运营板块经营稳健，自来水板块降本增效明显。根据公司公告，1）自来水销售：2024 年收入9.91 亿元 （yoy+2.66%），毛利率51.4%（yoy+6.77pct）；2）污水处理：2024年污水收入25.0 亿元 （yoy+4.24%），毛利率42.3%（yoy+0.77pct）。3）燃气：收入19.9 亿元（yoy-0.78%），毛利率9.72% （yoy-0.13pct）；4）固废：收入7.78 亿元（yoy+1.44%），毛利率41.05%（yoy-0.32pct）。 事件：公司发布年报，2024 年公司营收82.27 亿元，yoy +2.2%；归母净利润11.9 亿元，yoy +9.9%；基 本每股收益0.97 元，同比降低2.0%（主因转债转股摊薄EPS 所致），业绩表现略超预期。 毛利率提升及财务费用下降共同推动利润稳健增长。根据公司公告，毛利率方面，2024 年公司销售毛 利率为31.75%，yoy +1.02pct，降本增效成果显著。财务费用方面，本年公司发生2.08 亿元，同比减少 0.56 亿元，yoy -21.10%。 自由现金流转正。根据公司公告，2024 年公司经营现金流19. ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has shown significant cost reduction and efficiency improvements, leading to profit growth and a notable dividend yield of approximately 4.53% for 2024 [6] - The company reported a revenue of 8.227 billion yuan for 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 1.19 billion yuan, up 9.9% year-on-year [6] - The company has committed to a dividend payout ratio of no less than 50% for the years 2024-2026, with a cash dividend of 4.64 yuan per share for 2024 [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 8,671 million yuan in 2025, 8,955 million yuan in 2026, and 9,257 million yuan in 2027, with respective growth rates of 5.4%, 3.3%, and 3.4% [5][8] - The net profit attributable to shareholders is forecasted to be 1,268 million yuan in 2025, 1,343 million yuan in 2026, and 1,423 million yuan in 2027, with growth rates of 6.5%, 5.9%, and 6.0% respectively [5][8] - The company’s gross margin is expected to remain stable around 31% over the forecast period, with a return on equity (ROE) projected to be around 12.6% in 2025 [5][8]

Investment Rating - The report maintains a "Buy" rating for the company [5][7] Core Views - The company achieved revenue and profit growth in 2024, with revenue reaching 8.23 billion and net profit at 1.19 billion, representing year-on-year increases of 2.2% and 9.9% respectively [1] - The company is focused on enhancing its operational efficiency and reducing costs across its various business segments, including water services and waste disposal [4] - The company has a robust cash flow, with net cash flow from operating activities at 1.97 billion, which is 14.2% higher than the previous year [3] Financial Performance - Revenue from the water supply business was 990 million, up 2.7% year-on-year, while wastewater treatment revenue was 2.5 billion, up 4.2% year-on-year [1] - The comprehensive gross margin for 2024 was 31.7%, an increase of 1.0 percentage points year-on-year, driven by improvements in gross margins across various segments [2] - The company plans to distribute 600 million in cash dividends for 2024, which is 50.1% of the net profit attributable to shareholders [3] Business Development - The company is actively developing a "factory-network integration" operational model to enhance wastewater treatment efficiency [4] - It is expanding its clean energy initiatives, including distributed photovoltaic projects at wastewater treatment plants [4] - The company is also focusing on solid waste disposal and environmental governance, aiming for a zero-emission, green circular industry system [4] Future Outlook - The company has significant growth potential in its core businesses, with projected net profits of 1.28 billion, 1.36 billion, and 1.44 billion for 2025, 2026, and 2027 respectively [5] - The expected earnings per share (EPS) for the next three years are 1.00, 1.06, and 1.12, with corresponding price-to-earnings (P/E) ratios of 9.8X, 9.3X, and 8.8X [5]

事件：2025年4 月14日晚，洪城环境发布2024年年度报告。2024年公司实现营业收入82.27 亿元，同比 增长2.22%；实现归母净利润11.9 亿元，同比增加9.89%；实现扣非后归母净利润11.58 亿元，同比增长 12.72%；经营活动现金流量净额19.74 亿元，同比增加14.19%；基本每股收益0.97 元/股，同比减少 2.02%。 2024Q4 公司实现营业收入25.84 亿元，同比增加10.64%，环比增加52.22%；实现归母净利润2.68 亿 元，同比增加37.51%，环比减少15.48%；实现扣非后归母净利润2.52 亿元，同比增长14.51%，环比减 少16.42%。 稳健经营属性突出，自由现金流进一步扩充。2024 年公司经营活动现金流净额为19.74 亿元，同比增长 14.19%；投资活动现金流净额为18.9亿元，同比下降3.79%，伴随公司主业在建工程的陆续投运，公司 自由现金流有望进一步向好，分红能力持续提高。2024 年公司拟现金分红5.96 亿元，分红比例为 50.07%，按4 月14 日的股价计算，股息率为4.66%。 直饮水+厂网一体化有望为公司注入新发展动能。 ...

Investment Rating - The investment rating for Hongcheng Environment (600461.SH) is "Buy" [1] Core Views - The company's main business in water services has contributed to incremental performance, with a continuous improvement in free cash flow [1] - In 2024, the company achieved operating revenue of 8.227 billion yuan, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.19 billion yuan, up 9.89% year-on-year [1][2] - The report highlights significant cost reduction and efficiency improvement, leading to stable profitability [4][5] Financial Performance Summary - In 2024, the company reported a net cash flow from operating activities of 1.974 billion yuan, an increase of 14.19% year-on-year [4] - The company plans to distribute a cash dividend of 596 million yuan, with a dividend payout ratio of 50.07%, resulting in a dividend yield of 4.66% based on the stock price as of April 14 [4] - Revenue from the water supply segment reached 999 million yuan, with a gross margin of 51%, reflecting a 6.77 percentage point increase year-on-year due to cost reductions [4] - The wastewater segment generated 2.5 billion yuan in revenue, with a gross margin of 42.3%, up 0.77 percentage points year-on-year [4] - The company forecasts revenues of 8.552 billion yuan, 8.858 billion yuan, and 9.274 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.232 billion yuan, 1.287 billion yuan, and 1.311 billion yuan for the same years [5][6] Business Segment Analysis - The water supply business saw a 5% increase in sales volume, totaling 416 million tons [4] - The gas sales segment reported a slight decline in revenue to 1.988 billion yuan, with a gross margin of 9.72% [4] - The solid waste business achieved revenue of 778 million yuan, reflecting a year-on-year growth of 1.44% [4] - The wastewater environmental engineering segment experienced significant growth, with revenue increasing by 39.6% to 1.039 billion yuan [4] Future Outlook - The company is focusing on promoting direct drinking water and aims to expand its user base in 2025 [5] - The "factory-network integration" operational model is expected to inject new growth momentum into the company [5]

Investment Rating - The investment rating for Hongcheng Environment (600461.SH) is "Buy" [1] Core Views - The company's main business in water services has contributed to incremental performance, with a net profit of 1.19 billion yuan in 2024, representing a year-on-year increase of 9.89% [1] - The company has shown a strong ability to generate free cash flow, with a net cash flow from operating activities of 1.974 billion yuan, up 14.19% year-on-year [4] - The company is focusing on promoting direct drinking water and an integrated factory-network model, which is expected to inject new growth momentum [5] Financial Performance Summary - In 2024, the company achieved total revenue of 8.227 billion yuan, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.19 billion yuan, up 9.89% [1] - The company’s water supply business generated revenue of 991 million yuan, with a gross margin of 51%, an increase of 6.77 percentage points year-on-year [4] - The wastewater treatment segment reported revenue of 2.5 billion yuan, with a gross margin of 42.3%, reflecting a year-on-year increase of 0.77 percentage points [4] - The company’s management expenses decreased by 3% to 353 million yuan, while financial expenses dropped by 21% to 208 million yuan [4] - The company plans to distribute a cash dividend of 596 million yuan, representing a payout ratio of 50.07% [4] Future Earnings Forecast - The company is projected to achieve revenues of 8.552 billion yuan, 8.858 billion yuan, and 9.274 billion yuan for the years 2025, 2026, and 2027, respectively [5] - The net profit attributable to shareholders is expected to be 1.232 billion yuan, 1.287 billion yuan, and 1.311 billion yuan for the same years [5] - The projected P/E ratios for 2025, 2026, and 2027 are 10.25x, 9.82x, and 9.64x, respectively [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 8.23 billion yuan in 2024, representing a year-on-year increase of 2.22%. The net profit attributable to shareholders was 1.19 billion yuan, up 9.89% year-on-year. The proposed dividend per share is 0.46 yuan, with a dividend payout ratio of 50.07%, corresponding to a dividend yield of 4.67% [2][6]. - The growth in net profit for 2024 was driven by an increase in gross profit margin, with operational business showing steady growth and significant cost reduction and efficiency improvements in the water supply segment. The engineering segment's revenue and gross profit remained relatively stable, while there was a decline in water supply and gas connection services [2][6]. - The company turned positive in free cash flow in 2024, which supports the maintenance of a high dividend payout ratio [2][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 82.27 billion yuan, a 2.22% increase year-on-year. The net profit attributable to shareholders was 1.19 billion yuan, reflecting a 9.89% increase year-on-year. The basic earnings per share decreased by 2.02% to 0.97 yuan [2][6]. - The fourth quarter of 2024 saw a revenue of 25.84 billion yuan, a 10.64% increase year-on-year, and a net profit of 268 million yuan, up 37.51% year-on-year [6]. Business Segments - The operational business showed steady growth, with the water supply segment achieving a sales volume of 41.6 thousand tons (up 5.07% year-on-year) and revenue of 999 million yuan (up 2.66% year-on-year) [2][6]. - The wastewater treatment segment processed 125 thousand tons (up 7.90% year-on-year) with revenue of 2.5 billion yuan (up 4.24% year-on-year) [2][6]. - The engineering segment's revenue was 1.794 billion yuan, a 3.25% increase year-on-year, with a slight decline in gross profit [2][6]. Cash Flow and Dividends - The company reported a cash collection ratio of 87.18% in 2024, with net cash flow from operating activities of 1.97 billion yuan, a 14.19% increase year-on-year [2][6]. - The company is expected to maintain a dividend payout ratio of no less than 50% from 2024 to 2026, with a projected dividend yield of 4.9% in 2025 [2][6].

Core Viewpoint - The company, Hongcheng Environment, reported a net profit of approximately 1.34 billion yuan for 2024, with a profit distribution plan proposing a cash dividend of 4.64 yuan per share, reflecting a focus on sustainable growth and shareholder returns [3][21]. Company Overview - Hongcheng Environment operates in the environmental protection industry, which has seen a total output value exceeding 2 trillion yuan in 2024, indicating a competitive and rapidly evolving market landscape [5][10]. - The company engages in various sectors including water supply, wastewater treatment, gas energy, and solid waste disposal, employing an integrated operational model [10][11][12][14][15]. Financial Performance - For 2024, the company achieved a consolidated net profit of 1,337,740,192.51 yuan, with the parent company's net profit at 1,189,979,284.26 yuan [3][21]. - The revenue from water supply and related engineering services was 498,687.34 million yuan, marking a year-on-year increase of 4.58%, while gas sales and installation revenue decreased by 2.14% to 228,527.86 million yuan [17]. Industry Trends - The environmental protection industry is transitioning from extensive growth to a focus on quality improvement and technological innovation, driven by government policies aimed at promoting green and low-carbon development [7][8]. - The company is adapting to market changes by shifting its business model from construction-focused to service-oriented, emphasizing operational efficiency and technological advancements [8][9]. Strategic Initiatives - The company is enhancing its service capabilities by integrating smart technologies and optimizing operational processes to improve service quality and efficiency [9][10]. - Hongcheng Environment is also focusing on expanding its market presence through strategic partnerships and technological innovations in areas such as solid waste management and wastewater treatment [15][16].

Group 1 - A-shares experienced a downward trend on April 15, with major indices showing volatility [1] - The Dividend Low Volatility ETF (159549) opened slightly higher but fell by 0.09% as of the report [1] - The ETF has seen a net inflow of over 133 million yuan in the past five days, with a total of over 200 million yuan in the last ten trading days [1] Group 2 - Insurance companies have significantly increased their stakes in listed companies this year, with a record number of buybacks in a single quarter [2] - Six insurance companies, including Xinhua Insurance and Ping An Life, have increased their holdings in 12 listed companies, triggering buyback thresholds [2] - Analysts predict a shift towards high dividend and low volatility assets, with a focus on timing and rhythm in investment strategies [2] Group 3 - The recent global asset volatility, influenced by U.S. tariff policies, has affected A-share market sentiment, leading to a mixed performance among different sectors [2] - Defensive indices and products related to large-cap stocks and dividend low volatility styles have shown resilience, while small-cap stocks have underperformed [2]

Core Viewpoint - Hongcheng Environment announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 4.64 yuan per 10 shares, totaling approximately 596 million yuan, which represents 50.07% of its net profit and a dividend yield of 4.63% based on the average trading price for the year [2][3]. Group 1: Financial Performance - The company reported a revenue of 8.227 billion yuan for 2024, reflecting a year-on-year growth of 2.22% [3]. - The net profit for the same period was 1.19 billion yuan, showing a year-on-year increase of 9.89% [3]. - Basic earnings per share were recorded at 0.97 yuan [3]. Group 2: Dividend History - This marks the 20th cash distribution since the company's listing, with a historical overview of past distributions showing a trend of increasing cash payouts over the years [2]. - The previous year's distribution was 4.4073 yuan per 10 shares, with a total cash payout of 542 million yuan and a dividend yield of 5.38% [2]. - The company has consistently provided dividends, with the highest recorded in 2021 at 4.9999 yuan per 10 shares [2]. Group 3: Market Activity - The stock experienced a net outflow of 41.98 million yuan in principal funds today, with a total net outflow of 62.04 million yuan over the past five days [3]. - The latest margin financing balance for the stock was 56.66 million yuan, decreasing by 33.32 million yuan, a drop of 37.03% over the last five days [4]. Group 4: Industry Comparison - Among the environmental protection sector, Hongcheng Environment's cash distribution of 596 million yuan ranks it fourth, following Shouquan Environmental, which distributed 1.248 billion yuan, and Huanlan Environment and Chongqing Water, with distributions of 652 million yuan and 629 million yuan, respectively [4].