Investment Rating - The report maintains a "Buy" rating for Hongcheng Environment (600461.SH) [3] Core Views - The company achieved a total revenue of 5.64 billion yuan in the first three quarters of 2024, a slight decrease of 1.2% year-on-year, while the net profit attributable to shareholders increased by 3.8% to 920 million yuan [1] - The company's gross margin improved to 33.9%, up 1.7 percentage points year-on-year, and the net profit margin reached 16.3%, an increase of 0.8 percentage points [1] - The company is focusing on enhancing its operational management and has shown improvements in cost control, with total expense ratio decreasing by 0.8 percentage points to 9.7% [1] - The company plans to distribute at least 50% of its net profit as dividends over the next three years, which is expected to enhance shareholder returns [1] Financial Performance Summary - Revenue for 2024 is projected to be 8.406 billion yuan, with a year-on-year growth rate of 4.4% [2] - Net profit for 2024 is estimated at 1.181 billion yuan, reflecting a year-on-year growth of 9.1% [2] - The earnings per share (EPS) for 2024 is expected to be 0.93 yuan, with a price-to-earnings (P/E) ratio of 10.3 times [2] - The company has maintained a high dividend payout ratio over the past three years, with a dividend yield of 4.4% [1] Business Highlights - The water supply business is focusing on comprehensive management and service enhancement, targeting potential customers within service areas [1] - The wastewater treatment segment is optimizing management standards and has secured a new project in LePing City with a total investment of 360 million yuan [1] - The clean energy sector is expanding its user base and focusing on distributed energy solutions [1] - The solid waste disposal business is advancing various waste management projects to ensure compliance and operational stability [1]

因为部分业务板块涉及到业绩承诺我就稍微再猜一下因为我们主要是分了五个公司一个是宏州乐电到1到9月份累计实现2.65亿元同比增加了1700多万洪城康恒上半年累计实现2.20亿同比减少424万绿油环境 它主要是势力业的它实现6085万这个同比减少了190多万这个餐厨垃圾呢实现了4182万同比增加了1000多万这个顶原生态还有一个飞辉那就是500多万的收入那就没什么讲的其他业务收入这个 实现了8567万同比增加增加628万然后因为分析了业务收入那就猜一下主业务成本主业务成本我也分板块来说控水业务板块成本3.12亿同比减少了2639万环保板块成本 10.11亿元同比增加2900多万它收入也增长所以环保今年污水处理板块的对山西的业绩的增幅力的影响不是特别大工程业务板块是6.53亿因为它的收入同比去年也下降了所以它的成本相比去年减少了4172万 能源业务板块成本是13.06亿这里面的主要就是燃气的这个购气这个12.33亿所有的这个大部分是这里 库费业务板块成本的3.19亿 同比减少81万 这些基本上就披露完了相应的销售费用跟去年稍微增长一点118.37万当然还里面的什么税金及附加那些勾结关系就沟通起来就比较麻烦管理费用这 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a year-on-year increase of 12.23% in net profit attributable to the parent company after deducting non-recurring items [1] - The company is actively expanding its direct drinking water business, aiming to establish 100 projects by the end of 2024, with a daily supply target of 400 tons [1] - The company has a strong dividend commitment, promising a payout ratio of no less than 50% of net profit attributable to the parent company from 2024 to 2026 [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 5.643 billion yuan, a year-on-year decrease of 1.22% [1] - The net profit attributable to the parent company was 922 million yuan, an increase of 3.82% year-on-year [1] - The net cash flow from operating activities was 1.376 billion yuan, a decrease of 2.77% year-on-year [1] - The company’s gross profit margin improved to 33.9%, an increase of 1.65 percentage points year-on-year [1] - The company’s accounts receivable balance was 2.4 billion yuan, up 21.46% year-on-year, with an average collection period of 100.16 days [1] Earnings Forecast - The company is projected to achieve operating revenues of 8.447 billion yuan, 8.905 billion yuan, and 9.419 billion yuan for the years 2024, 2025, and 2026 respectively [2] - The net profit attributable to the parent company is expected to be 1.169 billion yuan, 1.235 billion yuan, and 1.289 billion yuan for the same years [2] - The projected P/E ratios for 2024, 2025, and 2026 are 10.43x, 9.87x, and 9.46x respectively [2]

Investment Rating - The report maintains a "Buy" rating for Hongcheng Environment (600461) [1] Core Views - In the first three quarters of 2024, the company achieved operating revenue of 5.643 billion yuan, a year-on-year decrease of 1.22%, while net profit attributable to shareholders increased by 3.82% to 922 million yuan. The non-recurring net profit attributable to shareholders grew by 12.23% to 905 million yuan [1] - In Q3 2024, the non-recurring net profit attributable to shareholders increased by 16% year-on-year, with a gross profit margin of 37.89%, up 4.88 percentage points year-on-year. The decline in revenue was mainly due to a decrease in income from the engineering and gas sectors, while the company continued to reduce costs and improve efficiency [1] - The company has committed to maintaining a dividend payout ratio of no less than 50% from 2024 to 2026, with a projected dividend yield of 4.8% for 2024 [1] Financial Performance Summary - For 2024, the company forecasts total revenue of 8.534 billion yuan, with a year-on-year growth of 6.03%, and net profit attributable to shareholders of 1.163 billion yuan, representing a growth of 7.37% [1] - The company's financial expenses decreased by 25% in the first three quarters of 2024, and the asset-liability ratio improved to 58.53%, down 4.38 percentage points year-on-year [1] - The operating cash flow for the first three quarters of 2024 was 1.376 billion yuan, a decrease of 2.77% year-on-year, with a cash collection ratio of 90.94% [1][8] Valuation Metrics - The report projects earnings per share (EPS) of 0.91 yuan for 2024, with a price-to-earnings (P/E) ratio of 10.49 based on the current price [1] - The company’s return on equity (ROE) is expected to be 10.82% for the first three quarters of 2024, down 1.22 percentage points year-on-year [1]

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,697,449,064.62, a decrease of 7.77% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥317,253,852.64, reflecting an increase of 4.69% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥302,032,805.99, up by 15.82% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 was CNY 5,642,894,776.23, a decrease of 1.22% compared to CNY 5,712,872,568.92 in the same period of 2023[15] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 921,821,380.30, an increase of 3.83% from CNY 887,863,388.21 in 2023[16] - The company's total liabilities increased to CNY 14,359,467,368.79 in Q3 2024, compared to CNY 13,941,179,141.48 in Q3 2023, reflecting a growth of 3.00%[15] Earnings Per Share - The basic earnings per share for Q3 2024 was ¥0.25, a decrease of 0.07 from the previous year[4] - The diluted earnings per share for Q3 2024 was ¥0.24, an increase of 0.09 compared to the same period last year[4] - Basic earnings per share for the first three quarters of 2024 were CNY 0.76, compared to CNY 0.81 in the same period of 2023[16] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥24,532,387,155.92, representing a 7.10% increase from the end of the previous year[4] - The equity attributable to shareholders at the end of Q3 2024 was ¥9,044,710,256.58, which is a 13.95% increase year-on-year[4] - The total assets of the company increased to CNY 24,532,387,155.92 in Q3 2024, compared to CNY 22,906,128,732.77 in Q3 2023, indicating a growth of 7.12%[15] - The company's total liabilities decreased to RMB 8.18 billion from RMB 8.66 billion, indicating a reduction of approximately 5.6%[12] Cash Flow - The cash flow from operating activities for the year-to-date was ¥1,375,504,039.43, showing a decrease of 2.77% compared to the same period last year[2] - In the first three quarters of 2024, the company generated cash inflows from operating activities totaling ¥5,764,726,100.34, a decrease of approximately 8.3% compared to ¥6,286,901,925.86 in the same period of 2023[17] - The net cash flow from operating activities for the first three quarters of 2024 was ¥1,375,504,039.43, slightly down from ¥1,414,705,944.74 in the previous year, reflecting a decrease of about 2.8%[17] - The company reported a net cash flow from investing activities of -¥1,574,465,413.65, an improvement from -¥2,062,159,202.57 in the previous year, indicating a reduction in cash outflow[18] - Cash inflows from financing activities totaled ¥3,981,529,847.93, significantly higher than ¥2,884,165,076.51 in the same period of 2023, marking an increase of approximately 38.1%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,124[7] - The company received government subsidies amounting to ¥28,701,322.95 during the reporting period, contributing positively to the financial results[5] Operational Highlights - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[10] - Research and development expenses for the first three quarters of 2024 were CNY 90,415,590.81, slightly up from CNY 89,635,985.99 in 2023[15]

●转股情况：截至2024年9月30日，累计已有1,069,120,000元"洪城转债"转换 为公司A股股票，累计转股股数为187,242,234股，占可转债转股前公司已发行股 份总额948,038,351股的19.7505%。 ●未转股可转债情况：截至2024年9月30日，尚未转股的可转债金额为 730,880,000元，占可转债发行总量的40.6044%。 ●本季度转股情况：本季度可转债转股的金额为231,890,000元，因转股形成的 股份数量为43,424,319股。 一、可转债发行上市情况 | 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2024－057 | | --- | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | | 江西洪城环境股份有限公司 关于"洪城转债"转股结果暨股份变动公告 本公司及董事会全体成员保证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、准确和完整承担个别及连带责任。 重要内容提示： 经中国证券监督管理委员会证监许可〔2020〕2587号文核准，江西洪城环境 股份有限公司（以下简称"公司"）于202 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][9][7]. Core Views - The company is recognized as a leading comprehensive environmental operator in Jiangxi, benefiting from multiple injections of quality assets from its parent group, which has led to stable revenue growth and high dividends [16][19][7]. - The company is expected to achieve a net profit of 11.41 billion yuan in 2024, with a corresponding PE ratio of 10, and a target market value of 148 billion yuan, indicating a potential upside of 26% from the current price [5][9][7]. Summary by Sections Company Overview - The company has grown into a leading comprehensive environmental operator in Jiangxi, with significant market shares in water supply, sewage treatment, and gas supply [16][19]. - The company has a strong regional competitive advantage, with over 80% market share in sewage treatment and over 90% in gas supply in Nanchang [16][19]. Financial Data and Profit Forecast - The company reported total revenue of 8,048 million yuan in 2023, with a projected revenue of 8,122 million yuan for 2024, reflecting a year-on-year growth rate of 0.9% [4]. - The net profit attributable to shareholders is expected to reach 1,141 million yuan in 2024, with a growth rate of 5.4% [4]. Water Supply Segment - The company has a water supply capacity of 194 million cubic meters per day, contributing 17% to the company's gross profit in 2023 [6]. - There is potential for revenue doubling through the expansion of direct drinking water services, targeting a capacity of 400 tons per day by 2024 [6]. Sewage Treatment Segment - The company holds over 80% market share in sewage treatment in Jiangxi, with significant room for growth due to ongoing infrastructure improvements [5][6]. - The company has invested 4.15 billion yuan in integrated plant and network projects, which are expected to enhance operational profits [5]. Gas Supply Segment - The company is the largest gas operator in Nanchang, with a market share exceeding 90%, benefiting from a stable pricing mechanism [6][5]. - The gas supply segment is expected to maintain stable profitability due to the improvement in pricing mechanisms [6]. Waste Management Segment - The company has expanded its operations into waste management through acquisitions, including the largest waste incineration project in Nanchang [7]. - The company aims to further enhance its waste management capabilities through additional acquisitions [7]. Investment Analysis - The company is projected to maintain a dividend payout ratio of 50% from 2024 to 2026, with an expected dividend yield of 4.9% in 2024 [5][9]. - The report emphasizes the company's stable cash flow and commitment to high dividends, which are expected to continue [5][9].

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。 如有董事对临时公告内容的真实性、准确性和完整性无法保证或存在异议 的，公司应当在公告中作特别提示。 重要内容提示： | 证券代码：600461 | 证券简称：洪城环境 公告编号：临2024-056 | | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | 一、说明会类型 江西洪城环境股份有限公司 2024年半年度业绩说明会预告公告 董事长 邵涛，副总经理、董事会秘书 邓勋元，财务总监 王剑玉，独立董 事 邵鹏辉（如遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 投资者可于 2024 年 10 月 14 日 （ 星 期 一 ） 15:00-16:00 通过网址 https://eseb.cn/1i8JTjSLtjG 或使用微信扫描下方小程序码即可进入参与互动交 流。投资者可于 2024 年 10 月 14 日前进行会前提问，公司将通过本次业绩说明 会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 五、联系人及咨询办法 联系人：董事会办 ...

关于全资子公司收到中标通知书的公告 | 证券代码：600461 | 证券简称：洪城环境 公告编号：临 2024－055 | | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | 江西洪城环境股份有限公司 本公司及董事会全体成员保证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、准确和完整承担个别及连带责任。 重要内容提示： ● 获得《中标通知书》后，中标人还需与招标人签署项目合同，项目总投资额、 项目履行条款尚存在一定的不确定性，敬请投资者注意投资风险。 近日，江西洪城环境股份有限公司（以下简称"公司"）下属全资子公司江 西洪城水业环保有限公司（以下简称"洪城环保"）收到江西省机电设备招标有 限公司的《中标通知书》（编号：JXTC2024030276C1），确定江西洪城水业环保 有限公司/江西洪城环境建设工程有限公司/南昌市城市规划设计研究总院集团 有限公司/江西省勘察设计研究院有限公司联合体为"乐平市主城区水环境综合 治理厂网一体化一期工程特许经营权出让项目"中标单位，现将情况公告如下： 一、中标通知书主要内容 | 项目名称 | 数量 | 单位 | | ...

江西洪城环境股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例 被动稀释超过 1%暨权益变动的提示性公告 本公司及董事会全体成员保证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、准确和完整承担个别及连带责任。 重要内容提示： 本次权益变动为江西洪城环境股份有限公司(以下简称"公司") 于2020年11 月20日公开发行可转换公司债券，债券简称为"洪城转债"，自2024年3月29日 披露权益变动后至2024年9月4日期间转股40,062,212股，累计转股180,830,533股， 公司可转债转股使总股本增加，导致公司控股股东、实际控制人及其一致行动人 合计持股比例被动稀释，合计持股数量未发生变化，合计持股比例下降超过1%， 未触及要约收购。 | 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 | 2024－054 | | --- | --- | --- | --- | | 债券代码：110077 | 债券简称：洪城转债 | | | 1．信息披露义务人 1：南昌水业集团有限责任公司 统一社会信用代码：913601007055937582 类型：有限责任公司（ ...