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].

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600461 公司简称：洪城环境 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、未出席董事情况 ■ 4、中证天通会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经中证天通会计师事务所(特殊普通合伙）审计确认，2024年度公司合并报表实现的净利润 1,337,740,192.51元，归属母公司的净利润1,189,979,284.26元；2024年度母公司实现的净利润 685,936,533.14元。根据公司章程规定，特作如下分配方案： （1）按2024年度母公司净利润实现数提取10%法定公积金，即68,593,653.31元； （2）不计提任意公积金； （3）提取法定公积金后，公 ...

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].

江西洪城环境股份有限公司 中证天通会计师事务所（特殊普通合伙） 审核报告 中证天通（2025）证专审 21120009 号 江西洪城环境股份有限公司全体股东： 2024 年度 我们对江西洪城环境股份有限公司（以下简称"贵公司"）管理层编制的 《关于江西鼎元生态环保有限公司 2024 年度业绩承诺完成情况的专项说明》 （以下简称"业绩承诺完成情况专项说明"）进行了审核。 业绩完成情况之审核报告 二、注册会计师的责任 我们的责任是在实施审核工作的基础上对贵公司管理层编制的业绩承诺 完成情况专项说明发表审核意见。我们按照《中国注册会计师其他鉴证业务准 则第 3101 号一历史财务信息审计或审阅以外的鉴证业务》的规定执行了审核业 务。该准则要求我们计划和实施审核工作，以对贵公司编制的业绩承诺完成情 况专项说明是否不存在重大错报获取合理保证。在审核过程中，我们实施了包 括询问、检查有关资料与文件、抽查会计记录等我们认为必要的审核程序。我 们相信，我们的审核工作为发表审核意见提供了合理的基础。 四、审核意见 - 1 - 我们认为,贵公司管理层编制的业绩承诺完成情况专项说明已按照中国证 券监督管理委员会《上市公司重大资产重 ...

江西洪城环境股份有限公司 2024 年度 财务报表之审计报告 目 录 | 一、审计报告 | 1-6 | | --- | --- | | 二、已审公司财务报表 | | | 1.合并资产负债表 | 1-2 | | 2.母公司资产负债表 | 3-4 | | 3.合并及公司利润表 | 5 | | 4.母公司利润表 | 6 | | 5.合并现金流量表 | 7 | | 6.母公司现金流量表 | 8 | | 7.合并所有者（股东）权益变动表 | 9-10 | | 8.母公司所有者（股东）权益变动表 | 11-12 | | 9.财务报表附注 | 13-122 | 中证天通会计师事务所（特殊普通合伙） 中证天通会计师事务所 （特殊普通合伙） 中国·北京 海淀区西直门北大街 43 号 金运大厦 B 座 13 层 邮编 100044 电话 010 6221 2990 传真 010 6225 4941 网址 www.zzttcpa.com 审计报告 中证天通（2025）证审字 21120012 号 江西洪城环境股份有限公司全体股东： 一、审计意见 我们审计了江西洪城环境股份有限公司（以下简称"贵公司"）财务报 表，包括 2024 年 ...

关于江西洪城环境股份有限公司控股子公 司南昌市燃气集团有限公司 会计估计变更事项专项说明之 审核报告 中证天通会计师事务所（特殊普通合伙） 一、管理层和治理层的责任 按照企业会计准则及上海证券交易所《上海证券交易所上市公司自律监管 指南第 1 号—公告格式》之第三十三号《会计差错更正、会计政策或会计估计 变更公告》的规定，真实、准确地编制并披露会计估计变更情况专项说明，以 使其不存在虚假记载、误导性陈述或重大遗漏是贵公司管理层的责任。 治理层负责监督会计估计变更事项专项说明编制过程。 审核报告 中证天通（2025）证专审 21120013 号 江西洪城环境股份有限公司全体股东： 我们接受委托，对后附的江西洪城环境股份有限公司（以下简称"贵公司"） 管理层编制的《关于江西洪城环境股份有限公司控股子公司南昌市燃气集团有 限公司会计估计变更事项专项说明》（以下简称"会计估计变更事项专项说明"） 进行了专项审核。 二、注册会计师的责任 我们的责任是在实施审核工作的基础上对贵公司编制的会计估计变更情 况专项说明发表审核意见。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号—历史财务信息 审计或审阅以外的鉴证业 ...

关于江西洪城环境股份有限公司 2024 年度 募集资金存放与实际使用情况 鉴证报告 目 录 关于江西洪城环境股份有限公司 2024 年度募 集资金存放与实际使用情况鉴证报告 1-2 江西洪城环境股份有限公司 2024 年度募集资 金存放与实际使用情况的专项报告 1-9 江西洪城环境股份有限公司全体股东： 我们接受委托，对后附的江西洪城环境股份有限公司（以下简称洪城环境公 司）《2024 年度募集资金存放与实际使用情况的专项报告》（以下简称 "专项报 告"）执行了合理保证的鉴证业务。 按照《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求（2022 年修订）》和《上海证券交易所上市公司自律监管指引第 1 号——规范 运作（2023 年 12 月）修订》的要求编制专项报告，保证其内容真实、准确、完整， 不存在虚假记录、误导性陈述或重大遗漏是洪城环境公司董事会的责任，我们的 责任是在实施鉴证工作的基础上对洪城环境公司董事会编制的专项报告提出鉴证 结论。 关于江西洪城环境股份有限公司 2024 年度募集资金 存放与实际使用情况鉴证报告 中证天通（2025）证专审字 21120011 号 我们按照《 ...

2016 年发行股份购买资产并募集配套资金 2024 年度募集资金实际存放与使用情况之核查意见 国泰海通证券股份有限公司关于 江西洪城环境股份有限公司 国泰海通证券股份有限公司（以下简称"国泰海通"、"本独立财务顾问"或 "独立财务顾问"）作为江西洪城环境股份有限公司（原名"江西洪城水业股份 有限公司"，以下简称"洪城环境"、"上市公司"或"公司"）2016 年发行股份购 买资产并募集配套资金（以下简称"本次重组"或"本次发行"）的独立财务顾 问，根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求（2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》 等法规及公司制度的相关规定，对洪城环境本次发行的 2024 年度募集资金实际 存放与使用情况的相关事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准江西洪城水业股份有限公司向南昌水 业集团有限责任公司等发行股份购买资产并募集配套资金的批复》（证监许可 [2016]554 号）核准，公司 ...