港股通 瀚蓝粤丰强强联合,协同效应显著 | 华泰研究 | 公告点评 | 投资评级(维持 ): | 买入 | |---------------------------------------|--------------|---------------------|--------| | 2024 年 7 月 07 日│中国香港 | 废物管理 | 目标价 (港币): | 5.59 | 上调目标价至 5.59 港币,维持"买入"评级 7 月 7 日,粤丰环保和瀚蓝环境发布公告:瀚蓝环境筹划通过间接子公司瀚 蓝香港以协议安排方式私有化粤丰环保,交易完成后瀚蓝香港将持有粤丰环 保约 92.77%股份。我们认为,瀚蓝环境和粤丰环保强强联合,通过区域市 场协同、管理协同和技术协同,有望提升资产质量和估值水平。维持盈利预 测,预计 24-26 年粤丰环保归母净利 10.50/11.62/12.78 亿港币。考虑公司 大部分项目位于广东省,项目质量和回款条件较好,给予公司 13.0 倍 2024 年预测 PE(可比公司 Wind 一致预期均值:10.0 倍),对应目标价 5.59 港 币(前值 4.86 港币,对应 11.3 ...

Financial Performance - Revenue for 2023 decreased by 39.6% to HKD 4,980.16 million compared to HKD 8,246.645 million in 2022[5] - Gross profit for 2023 declined by 17.8% to HKD 2,079.499 million from HKD 2,529.021 million in 2022[5] - EBITDA for 2023 decreased by 13.9% to HKD 2,657.276 million compared to HKD 3,086.236 million in 2022[5] - Net profit for 2023 fell by 24.9% to HKD 1,020.527 million from HKD 1,359.463 million in 2022[5] - Basic earnings per share decreased by 25.0% to 41.2 HK cents in 2023 from 54.9 HK cents in 2022[5] - Revenue decreased by 39.6% to HKD 4,980.2 million, primarily due to a 76.7% reduction in construction income as most waste-to-energy projects have been commissioned[18] - Net profit decreased by 24.9% to HKD 1,020.5 million, impacted by a 10% increase in interest expenses due to rising overseas interest rates and a 7% depreciation of the RMB[18] - Gross margin and EBITDA margin improved to 41.8% and 53.4%, respectively, reflecting higher operational efficiency[18] - Revenue for 2023 decreased by 39.6% to HKD 4,980.2 million compared to HKD 8,246.6 million in 2022[26] - Gross margin significantly improved to 41.8% in 2023 from 30.7% in 2022[26] - EBITDA margin increased to 53.4% in 2023 from 37.4% in 2022[26] - Revenue for 2023 decreased by 39.6% to HKD 4,980.2 million compared to HKD 8,246.6 million in 2022, primarily due to a 76.7% decline in construction revenue to HKD 1,018.3 million as most waste-to-energy projects have been completed[36] - Operational revenue, including electricity sales, waste treatment, and environmental services, increased by 1.6% to HKD 3,771.8 million in 2023[36] - Gross profit margin improved significantly from 30.7% in 2022 to 41.8% in 2023, driven by a lower proportion of construction revenue, which has a lower margin[40] - Net profit attributable to equity holders decreased by 24.9% to HKD 1,001.3 million in 2023, with a 18.3% decline excluding interest expense and exchange rate impacts[47] - Revenue for 2023 decreased to 4,980,160 thousand HKD from 8,246,645 thousand HKD in 2022, representing a significant decline[197] - Gross profit for 2023 was 2,079,499 thousand HKD, down from 2,529,021 thousand HKD in 2022[197] - Operating profit for 2023 was 1,644,678 thousand HKD, compared to 2,056,723 thousand HKD in 2022[197] - Net interest expense for 2023 was 657,795 thousand HKD, up from 599,784 thousand HKD in 2022[197] - Profit before tax for 2023 was 1,140,273 thousand HKD, down from 1,646,873 thousand HKD in 2022[197] - Net profit for 2023 was 1,020,527 thousand HKD, compared to 1,359,463 thousand HKD in 2022[197] - Basic earnings per share for 2023 were 41.2 HK cents, down from 54.9 HK cents in 2022[197] - Other comprehensive loss for 2023 was 176,365 thousand HKD, compared to 977,155 thousand HKD in 2022[198] - Total comprehensive income for 2023 was 844,162 thousand HKD, up from 382,308 thousand HKD in 2022[198] - The company's equity holders' share of total comprehensive income for 2023 was 830,407 thousand HKD, compared to 402,246 thousand HKD in 2022[198] Assets and Liabilities - Total assets increased by 4.9% to HKD 27,075.156 million in 2023 from HKD 25,820.181 million in 2022[7] - Total liabilities rose by 3.5% to HKD 17,406.479 million in 2023 from HKD 16,816.275 million in 2022[7] - Total bank borrowings increased by 2.7% to HKD 13,945.095 million in 2023 from HKD 13,582.329 million in 2022[7] - Equity attributable to owners of the company grew by 6.8% to HKD 9,298.523 million in 2023 from HKD 8,703.034 million in 2022[7] - Total liabilities to total assets ratio decreased by 0.8 percentage points to 64.3% in 2023 from 65.1% in 2022[7] - The company's debt ratio decreased by 0.8 percentage points to 64.3%, reflecting improved financial stability[18] - Total assets increased to HKD 27,075,156 thousand in 2023 from HKD 25,820,181 thousand in 2022, reflecting growth in the company's asset base[199] - Non-current assets rose to HKD 22,115,092 thousand in 2023, up from HKD 21,341,396 thousand in 2022, driven by increases in property, plant, and equipment[199] - Current assets grew to HKD 4,960,064 thousand in 2023, compared to HKD 4,478,785 thousand in 2022, with cash and cash equivalents reaching HKD 1,897,648 thousand[199] - Total equity increased to HKD 9,668,677 thousand in 2023 from HKD 9,003,906 thousand in 2022, indicating improved shareholder value[199] - Non-current liabilities decreased to HKD 12,591,501 thousand in 2023 from HKD 12,980,235 thousand in 2022, primarily due to a reduction in bank borrowings[200] - Current liabilities rose to HKD 4,814,978 thousand in 2023, up from HKD 3,836,040 thousand in 2022, driven by higher trade payables and bank borrowings[200] - Net current assets declined to HKD 145,086 thousand in 2023 from HKD 642,745 thousand in 2022, reflecting increased short-term obligations[200] - Total liabilities and equity stood at HKD 27,075,156 thousand in 2023, aligning with the total assets figure[200] Waste-to-Energy Operations - The total daily waste processing capacity of the company's operational waste-to-energy plants is 31,840 tons, with an additional 10,500 tons in the planning phase[8][9] - The total installed power generation capacity of operational plants is 1,036 MW, with an additional 222.5 MW in the planning phase[8][9] - The highest waste processing fee is RMB 250/ton at the Shanghai Baoshan plant, while the lowest is RMB 49/ton at the Zaozhuang plant (under negotiation)[8] - The largest single-site waste processing capacity is 3,800 tons/day at the Shanghai Baoshan plant[8] - The largest single-site power generation capacity is 126 MW at the Shanghai Baoshan plant[8] - The company has 36 waste-to-energy projects across China, with 27 currently operational and 9 in the planning phase[8][9] - The average waste processing fee across all operational plants is approximately RMB 95.6/ton[8][9] - The Dongguan region has the highest concentration of operational plants, with 6 facilities processing a total of 10,550 tons/day[8] - The company has 15 projects with second-phase expansions planned, potentially adding 7,800 tons/day of processing capacity[8][9] - The smallest operational plant is the Xuwen plant with a capacity of 750 tons/day and 18 MW power generation[8] - The company's waste-to-energy projects have a total daily processing capacity of 54,540 tons, with 33 projects operational and a daily capacity of 43,690 tons[19] - The company processed approximately 16,615,728 tons of waste, an 18.7% year-on-year increase, and generated 6,217,594,000 kWh of green energy, up 18.4%[19] - The company's carbon reduction projects, including the Yingkou waste-to-energy project, are expected to reduce 245,000 tons of CO2 equivalent annually[12] - The company's waste incineration volume increased by 27.4% year-on-year to 8,621,000 tons in 2023[20] - The company's Yingkou waste incineration power generation project obtained registration approval for certified carbon emission reductions, expected to reduce 245,000 tons of CO2 equivalent annually[20] - The company processed 16,615,728 tons of waste in 2023, an increase of 18.7% from 13,993,553 tons in 2022[26] - Electricity generation from green energy reached 6,217,594,000 kWh in 2023, up 18.4% from 5,249,545,000 kWh in 2022[26] - Steam sales increased by 223.8% to 136,000 tons in 2023 from 42,000 tons in 2022[26] - The company's total daily municipal solid waste treatment capacity reached 54,540 tons across 36 projects[27] - In South China, the company processed 9,623,321 tons of waste in 2023, up 8.5% from 8,872,108 tons in 2022[29] - The company sold 5,349,441 MWh of electricity in 2023, an increase of 18.0% from 4,532,048 MWh in 2022[29] - The company signed a 3-year waste treatment service agreement to transport 200,000 tons of waste to a waste-to-energy plant[34] Contracts and Projects - The company secured a 25-year contract for the Quyang County urban and rural sanitation and waste compression, transfer, and treatment project, valued at RMB 3,256 million[11] - The company won a 10-year contract extension for the North Lantau and Outlying Islands Waste Transfer Facilities, valued at HKD 2,818 million[12] - The company secured new contracts worth over RMB 8,000 million in the environmental sanitation sector during the year[20] - The company successfully bid for multiple projects, including the first waste transfer station contract in Hong Kong and the first environmental sanitation project in Anhui Province[20] - The company secured a 25-year contract worth RMB 3,256 million for a waste treatment project in Quyang County, Hebei Province, marking its first environmental project exceeding RMB 3,000 million[35] - In January 2024, the company won a 25-year urban management service project in Dangshan County, Anhui Province, its first environmental project in Anhui[35] - The company's joint venture was awarded a 10-year contract extension worth HKD 2,818 million for waste transfer facilities in Hong Kong[35] Corporate Governance and Board Activities - The company declared a final dividend of 3.2 HK cents per share, with a total annual dividend of 8.1 HK cents per share[18] - The company declared an interim dividend of 4.9 HK cents per ordinary share for 2023, down from 6.2 HK cents in 2022[66] - A final dividend of 3.2 HK cents per ordinary share is proposed for 2023, subject to shareholder approval at the AGM on June 21, 2024[66] - The company's Compensation Committee held 2 meetings in 2023 (March and September) to review and approve senior management salary adjustments, determine executive director compensation policies, and propose new director compensation[92] - Senior management compensation for 2023 ranged from HKD 1,000,001 to HKD 2,000,000 for 7 members and HKD 4,000,001 to HKD 5,000,000 for 1 member[93] - The company's gender diversity ratio as of December 31, 2023, was 58:42 (male:female)[94] - The Nomination Committee is responsible for reviewing the Board's structure, size, and composition annually, proposing changes to align with company strategy, and recommending director appointments or reappointments[94] - The Nomination Committee evaluates candidates based on their contribution to Board diversity, time commitment, and effectiveness in areas such as strategy, policy, performance, and accountability[95] - Independent non-executive director candidates are assessed for independence based on HKEX Listing Rule 3.13 criteria and their professional qualifications or financial management experience[96] - The Compensation Committee's responsibilities include recommending overall remuneration policies, approving performance-based pay, and ensuring termination payments are consistent with contracts and reasonable[91] - The Nomination Committee follows a formal, transparent process for director selection, appointment, and reappointment, with the Board having final decision-making authority[95] - The Compensation Committee reviews and approves compensation for loss or termination of office, ensuring it aligns with contractual terms and is fair and reasonable[91] - The Nomination Committee ensures compliance with Board requirements, company constitutional documents, and applicable laws or listing rules[96] - The Audit Committee was non-compliant with Listing Rule 3.21, having only two independent non-executive directors instead of the required three[97] - The Nomination Committee was non-compliant with Listing Rule 3.27A, lacking a chairman and having only two independent non-executive directors[97] - The Board adopted a diversity policy, considering factors such as gender, age, cultural and educational background, race, professional experience, skills, knowledge, and tenure[98] - The Board aims for an appropriate gender balance and a suitable proportion of directors with direct experience in the Group's core markets[98] - The Nomination Committee held two meetings in 2023 to consider retiring directors and recommend new directors[100] - The Corporate Governance Committee includes members such as Mr. Chan Kam Kwan, Ms. Li Wing Yee, Professor Sha Zhenquan, and Mr. Li Songhua[101] - The Corporate Governance Committee held one meeting in March 2023 to review corporate governance policies and compliance[101] - The Strategy and Sustainability Committee includes members such as Mr. Lai Chun Tung, Mr. Lui Ting Cheong, and Professor Sha Zhenquan[102] - The Strategy and Sustainability Committee held one meeting in March 2023 to review strategic development reports and discuss compliance with Listing Rules[103] - The Board believes it has achieved diversity, with a composition that considers age, gender, cultural and educational background, and professional experience[99] - The company's internal control and risk management systems are effective and sufficient, as confirmed by the Board of Directors and the Audit Committee[104] - The company has established mechanisms to ensure the independence of the Board of Directors, including access to independent professional advice[105] - The company has implemented strict procedures for handling and disclosing insider information to ensure compliance with regulatory requirements[106] - The company has a whistleblowing policy in place, with complaints being handled within 5 working days for physical submissions and 3 working days for electronic submissions[107] - The company has an anti-corruption policy that prohibits bribery, corruption, extortion, and embezzlement, and supports compliance with relevant laws and regulations[109] - The Board of Directors is responsible for preparing the financial statements, ensuring they reflect the company's financial position, performance, and cash flows accurately[110] - The company secretary, who reports to the Chairman, is responsible for providing governance advice to the Board and has completed at least 15 hours of relevant professional training[111] - Shareholders holding at least 10% of the company's paid-up share capital can request the convening of a general meeting, with the company covering reasonable expenses if the Board fails to arrange the meeting[112] - The company has approved and adopted a dividend policy, aiming to distribute dividends annually, subject to considerations of distributable profits, financial condition, liquidity, investment needs, and retained earnings for future development[114] - The 2023 Annual General Meeting (AGM) saw all proposed resolutions, including the re-election of retiring directors, passed by shareholders through a poll vote[115] - The company has enhanced investor relations by holding multiple meetings with institutional investors, fund managers, and financial analysts in 2023[116] - The company plans to revise its Memorandum and Articles of Association to comply with the latest regulatory requirements for electronic dissemination of corporate communications, effective from December 31, 2023[117] - The proposed amendments to the Memorandum and Articles of Association will be presented for shareholder approval at the 2024 AGM on June 21, 2024[117] - Li Jundong, aged 49, has been serving as an executive director of the company since 2014 and is responsible for overseeing the overall strategy and major corporate and operational decisions of the group[119] - Feng Jun, aged 60, has over 30 years of experience in capital market operations and serves as the Chief Representative of Shanghai Representative Office of Shanghai Industrial Holdings and Chairman and CEO of Shanghai Overseas Co., Ltd[120] - Lu Dingchang, aged 44, has been a non-executive director since 2014 and is the Managing Director of Olympus Capital Holdings Asia, responsible for environmental investments in Asia[120] - Sha Zhenquan, aged 64, has been an independent non-executive director since 2014 and is a professor at the School of Business Administration, South China University of Technology[121] - Chen Jinkun, aged 50, has been an independent non-executive director since 2014 and is a certified public accountant licensed by the Washington State Board of Accountancy[121] - Li Songhua, aged 58, has been an independent non-executive director since 2023 and is a partner at Nixon Peabody LLP, specializing in corporate finance and cross-border acquisitions[122] - Song Lanqun, aged 56, has been the Vice President and Chief Engineer of the group since 2014, responsible for operational safety and compliance[123] - Chen Bo, aged 48, has been the Vice President and

粤丰环保（1381 HK） | 2024年3月28日 香港股市 | 环保 | 垃圾焚烧发电 更新报告 粤丰环保（1381 HK） 评级：增持 目标价：4.40 港元 收入结构改变，毛利率大幅提升 股票资料（更新至2024年3月27日） FY23毛利率同比上升11.1个百分点至41.8% 现价 3.99港元 FY23总收入同比下跌39.6%至49.8亿元(港元，下同)，低于我们预测59.7亿元16.6%，主 因(一)人民币贬值；(二)项目开发减少，建设收入同比下跌 76.7%至 10.2 亿元。建设收入 总市值 9,733.77百万 港元 占比由FY22的52.9%下跌至FY23的20.4%，由于建设业务的毛利率较低，占比下降后整 流通股比例 19.63% 体公司总毛利率由30.7%上升至41.8%，高于我们预期的40.1%。FY23建设业务毛利率为 已发行总股本 2,439.54 百万 15.3%，远低于垃圾处理及发电业务的46.6%。由于一般及行政费用同比上升13.5%至6.6 52周价格区间 3.40-4.90港元 亿元，相关开支占总收入比例由FY22的7.0%上涨至FY23的13.2%，导致股东净利润同 ...

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。 CANVEST ENVIRONMENTAL PROTECTION GROUP COMPANY LIMITED 粵豐環保電力有限公司 （股份代號：1381） （於開曼群島註冊成立的有限公司） 截至2023年12月31日止年度 全年業績公告 及 建議修訂現有組織章程大綱及細則 摘要 | --- | --- | --- | --- | |-------------------------------------|---------------|-----------|--------------| | | | | | | 財務摘要 | 截至 12 月 31 | 日止年度 | | | | 2023 年 | 2022 年 | 變動 | | 收入 （千港元） | 4,980,160 | 8,246,645 | (39.6%) | | 包括：售電及垃圾處理收入 （千港元） | 3,429,661 | 3,486,67 ...

團豐環保電力自限公司 CANVESTENVIROWENTAL PROTECTION GROUP COMPANY LIMED (於開曼群島註冊成立的有限公司) 股份代號：1381 63 ූ minutuuuuuuuu ll[""][] 中期報告 (19 2023 le let FSC F8C® C004888 o 城市生活垃圾處理及垃圾焚燒發電流程 O 開始 城 市 生 活 垃 圾 收 集 及 運 送 Q- l c d c C t 4 城市生活垃圾轉運站 稱重站 @ . . 卸科平台 ⊙⊙ 儲 放 池 滲濾液 ● ● 目 錄 | --- | --- | --- | --- | |-------|------------------------|-------|--------------------------| | | | | | | 2 | 財務概要 | 35 | 中期簡明綜合損益表 | | 3 | 項目概況 | 36 | 中期簡明綜合全面收益表 | | 7 | 公司里程碑 | 37 | 中期簡明綜合資產負債表 | | 8 | 主席報告 | 39 | 中期簡明綜合權益變動表 | | 13 | 管理層討論與分 ...

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。 CANVEST ENVIRONMENTAL PROTECTION GROUP COMPANY LIMITED 粵豐環保電力有限公司 （股份代號：1381） （於開曼群島註冊成立的有限公司） 截至2023年6月30日止六個月中期業績公告 摘要 | --- | --- | --- | --- | |---------------------------------------|--------------|------------|-------------| | | | | | | 財務摘要 | 截至 6 月 30 | 日止六個月 | | | | 2023 年 | 2022 年 | 變動 | | | | | | | 收入 （千港元） | 2,981,021 | 4,111,537 | (27.5%) | | 包括：售電及垃圾處理費收入 （千港元） | 1,736,490 | 1,768,406 | (1. ...

股份代號 : 1381 (於開曼群島註冊成立的有限公司) 年報 2022 Annual Report 2022 ANNUAL REPORT 深港通及滬港通的合資格港股通股份之一 以下指數的成份股： • 恒生綜合指數 • 恒生綜合行業指數 — 公用事業 • 恒生綜合中小型股指數 • 恒生綜合小型股指數 • 恒生港股通指數 • 恒生港股通中小型股指數 • 恒生港股通小型股指數 • 恒生港股通中國內地公司指數 • 恒生小型股（可投資）指數 目錄 | 2 | 財務概要 | | --- | --- | | 3 | 項目概況 | | 6 | 公司里程碑 | | 8 | 城市生活垃圾處理及垃圾焚燒發電流程 | | 10 | 主席報告 | | 15 | 管理層討論與分析 | | 34 | 企業管治報告 | | 51 | 董事及高級管理層履歷 | | 55 | 董事會報告 | | 70 | 獨立核數師報告 | | 77 | 綜合損益表 | | --- | --- | | 78 | 綜合全面收益表 | | 79 | 綜合資產負債表 | | 81 | 綜合權益變動表 | | 83 | 綜合現金流量表 | | 85 | 綜合財務報表 ...

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。 CANVEST ENVIRONMENTAL PROTECTION GROUP COMPANY LIMITED 粵豐環保電力有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1381） 截至2022年12月31日止年度 全年業績公告 摘要 | --- | --- | --- | --- | |-------------------------------------|---------------|-----------|--------| | | | | | | 財務摘要 | 截至 12 月 31 | 日止年度 | | | | 2022 年 | 2021 年 | 變動 | | | | | | | 收入 （千港元） | 8,246,645 | 6,794,571 | +21.4% | | 包括：售電及垃圾處理收入 （千港元） | 3,486,671 | 2,997,264 | +16.3% | | ...