio has been maintained at 29-30% over the past three years, indicating stable dividend payments [29] Shareholder Structure - The top three shareholders are ORIX Corporation (17.84%), Duan Chuanliang (15.50%), and Asset Full Resources Limited (13.36%), with Duan Chuanliang being the actual controller of the company, holding 28.86% of the shares [11][12] Market Outlook - The direct drinking water market in China is still in its early stages, with significant growth potential driven by rising living standards, policy support, and consumer preference for convenient and environmentally friendly drinking water solutions [17][21] - The water supply business is expected to benefit from China's new cycle of water price increases, with a clear trend of increasing volume and price [24][27] Valuation and Forecast - The report forecasts the company's net profit for FY2024-2026 to be HKD 1.881 billion, HKD 1.973 billion, and HKD 2.062 billion, respectively, with corresponding EPS of HKD 1.15, HKD 1.21, and HKD 1.26 [2][31]

all Gr 中国水务 ·情润万家 0 | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | @ | u HILL 中國水務集團有限公司 * China Water Affairs Group Limited 股份代號：855 i g OS 03 日4 p 中 期 報 告 2023/24 * 催供廣別 目錄 頁碼 公司資料 2 財務摘要 4 中期財務資料 簡明綜合損益表 9 簡明綜合全面損益表 11 簡明綜合財務狀況表 12 簡明綜合現金流量表 15 簡明綜合權益變動表 16 簡明綜合財務資料附註 18 業務回顧、企業管治及其他資料 36 1 中國水務集團有限公司 中期報告 2023/24 中國水務集團有限公司 中期報告 2023/242 黑龍江 內蒙古 吉林 新疆 遼寧 北京 青海 甘肅 天津 河北 寧夏 山西 山東 重慶 陝西 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|- ...

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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分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。 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） 截至二零二三年九月三十日止六個月 | --- | --- | --- | --- | --- | |----------------|------------------------------------------------------------------|-------------------------|-------------------------|-----------------| | | | | | | | | 截至九月三十日止六個月之未經審核財務摘要 | | | | | | | 二零二三年 港幣百萬元 | 二零二二年 港幣百萬元 | 變動 % 附註 (1) | | | | | | | | 收益 | 總計 | 6,846.0 | 6,785.2 | 0.9 | | | 管道直飲水供應經營及管道直飲水供應 | | ...

[0 -> 27] 好各位投资者大家下午好现在时间是下午的2点50分我们马上进行下一场的录演那么我们有请中国水务的黄伯来为我们做分享好谢谢首先就感谢各位投资者对公司的关注也感谢志通和第一上海的邀请和安排首先我来简单介绍一下公司的一个概况 [28 -> 41] 我们公司概括是这样的中国水路是一家以市场为导向的跨区域的水路运商也是市场上唯一一家 [42 -> 70] 做自来水供应的以自来水为主业的一家香港的上市公司我们是中国水务市场化的先驱仍然享有一个先发优势我们的总部位于香港在北京和深圳有两个运营中心那么总共覆盖了二十等三个地下室和三千万人口这么一个人口覆盖这是我们跟最近的按照行业报告沙利文那个报告我们在上市公司里面 [71 -> 96] 自来水的供应受水量的口径是全局的第一位现在在这个业务里面我们实际上是有这么几个特点我们实际上是以业务的主要模式采用的是中央政府鼓励的公私合营的这种业务模式或者叫共和素质改革的这种模式那么在所在的城市与地方政府 [96 -> 116] 成立了一个JV然后呢就是共同拥有和运营当地唯一一套供水设施那么以这个提高效率降低能耗提高结果降低漏损就所有的这些降耗增效的这些效益之后呢就把过去 ...

China Water Affairs Group Limited 中國水務集團有限公司 中國水務集團有限公司 China Water Affairs Group Limited Stock code : 855 Annual Report 2023 Annual Report 2023 年報 中國水務集團有限公司 China Water Affairs Group Limited 股份代號 : 855 年 報 2023 * 僅供識別 * For identication purposes only 目錄 | --- | --- | |-------|-------| | | | | | 頁碼 | | | 2 | | | 4 | | | 9 | | | 16 | | | 20 | | | 31 | | | 42 | | | 50 | | | 51 | | | 52 | | | 54 | | | 56 | | | 59 | | | 163 | | | 164 | | | 165 | | | 166 | 公司資料 財務摘要 主席報告書 董事及高級管理人員履歷 企業管治報告 董事會報告書 獨立核數師報告 綜合損益表 ...

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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分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。 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） 截至二零二三年三月三十一日止年度之業績公佈 | --- | --- | --- | --- | --- | --- | |----------------|-------|--------------------------------------------------------------|---------------------------|---------------------------|---------------------| | | | 截至三月三十一日止年度之財務摘要 | 二零二三年 \n港幣百萬元 | 二零二二年 \n港幣百萬元 | 變動 \n% \n附註 (1) | | 收益 | | 總計 | 14,195.0 | 12,949.8 | 9.6 | | | | 管道直飲水供應經營及管道直飲水供應 | | ...