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（ ...

申万宏源证券承销保荐有限责任公司 关于江西洪城环境股份有限公司 收购报告书之 2024 年半年度持续督导意见 财务顾问 二〇二四年九月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"本 财务顾问"）接受南昌水业集团有限责任公司（以下简称"水业集团"、"收购 方"）的委托，担任其收购江西洪城环境股份有限公司（以下简称"洪城环境"、 "上市公司"）的财务顾问。 2023 年 10 月 25 日，上市公司公告了《收购报告书》，水业集团于 2023 年 10 月 16 日与南昌市政投资集团有限公司（以下简称"市政投资"）签署《股份 转让协议》，水业集团以非公开协议方式现金收购市政投资持有的上市公司 39,473,385 股股份。 2024 年 4 月 18 日，水业集团收到中国证券登记结算有限责任公司上海分公 司发来的《中国证券登记结算有限责任公司过户登记确认书》，本次协议转让股 份过户完成。 根据《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购 报告书至收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式， 关注上市公司的经营情况，结合被收购公司定期报告和临时公告的披 ...

| 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2024－053 | | --- | --- | --- | | 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 本次会议由董事长邵涛先生主持，经各位董事的认真审议和表决，作出如下 决议： 一、审议通过了《关于<江西洪城环境股份有限公司 2024 年度提质增效重 回报行动方案>的议案》 具体内容详见上海证券交易所网站（http://www.sse.com.cn）于 2024 年 8 月28日披露的《江西洪城环境股份有限公司2024年度提质增效重回报行动方案》 （公告编号：2024-052）。 （表决结果：同意票11票；反对票0票；弃权票0票） 二、审议通过了《关于调整江西洪城环境股份有限公司第八届董事会专门 委员会成员的议案》 一、董事会战略发展委员会：由五名董事组成 主任委员：董事长邵涛 第八届董事会第十九次临时会议决议公告 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个别及连带责任。 江西洪城环境股份有限公司（以下简称"公司"） ...