Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 31.10 RMB [7]. Core Views - The company is expected to distribute a cash dividend of 0.80 RMB per share for the fiscal year 2024, which corresponds to a dividend payout ratio of approximately 39% based on an estimated EPS of 2.03 RMB for 2024 [2]. - The company aims for a continuous increase in cash dividends, with a projected growth rate of no less than 10% for DPS from 2024 to 2026, leading to an expected dividend yield of 3.9% in 2024 and 4.3% and 4.8% in 2025 and 2026 respectively [2]. - The company has turned positive in free cash flow in 2023, reaching 4.34 billion RMB, with expectations for continued growth as capital expenditures decrease and operational cash flow increases [3]. - The company is accelerating the collection of accounts receivable, with an estimated 2.4 billion RMB expected to be collected in 2024 from previous years [4]. - The target PE for 2025 is set at 14.4 times, reflecting an increase in expected EPS for 2024-2026, with the target price adjusted to 31.10 RMB [5]. Summary by Sections Financial Performance - The company reported a revenue of 12,875 million RMB in 2022, with a slight decline to 12,541 million RMB in 2023, and is projected to grow to 13,023 million RMB in 2024 [6]. - The net profit attributable to the parent company increased from 1,146 million RMB in 2022 to 1,430 million RMB in 2023, with further growth expected to 1,651 million RMB in 2024 [6]. - The EPS is projected to rise from 1.41 RMB in 2022 to 2.03 RMB in 2024, indicating a positive growth trajectory [6]. Valuation Metrics - The company’s PE ratio is projected to decrease from 14.45 in 2022 to 10.03 in 2024, suggesting an attractive valuation relative to earnings growth [6]. - The PB ratio is expected to decline from 1.52 in 2022 to 1.24 in 2024, indicating a potential undervaluation [6]. - The EV/EBITDA ratio is forecasted to decrease from 10.96 in 2022 to 8.64 in 2024, further supporting the investment case [6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company plans to significantly increase its dividend, with a proposed cash dividend of 0.8 yuan per share for 2024, resulting in a dividend payout ratio of 38% and a dividend yield of 4% [8] - The company commits to a 10% annual growth in dividends per share (DPS) from 2024 to 2026, ensuring continuous returns to shareholders [8] - Improved cash flow is anticipated due to a decrease in accounts receivable and capital expenditures (Capex), with a net operating cash flow of 2.738 billion yuan in 2023 and 961 million yuan in the first half of 2024, representing a 138% year-on-year increase [8] - The acquisition of high-quality assets from Yuefeng is progressing well, expected to enhance profits and cash flow, with a projected profit increase of 305 million yuan post-acquisition [8] - The company forecasts net profits of 1.721 billion yuan, 1.759 billion yuan, and 1.902 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 9 [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 12.541 billion yuan, with a slight decline expected in 2024 to 12.287 billion yuan, followed by a further decrease to 12.155 billion yuan in 2025 [6] - The net profit attributable to the parent company is expected to grow from 1.430 billion yuan in 2023 to 1.721 billion yuan in 2024, and reach 1.902 billion yuan by 2026 [6] - The company's gross margin is forecasted to be 28.0% in 2024, slightly decreasing to 27.9% in 2025, and then increasing to 28.7% in 2026 [6]

Summary of Conference Call Company and Industry - The conference call primarily discusses **Hanyang Environment**, a company in the **waste management and environmental services industry**. Core Points and Arguments 1. **Dividend Increase**: Hanyang Environment has significantly increased its dividend payout, with a historical increase of 67% prior to the announcement of the dividend plan, indicating a strong commitment to returning value to shareholders [5][23]. 2. **Cash Flow Improvement**: The company reported a substantial improvement in cash flow, with receivables from debt collection reaching **24 billion RMB**, which has enhanced the company's operational cash flow [6]. 3. **Market Position**: Hanyang Environment is positioned in a mature phase of the waste incineration industry, with capital expenditures declining, which supports its ability to increase dividends [6][10]. 4. **Valuation Metrics**: The current valuation is considered low, with estimates suggesting a potential increase in valuation from **9 times earnings** to **12 times**, indicating a potential upside of over 30% [13][34]. 5. **Industry Comparisons**: The company’s dividend yield is competitive, with expectations that it could rise to **4.8%** by 2026, making it attractive to long-term investors [23][39]. 6. **Regulatory Changes**: The industry is undergoing significant regulatory changes, including the marketization of waste treatment fees, which is expected to enhance revenue streams [9][18]. 7. **Acquisition Strategy**: Hanyang Environment's acquisition of **Yuefeng Environmental** is expected to enhance operational efficiency and revenue growth, with anticipated synergies from the integration [12][30]. 8. **Operational Efficiency**: The company has achieved a high capacity utilization rate of over **120%**, indicating strong operational performance [31]. 9. **Revenue Composition**: The revenue structure is diversifying, with waste management operations contributing **48%** of total revenue, while engineering and gas segments also play significant roles [19][20]. 10. **Future Growth Projections**: The company anticipates continued growth, with revenue projections of **16.8 billion RMB** for 2024 and **17.4 billion RMB** for 2025, reflecting a steady growth trajectory [29]. Other Important but Possibly Overlooked Content 1. **Debt Management**: The company is actively managing its debt levels, with a focus on reducing financial costs through strategic acquisitions and operational efficiencies [34][35]. 2. **Market Trends**: The overall waste management industry is experiencing a contraction in new project bids, with a **77% decline** in new tendering activity, indicating a shift towards consolidation and efficiency [15]. 3. **Long-term Outlook**: The long-term outlook for Hanyang Environment is positive, with expectations of improved cash flows and profitability driven by regulatory reforms and operational enhancements [38][39]. 4. **Investor Appeal**: The company is becoming increasingly attractive to institutional investors due to its improved dividend yield and stable cash flow, which aligns with the investment criteria of long-term funds [7][11]. This summary encapsulates the key insights from the conference call regarding Hanyang Environment and the broader waste management industry, highlighting the company's strategic initiatives, financial performance, and market positioning.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has proposed a dividend plan for 2024 that exceeds expectations, with a cash dividend of 0.80 yuan per share, representing a 67% year-on-year increase, which corresponds to a dividend yield of 3.94% at the current stock price [8] - The company has committed to a minimum 10% year-on-year increase in cash dividends for the years 2025 and 2026, with expected dividends of at least 0.88 yuan and 0.97 yuan per share, respectively [8] - The company is expected to resolve 2.4 billion yuan of receivables in 2024, exceeding the initial target of 2 billion yuan, which will significantly improve cash flow and reduce bad debt provisions [8] - The acquisition of Yuefeng is anticipated to enhance earnings and cash flow, with a significant increase in waste incineration capacity from 45,050 tons/day to 99,590 tons/day [8] - The company is projected to achieve steady growth in net profit, with forecasts of 1.679 billion yuan, 1.739 billion yuan, and 1.881 billion yuan for 2024, 2025, and 2026, respectively [8] Financial Summary - Total revenue for 2022 was 12.875 billion yuan, with a projected revenue of 12.733 billion yuan for 2024, reflecting a 1.53% year-on-year growth [1] - The net profit attributable to the parent company for 2022 was 1.142 billion yuan, with a forecasted increase to 1.679 billion yuan in 2024, representing a 17.41% growth [1] - The earnings per share (EPS) for 2022 was 1.40 yuan, expected to rise to 2.06 yuan by 2024 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 11.59 in 2023 to 9.87 in 2024, indicating an attractive valuation [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has proposed a dividend plan for 2024 that exceeds expectations, with a cash dividend of 0.80 yuan per share, representing a 67% year-on-year increase, which corresponds to a dividend yield of 3.94% at the current stock price [8] - The company has committed to a minimum 10% year-on-year increase in cash dividends for 2025 and 2026, with expected dividends of at least 0.88 yuan and 0.97 yuan per share, respectively, leading to projected dividend yields of at least 4.33% and 4.76% [8] - The company is expected to resolve 2.4 billion yuan of receivables in 2024, exceeding the initial target of 2 billion yuan, which will significantly improve cash flow [8] - The acquisition of Yuefeng is anticipated to enhance earnings and cash flow, with a projected increase in waste incineration capacity from 45,050 tons/day to 99,590 tons/day [8] - The company maintains a stable growth outlook with projected net profits of 1.679 billion yuan, 1.739 billion yuan, and 1.881 billion yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 10, 10, and 9 [8] Financial Projections - Total revenue is projected to be 12,733 million yuan in 2024, with a growth rate of 1.53% [9] - The net profit attributable to the parent company is expected to reach 1,679 million yuan in 2024, reflecting a growth rate of 17.41% [9] - The earnings per share (EPS) is forecasted to be 2.06 yuan in 2025 and 2.13 yuan in 2026 [9] - The company’s total assets are projected to grow to 39,949 million yuan by 2026 [9] - The company’s debt-to-asset ratio is expected to decrease from 63.13% in 2023 to 58.07% in 2026, indicating improved financial stability [9]

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-009 瀚蓝环境股份有限公司董事会 "基于对瀚蓝环境稳定的经营情况以及良好的发展前景的认可，为与全体股东分享 公司发展的经营成果，在符合瀚蓝环境《公司章程》及股东回报规划的规定、并有利于 瀚蓝环境正常经营和长远发展的前提下，就瀚蓝环境 2024 年度利润分配预案，建议如 下： 2024 年度每股派发现金红利 0.80 元（含税）。 南控集团将在瀚蓝环境股东大会审议上述 2024 年度利润分配预案时投赞成票。" 公司将按规定程序拟订 2024 年度利润分配预案，具体利润分配预案须经董事会及 股东大会审议通过后方可实施，敬请投资者注意投资风险。 特此公告。 瀚蓝环境股份有限公司 关于收到股东提议公司 2024 年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 瀚蓝环境股份有限公司（以下简称"公司"或"瀚蓝环境"）于 2025 年 2 月 17 日 接到控股股东的母公司广东南海控股集团有限公司（以下简称"南控集团"） 《关于瀚 蓝环境股份有限公司 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-008 瀚蓝环境股份有限公司 本次交易先决条件(v)内容为："(v)就适用境外直接投资法律法规而言，已经 从或向(a)中国商务部；(b)中国国家发展和改革委员会；及(c)中国国家外汇管理局 或(a)至(c)分别授权的地方当局或代表或机构获得、办理及/或提交（视情况而定） 的所有相关批准、登记或备案或报告（视情况而定）"。 关于重大资产重组进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次交易概述 瀚蓝环境股份有限公司（以下简称"公司"或"瀚蓝环境"）拟通过控股子公 司瀚蓝（香港）环境投资有限公司（以下简称"瀚蓝香港"），以协议安排方式私 有化香港联合交易所有限公司（以下简称"香港联交所"）上市公司粤丰环保电力 有限公司（以下简称"粤丰环保"），从而使粤丰环保成为瀚蓝香港控股子公司并 从香港联交所退市（以下简称"本次交易"）。本次交易将达到《上市公司重大资 产重组管理办法》规定的重大资产重组标准，构成重大资产重组。具体内容详见公 司于2024年11 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-005 瀚蓝环境股份有限公司 2024 年度第一期超短期融资券兑付公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为保证瀚蓝环境股份有限公司 2024 年度第一期超短期融资券（债券简称：24 瀚蓝 SCP001，债券代码：012482141）兑付工作的顺利进行，方便投资者及时领取兑付资金， 现将有关事宜公告如下： 一、本期债券基本情况 二、兑付办法 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定时间之 前划付至银行间市场清算所股份有限公司指定的收款账户后，由银行间市场清算所股份 有限公司在兑付日划付至债券持有人指定的银行账户。债券兑付日如遇法定节假日，则 划付资金的时间相应顺延。债券持有人资金汇划路径变更，应在兑付前将新的资金汇划 路径及时通知银行间市场清算所股份有限公司。因债券持有人资金汇划路径变更未及时 通知银行间市场清算所股份有限公司而不能及时收到资金的，发行人及银行间市场清算 所股份有限公司不承担由此产生的任何损失。 1 1、发行 ...

瀚蓝环境股份有限公司委托理财管理制度 第一章 总则 第一条 为规范瀚蓝环境股份有限公司（以下简称"公司"）委托理财业务的管 理，提高资金运作效率，有效控制风险，维护公司及股东利益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》《上海证券 交易所自律监管指引第 5 号-交易与关联交易》等法律法规、规范性文件以及《瀚蓝环 境股份有限公司章程》等有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度所称委托理财是指在国家政策允许的情况下，公司在控制投资风 险的前提下，利用闲置自有资金通过委托商业银行或证券公司等金融机构进行短期、 低风险委托理财的行为，以保本固定收益和保本浮动收益型委托理财产品为主，不得 投资非保本类理财产品。 第三条 本制度适用于公司及合并报表范围的所有公司（以下简称"子公司"） 的委托理财管理。公司进行委托理财时，应当严格按照本制度规定的审批权限、决策 程序、信息披露等要求执行。子公司进行委托理财前须向公司财务部提交申请，并根 据本制度要求报经审批，未经批准不得进行任何理财活动。 第二章 操作规定 第四条 公司从事委托理财业务应坚持"规范运作、风险防范 ...

股票简称：瀚蓝环境 股票代码：600323 编号：临 2025-003 内容详见同日披露于上海证券交易所网站 www.sse.com.cn 及中国证券报、上海证 券报、证券时报、证券日报《瀚蓝环境股份有限公司关于控股子公司瀚蓝佛山使用暂时 闲置资金进行委托理财的公告》（临 2025-004）。 一、 审议通过关于制定《委托理财管理制度》的议案。 表决情况：同意票 9 票，弃权票 0 票，反对票 0 票。 内容详见同日披露于上海证券交易所网站 www.sse.com.cn 的《瀚蓝环境股份有限 公司委托理财管理制度》。 二、 审议通过关于控股子公司瀚蓝佛山使用暂时闲置资金进行委托理财的议 案。 表决情况：同意票 9 票，弃权票 0 票，反对票 0 票。 瀚蓝环境股份有限公司 第十一届董事会第二十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 瀚蓝环境股份有限公司（以下简称"公司"）第十一届董事会第二十四次会议于 2024 年 12 月 31 日发出书面通知，于 2025 年 1 月 6 日上午以通讯表决方式召开 ...