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 发行股份及支付现金购买资产并募集配套资金 暨关联交易 之 2023 年度持续督导意见 暨持续督导总结报告 独立财务顾问 二零二四年四月 本独立财务顾问提请投资者认真阅读洪城环境发布的与本次交易相关的文 件全文。 2 | 声明 2 | | | --- | --- | | 目录 3 | | | 释义 4 | | | 一、本次重组的实施情况 | 6 | | 二、交易各方当事人承诺的履行情况 | 9 | | 三、业绩承诺的实现情况 | 17 | | 四、管理层讨论与分析部分提及的各项业务的发展现状 | 21 | | 五、公司治理结构与运行情况 | 25 | | 六、与已公布的重组方案存在差异的其他事项 | 25 | 声明 申万宏源证券承销保荐有限责任公司（以下简称"独立财务顾问"、"申万 宏源承销保荐"）受江西洪城环境股份有限公司（以下简称"洪城环境"、"上 市公司"）委托，担任上市公司2022年发行股份及支付现金购买资产并募集配套 资金暨关联交易（以下简称"本次交易"、"本次重组"）之独立财务顾问。 本独立财务顾问严格按照《公司法》、《证券法》、《重 ...

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 2023 年度持续督导意见 财务顾问 万宏源证券承销保荐有限责任公司 ENWAN HONGYUAN FINANCING SERVICES CO.,LTD 二〇二四年四月 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 ...

一、本次协议转让的基本情况 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，具体内容详见公司在上海证券交易所网站披 露的《江西洪城环境股份有限公司关于公司股东协议转让公司股份的提示性公告 》（公告编号：临2023-059）和《收购报告书》。 2023年11月25日、2023年12月26日、2024年1月25日、2024年2月26日、2024 年3月26日，公司分别披露了《江西洪城环境股份有限公司关于公司股东协议转 让公司股份的进展公告》（公告编号：临2023-066、临2023-078、临2024-007、 临2024-013、临2024-020）。 | 证券代码：600461 | 证券简称：洪城环境 | 公告编号：临 2024－032 | | --- | --- | --- | | 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 关于公司股东协议转让公司股份过户完成的公告 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 ...

江西洪城环境股份有限公司 2023年年度股东大会会议材料 江西洪城环境股份有限公司 JIANGXI HONGCHENG ENVIRONMENT CO., LTD. 2023 年年度股东大会会议材料 2024 年 5 月 7 日 1 江西洪城环境股份有限公司 2023年年度股东大会会议材料 股东大会须知 一、根据公司《股东大会议事规则》第三十二条规定，股东应当持股票账户 卡、身份证或其他能够表明其身份的有效证件或证明出席股东大会。代理人还应 当提交股东授权委托书和个人有效身份证件。 二、根据公司《股东大会议事规则》第三十四条规定，召集人和律师依据证 券登记结算机构提供的股东名册共同对股东资格的合法性进行验证，并登记股东 姓名或名称及其所持有表决权的股份数。在会议主持人宣布现场出席会议的股东 和代理人人数及所持有表决权的股份总数之前，会议登记应当终止。 三、根据公司《股东大会议事规则》第三十九条规定： （一）股东发表意见，可以采取口头形式和书面形式； （二）股东大会对所议事项和提案进行审议的时间，以及每一股东的发言时 间和发言次数，由股东大会主持人在股东大会会议议程中规定并宣布。股东要求 在股东大会上发言时，应在 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5][7]. Core Views - The company is expected to achieve steady growth in 2023, with a focus on high dividends and multiple business segments contributing to high-quality development [11][19]. - The company plans to maintain a cash dividend payout ratio of no less than 50% for the years 2024-2026, reflecting a commitment to returning value to shareholders [17]. Summary by Sections Energy and Gas Business - The company operates the largest urban gas operator in Jiangxi Province, serving 1.3286 million natural gas users with a pipeline length of 7,414 kilometers and a gasification rate of 82.3% [3]. - In 2024, the company aims to establish a comprehensive energy demonstration site integrating oil, gas, electricity, and photovoltaics, with a total installed capacity of 100 MW for solar power [3]. Water Supply and Wastewater Treatment - The company holds the exclusive operating rights for urban water supply in Nanchang, with 11 water plants and over 8,000 kilometers of supply pipelines, serving a population of 4 million [17]. - The company has invested over 3.7 billion in wastewater treatment projects, achieving a total design capacity of 3.6985 million cubic meters per day [6]. Solid Waste Disposal - The company is enhancing its solid waste business through stock integration and actively seeking new projects to strengthen its solid waste industry system [17]. - The solid waste business includes garbage incineration, combined heat and power generation, and treatment of leachate and kitchen waste [17]. Financial Performance - The company reported a revenue of 8.048 billion in 2023, a year-on-year increase of 3.43%, and a net profit of 1.083 billion, up 12.59% from the previous year [15][18]. - Forecasted net profits for 2024, 2025, and 2026 are 1.165 billion, 1.293 billion, and 1.428 billion respectively, with corresponding EPS of 0.95, 1.05, and 1.16 [7][18].

Investment Rating - The report does not provide a clear investment rating for the company [4] Core Insights - The company achieved a revenue of 8.048 billion yuan in 2023, representing a year-on-year increase of 3.43%, and a net profit attributable to the parent company of 1.083 billion yuan, up 12.59% year-on-year [7][11] - The company's operational business showed stable growth, with slight increases in water supply and sewage treatment, while the gas business showed significant recovery year-on-year; however, the gas engineering business declined [11][12] - The company plans to maintain a dividend payout ratio of no less than 50% from 2024 to 2026, continuing its high dividend logic [11][13] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 1.083 billion yuan, a 12.59% increase year-on-year, with a non-recurring net profit of 1.027 billion yuan, up 20.65% year-on-year [11][12] - The fourth quarter saw a revenue of 2.335 billion yuan, a decrease of 1.36% year-on-year, while the net profit was 195 million yuan, an increase of 3.33% year-on-year [11] Business Segments - Water Supply: Sold 396 million tons of water, a 0.37% increase year-on-year, generating revenue of 966 million yuan, up 3.4% year-on-year, with a gross margin of 44.7% [12] - Sewage Treatment: Treated 1.16 billion tons of sewage, a 0.91% increase year-on-year, with revenue of 2.4 billion yuan, up 4.6% year-on-year, and a gross margin of 41.5% [12] - Gas Business: Sold 525 million cubic meters of natural gas, a 2.3% increase year-on-year, generating revenue of 2 billion yuan, up 5.25% year-on-year, with a gross margin of 9.85% [12] - Solid Waste: Generated revenue of 770 million yuan, a 4.2% increase year-on-year, with a gross margin of 41.4% [12] Future Outlook - The company expects net profits of 1.17 billion yuan, 1.23 billion yuan, and 1.29 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 7.76%, 5.41%, and 4.67% [14] - The company maintains a current PE ratio of 10.4x for 2024, 9.9x for 2025, and 9.4x for 2026, with a dividend yield of 4.8% based on 2023 dividends [14]

| --- | --- | --- | --- | --- | --- | |------------------------------|---------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7,781 | 8,048 | 8,534 | 8,831 | 9,158 | | 同比 | -14.80% | 3.43% | 6.03% | 3.48% | 3.71% | | 归母净利润（百万元） | 961.76 | 1,082.87 | 1,163.34 | 1,224.90 | 1,288.93 | | 同比 | -5.84% | 12.59% | 7.43% | 5.29% | 5.23% | | EPS- 最新摊薄（元 / 股） | 0.78 | 0.88 | 0.95 | 1.00 | 1.05 | | P/E （现价 & 最新摊薄） | 13.02 | 11.56 | 10.76 | 10 ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|-------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 8048 | 8460 | 8923 | 9428 | | 同比增长 | 3.4% | 5.1% | 5.5% | 5.7% | | 归母净利润 ( 百万元 ) | 1083 | 1192 | 1312 | 1446 | | 同比增长 | 12.6% | 10.1% | 10.0% | 10.3% | | 毛利率 | 30.7% | 31.5% | 32.4% | 33.3% | | ROE | 13.6% | 13.0% | 13.5% | 13.9% | | 每股收益 ( 元 ) | 0.88 | 0.97 | 1.07 | 1.18 | | 市盈率 | ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 11.64 yuan [5][10][29]. Core Views - The company has shown steady revenue growth with a total revenue of 8.048 billion yuan in 2023, representing a year-on-year increase of 3.43%, while the net profit attributable to shareholders reached 1.082 billion yuan, up 12.59% year-on-year [10][32]. - The company is expected to benefit from upcoming water price adjustments, potentially adding 180 to 220 million yuan to revenues if the adjustments proceed smoothly [5][10]. - The integration of factory and network operations is anticipated to generate additional performance growth, with significant investments made in various projects [5][10]. - The company has a strong dividend policy, maintaining a high dividend payout ratio of 50.02% for 2023, with plans to continue distributing at least 50% of net profit in cash dividends over the next three years [5][10]. Financial Summary - Revenue by segment in 2023: - Wastewater treatment: 2.398 billion yuan (+4.56%) - Tap water: 966 million yuan (+3.37%) - Gas sales: 2.003 billion yuan (+5.25%) - Solid waste: 767 million yuan (+4.18%) - Engineering segment: - Water supply engineering: 661 million yuan (+20.23%) - Wastewater environmental engineering: 744 million yuan (-10.8%) - Gas engineering: 332 million yuan (-18.3%) [5][10]. - The company's comprehensive gross margin improved to 30.73%, with wastewater treatment at 44.67% and tap water at 41.54% [5][10]. - Forecasted net profits for 2024-2026 are 1.195 billion yuan, 1.355 billion yuan, and 1.483 billion yuan, respectively, with corresponding PE ratios of 10x, 9x, and 8x [5][10][28].

业绩稳健增长，多业务驱动高质量发展 多业务驱动业绩高质量增长。1）供水业务：积极推动老旧小区户表改造及 农改水项目，下沉式挖掘供水潜力；高位有序推进高品质管道直饮水项目， 争取 2024 年底建成 100 个直饮水项目，实现直饮日供水量达 400 吨的目标； 2）污水处理业务：打通厂网一体脉络提升污水项目韧性，报告期内完成了 进贤县、安义县、崇仁县、南昌县等一批"厂网一体化"网点布局，共计投 资额 37 亿多元；3）燃气能源业务：加快对能源结构整合，报告期内将云湾 站打造成"油、气、电、光伏"四位一体的综合能源示范点并建成投产运营； 投资建设分布式光伏电站，2024 年力争完成总装机容量 100 兆瓦建设；4） 固废处置业务：一方面进行存量整合，另一方面积极对外寻求新的固废项目， 为大固废业务提供持续增长动力。 证券研究报告 | 年报点评报告 | --- | --- | |-------------------------------|-------| | | | | 作者 | | | 分析师 杨心成 | | | 执业证书编号： S0680518020001 | | | 邮箱： yangxincheng@gs ...