樂水築夢 DESIGN CONCEPT 設計概念 The cover design features a "bridge" as the central visual element, symbolising Everbright Water's unwavering commitment and steady progress in water environment management over the past two decades. The bridge not only represents a physical connection but also signifies Everbright Water's role as a link between technological innovation and sustainable development, driving ongoing advancements in the sector. It also embodies Everbright Water's long-term aspirations and vision to con ...

证券研究报告 2025 年 2 月 26 日 公司研究 | 业绩报告总结 (持有，目标价 1.57 元) 光大水务(1857 HK) | 主要数据 | | --- | | 2025E 平均市盈率 (x) 3.6 | | 2025E 平均市净率(x) 0.37 | | 2025E 平均股息收益率(%) 8.5 | | 资料来源：彭博 | | 股价表现 (%) | | | --- | --- | | 个月 1.4 | 1 | | 个月 2.9 | 3 | | 今年以来 -0.7 | | | 资料来源：彭博 | | 2024 年纯利下跌 14%；派息率提高 2024 年盈利同比下跌 14%。光大水务公布 2024 年业绩，期内收入 68.5 亿港元， 同比增长 2%，归属于母公司盈利 10.2 亿港元，同比减少 14%，每股中期股息 5.81 港仙，全年派息 11.9 港仙，派息比率由 30%提高至 33%。收入增长惟盈利下跌主 要因为 1）建造服务收入比重增加及建造服务成本增加，令整体毛利率下调 4 个 百分点至 38%；2)行政开支同比增长 10%。 建造收入占比上升至 39%。由于期内筹建项目先后开工，年内建 ...

证券研究报告 2025 年 2 月 26 日 公司研究 | 业绩报告总结 (持有，目标价 1.57 元) 光大水务(1857 HK) | 主要数据 | | --- | | 2025E 平均市盈率 (x) 3.6 | | 2025E 平均市净率(x) 0.37 | | 2025E 平均股息收益率(%) 8.5 | | 资料来源：彭博 | | 股价表现 (%) | | | --- | --- | | 个月 1.4 | 1 | | 个月 2.9 | 3 | | 今年以来 -0.7 | | | 资料来源：彭博 | | 2024 年纯利下跌 14%；派息率提高 2024 年盈利同比下跌 14%。光大水务公布 2024 年业绩，期内收入 68.5 亿港元， 同比增长 2%，归属于母公司盈利 10.2 亿港元，同比减少 14%，每股中期股息 5.81 港仙，全年派息 11.9 港仙，派息比率由 30%提高至 33%。收入增长惟盈利下跌主 要因为 1）建造服务收入比重增加及建造服务成本增加，令整体毛利率下调 4 个 百分点至 38%；2)行政开支同比增长 10%。 建造收入占比上升至 39%。由于期内筹建项目先后开工，年内建 ...

新加坡證券交易所有限公司、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。 CHINA EVERBRIGHT WATER LIMITED 中國光大水務有限公司 （於百慕達註冊成立之有限公司） （香港股份代號︰1857） （新加坡股份代號︰U9E） 截 至2024年12月31日止年度 全年業績公告 摘 要 全年業績 中 國 光 大 水 務 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）謹 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2024年12月31日 止 財 政 年 度（「2024財 政 年 度」或「回 顧 年 度」）之 全 年 綜 合 業 績（「2024財 政 年 度 之 全 年 業 績」），連 同 截 至2023年12月31 日 止 財 政 年 度（「2023財 政 年 度」）的 比 較 數 字。2024財政年度之綜合財務報表已分 別 由KPMG LLP及KPMG於新加坡及香港按照國際審計準 ...

all EVERBRIGH CHINA EVERBRIGHT WATER LIMITED 中圆光大水 務 有限 公 司 (incorporated in Bermude with limited lisbility) (於西蘭建註冊成立之有限公司) ISTOCK CODES 脸恰代號: U9E SG & 1857 HK} 樂 水 彩 夢 Devoted to Clean Water ILIDLI 2024 INTERIM REPORT 2024 中期報告 13 Pr y G El Holly Fra. ("A : : the subject of | --- | --- | |----------|------------------------------------------------------------------------| | | | | Contents | 目錄 | | 002 | Corporate Information 公司資料 | | 005 | Financial Highlights 財務概況 | | 006 | Business Review and Prospects ...

Financial Performance - Revenue for the first half of the fiscal year 2024 was HKD 3,352,595,000, representing a 9% increase compared to HKD 3,082,000,000 in the same period of fiscal year 2023[2] - EBITDA for the first half of fiscal year 2024 was HKD 1,196,486,000, a decrease of 7% from HKD 1,287,800,000 in the first half of fiscal year 2023[2] - Profit attributable to equity holders for the first half of fiscal year 2024 was HKD 581,146,000, down 8% from HKD 632,188,000 in the same period last year[2] - Gross profit for the first half of fiscal year 2024 was HKD 1,269,233,000, a decrease of 10% from HKD 1,409,741,000 in the previous year[4] - Total comprehensive income for the first half of fiscal year 2024 was HKD 470,469,000, an increase of 18% from HKD 397,262,000 in the same period last year[5] - The overall gross profit margin decreased to 38% from 46%, a decline of 8 percentage points year-on-year[49] - The basic earnings per share for the first half of fiscal year 2024 was HKD 20.31, down from HKD 22.10 in the first half of fiscal year 2023, representing a decline of about 8.1%[31] Dividends - The interim dividend per share for ordinary shares was HKD 0.0609, compared to HKD 0.0663 in the first half of fiscal year 2023[2] - The company declared an interim dividend of HKD 6.09 per share for the first half of fiscal year 2024, down from HKD 6.63 per share in the same period of fiscal year 2023, which is a decrease of approximately 8.1%[29] - The company declared a dividend of HKD 165,424 thousand for the year-end 2023, which was paid during the reporting period[8] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled HKD 25,305,154,000, an increase from HKD 24,619,309,000 as of December 31, 2023[6] - Current assets as of June 30, 2024, amounted to HKD 9,905,257,000, compared to HKD 9,601,352,000 at the end of the previous year[6] - As of June 30, 2024, total current liabilities decreased to HKD 6,884,803 thousand from HKD 7,938,451 thousand, representing a reduction of approximately 13.3%[7] - The group's total assets less current liabilities increased to HKD 28,325,608 thousand from HKD 26,282,210 thousand, reflecting a growth of about 7.8%[7] - Non-current liabilities rose to HKD 14,533,036 thousand from HKD 12,829,868 thousand, indicating an increase of approximately 13.3%[7] - The net assets of the group increased to HKD 13,792,572 thousand from HKD 13,452,342 thousand, showing a growth of about 2.5%[7] Cash Flow - Operating cash flow before tax profit for the first half of FY2024 was HKD 815,307,000, a decrease of 7.3% compared to HKD 879,931,000 in the first half of FY2023[11] - Net cash used in operating activities for the first half of FY2024 was HKD (422,256,000), an improvement from HKD (534,826,000) in the same period last year[11] - Cash flow from investing activities generated a net cash inflow of HKD 14,292,000, compared to HKD 4,065,000 in the first half of FY2023[12] - Cash flow from financing activities resulted in a net cash inflow of HKD 382,787,000, a significant recovery from HKD (22,448,000) in the previous year[12] - Total cash and cash equivalents at the end of FY2024's first half were HKD 1,813,216,000, down from HKD 2,264,267,000 at the end of FY2023's first half[12] Revenue Breakdown - For the first half of the fiscal year 2024, the total revenue from construction services, financial income, and operational income from local government agencies in China amounted to HKD 3,178,057,000, compared to HKD 2,911,497,000 in the first half of the fiscal year 2023, representing an increase of approximately 9.2%[21] - The revenue from the water environment management business for the first half of fiscal year 2024 was HKD 3,352,595,000, up from HKD 3,082,000,000 in the same period of fiscal year 2023, indicating a growth of about 8.8%[23] - The company reported construction contract revenue of HKD 1,355,412,000 for the first half of fiscal year 2024, significantly higher than HKD 826,692,000 in the same period of fiscal year 2023, marking an increase of about 63.7%[23] Financial Position - The total accounts receivable as of June 30, 2024, was HKD 6,109,836 thousand, an increase from HKD 5,617,886 thousand as of December 31, 2023, showing a growth of approximately 8.8%[32] - The aging analysis of accounts receivable shows that amounts overdue for more than 13 months increased to HKD 1,559,205,000 from HKD 1,271,029,000, reflecting a rise of 22.6%[35] - The group's contract assets totaled HKD 22,671,942,000 as of June 30, 2024, compared to HKD 21,937,417,000 as of December 31, 2023, indicating an increase of about 3.3%[42] Risk Management - The company is closely monitoring legal and policy changes related to environmental regulations to mitigate risks associated with policy shifts[88] - The company has implemented measures to enhance receivables management, including regular meetings and a structured recovery plan, to mitigate risks associated with local government payment delays[92] - The company is actively managing financing risks by monitoring the financing environment and adjusting loan structures to control costs and ensure sufficient liquidity[96] - The company is addressing cost control risks by optimizing operational efficiency and leveraging centralized procurement to manage rising material and labor costs[97][98] Corporate Governance - The company is committed to high standards of corporate governance, adhering to the principles and provisions of the Singapore Corporate Governance Code and the Hong Kong Corporate Governance Code[102] - The Audit Committee, consisting of four independent non-executive directors, has reviewed the audited consolidated financial performance for the 2023 fiscal year[104] - The Remuneration Committee is responsible for determining the remuneration of directors and key management personnel, ensuring alignment with the company's long-term interests and risk policies[105] Employee and Community Engagement - The company emphasizes continuous employee development through various training programs, enhancing skills and knowledge[86] - The company has a strong commitment to employee welfare, providing benefits such as retirement plans and medical coverage[86] - The company actively collaborates with ecological and environmental organizations to promote environmental education and awareness[101]

china everbright water limited 中 國 光 大 水 務 有 限 公 司 (Incorporated in Bermuda with limited liability) | --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | DESIGN CONCEPT 設計概念 The semicircular shapes symbolise ripples of water, which continually expand outward, representing Everbright Water's extensive experience in consistently creating new opportunities and fostering development over the years. The dyna ...

Financial Performance - Revenue for the fiscal year ended December 31, 2023, was HKD 6,704,684,000, a slight decrease of 0.3% compared to HKD 6,727,967,000 in the previous fiscal year[2] - EBITDA for the fiscal year was HKD 2,469,511,000, representing a 13% increase from HKD 2,180,523,000 in the previous year[2] - Profit before tax increased by 21% to HKD 1,666,123,000 from HKD 1,382,010,000 in the previous fiscal year[5] - Profit attributable to equity holders of the company rose by 17% to HKD 1,187,412,000, compared to HKD 1,010,565,000 in the previous year[6] - The total dividend for the fiscal year was HKD 12.44 cents per share, an increase from HKD 10.59 cents per share in the previous fiscal year[2] - The company reported a comprehensive income of HKD 815,293,000, compared to a comprehensive loss of HKD 605,687,000 in the previous year[4] - The company's basic and diluted earnings per share increased by 17% to HKD 41.51 cents from HKD 35.32 cents in the previous fiscal year[6] - The company's profit for the year ended December 31, 2023, was HKD 10,802,450, a decrease from HKD 10,961,586 in the previous year, reflecting a decline of approximately 1.45%[12] Assets and Liabilities - Non-current assets totaled HKD 24,619,309,000, slightly up from HKD 24,514,612,000 in the previous year[7] - Current assets increased to HKD 9,601,352,000 from HKD 8,931,539,000 in the previous year[7] - The company's total assets increased to HKD 26,282,210 thousand in 2023, up from HKD 24,527,619 thousand in 2022, reflecting a growth of about 7%[8] - As of December 31, 2023, total current liabilities decreased to HKD 7,938,451 thousand from HKD 8,918,532 thousand in 2022, representing a reduction of approximately 11%[8] - Non-current liabilities rose to HKD 12,829,868 thousand in 2023, compared to HKD 11,526,741 thousand in 2022, indicating an increase of approximately 11%[8] - The net assets of the company reached HKD 13,452,342 thousand as of December 31, 2023, compared to HKD 13,000,878 thousand in the previous year, marking an increase of about 3%[8] - The company's total liabilities as of December 31, 2023, were HKD 5,617,886,000, compared to HKD 4,323,856,000 in 2022, reflecting an increase of about 29.9%[33] Cash Flow and Investments - Operating cash flow for the fiscal year 2023 was HKD 1,666,123, an increase of 20.6% compared to HKD 1,382,010 in fiscal year 2022[13] - The net cash used in investing activities was HKD 16,641, a significant improvement from HKD 353,944 in the previous year, indicating a reduction in investment outflows[14] - The total cash and cash equivalents at the end of the year were HKD 1,861,907, down from HKD 2,844,990 at the beginning of the year, indicating a decrease of approximately 34.3%[14] - The company’s cash and cash equivalents decreased to HKD 1,881,401,000 from HKD 2,845,907,000 in the previous year[7] Revenue Breakdown - Revenue from construction services, financial income, and operational income from local government agencies in China totaled HKD 6,179,504,000 for fiscal year 2023, down from HKD 6,357,746,000 in fiscal year 2022[23] - The company reported a decrease in construction service revenue from service concession arrangements to HKD 2,066,019,000 in fiscal year 2023, down from HKD 2,403,740,000 in fiscal year 2022, representing a decline of 14%[23] - The operational income from service concession arrangements rose to HKD 3,104,693,000 in fiscal year 2023, an increase of 5.2% from HKD 2,950,629,000 in fiscal year 2022[23] Dividends - The company declared a total dividend of HKD 336,291 thousand for the year, including HKD 146,390 thousand for the 2022 final dividend and HKD 189,901 thousand for the 2023 interim dividend[9] - The company proposed a final dividend of HKD 5.81 per share for the fiscal year 2023, compared to HKD 5.14 per share in 2022, representing an increase of approximately 13.0%[29] Financial Efficiency - The company reported a decrease in financial expenses to HKD 590,921 from HKD 544,615, reflecting a 8.5% increase in financial efficiency[13] - The company’s depreciation and amortization expenses totaled HKD 212,467, down from HKD 254,898, indicating a decrease of approximately 16.7%[13] Risk Management - The company faces significant risks including policy changes, market competition, and environmental compliance, with risk levels remaining unchanged[96][97] - The company is facing high accounts receivable risk due to reliance on local government clients, with ongoing efforts to improve collection processes[102] - The company has maintained effective risk management measures across various areas, including engineering management, personnel allocation, financing, cost control, technology and innovation, and legal compliance, with risk levels remaining unchanged throughout the year[103][104][105][106][107][108]. Corporate Governance - The company has adopted the principles and provisions of the Hong Kong Corporate Governance Code and the Singapore Corporate Governance Code to ensure high standards of corporate governance[111] - The Audit Committee reviewed the audited financial performance for the fiscal year 2022 and the unaudited financial performance for the six months ending June 30, 2023[113] Environmental and Social Responsibility - The company aims to focus on sustainable development and has actively participated in public environmental education activities, receiving over 9,000 visitors for project tours[57] - The company has maintained effective control over environmental compliance and safety management, with no major incidents reported during the year[101] - The company has developed low-carbon demonstration projects in line with national dual carbon strategy goals, promoting green and low-carbon development in the industry[109]

CHINA EVERBRIGHT WATER LIMITED 中圆光大水 務 有限 公 司 | --- | --- | --- | |-------------------------------------------------------------------------------|-------|-------| | | | | | (incorporated in Bermuda with limited liability) (於西麒建起要成立之者限公司) | | | | ISTOCK CODES 脸恰代號: U9E SG & 1857 HK} | | | | | | B | | | | | | | | | | | | | | 初 心 向未來 | | | | 20 Years of Commitment to Water Environment Leading to A Brighter Future | | | | ＩＮＴＥＲＩＭ ＲＥＰＯＲＴ 2023 中 期 報 告 | | | 2 11 4 eg Be e. I 28 37 C Coc c, e 0 ran - l Contents 目 ...

新加坡證券交易所有限公司、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 WATER LIMITED 中國光大水務有限公司 （於百慕達註冊成立之有限公司） （香港股份代號︰1857） （新加坡股份代號︰U9E） 截至二零二三年六月三十日止六個月 中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------| | | | | | 摘 要 | | • | 收入為 3,082,000,000 港 元（二 零 二 二 財 政 年 度 上 半 年： 3,478,939,000 港 元）， 較去年同期減少 11% | | • | 除利息、稅項、折舊及攤銷前盈利 ...