固废处置存量整合，清洁能源多元发展。固废处理方面，垃圾焚烧量90.86 万吨，同比下降4%，垃圾焚 烧发电量42,702.31 万千瓦时，同比下降3%，热电联产发电量11,061.30 万千瓦时，同比增长5%，供热 量104.80 万吨，同比微降，餐厨垃圾处理量10.22 万吨，同比增长24%，垃圾渗滤液、浓缩液处理量 38.17 万吨，同比下降8%。公司依托麦园循环经济产业园，延伸固废处置产业链，形成以固废无害化、 减量化和资源化高效开发利用为主线、多领域协同发展的产业布局。清洁能源方面，2024年，公司天然 气售气量54,472.47 万立方米，同比增长4%，全年改造老旧管网26.8 公里，抢占充能赛道，突出交通充 能、分布式能源、光伏三个主抓手，实现质量和效益同步提高，光伏建设上，通过"光伏+"模式，协同 水厂、固废产业园的宽面优势，投资建设分布式光伏电站。 盈利预测：我们预计公司2025-2027 年实现营业收入分别为86.38/90.73/95.32 亿元，同比增长 5.01%/5.03%/5.06%，归母净利润分别为12.51/13.38/14.25 亿元，同比增长5.11%/6.98%/6.50 ...

Core Viewpoint - Hongcheng Environment (SH600461) has released its 2024 annual report, showing modest growth in revenue and net profit, alongside a notable increase in cash flow from operating activities. Financial Performance - The company achieved operating revenue of 8.23 billion yuan in 2024, a year-on-year increase of 2.22% compared to 2023 [1] - The net profit attributable to shareholders reached 1.19 billion yuan, up 9.89% from the previous year [2] - The net profit after deducting non-recurring gains and losses was 1.16 billion yuan, reflecting a growth of 12.72% year-on-year [2] - The net cash flow from operating activities was 1.97 billion yuan, an increase of 14.19% compared to 2023 [2] Asset and Equity Position - By the end of 2024, the net assets attributable to shareholders were 9.39 billion yuan, an increase of 18.34% from the end of 2023 [2] - Total assets amounted to 24.74 billion yuan, representing a year-on-year growth of 7.99% [2] Expense Management - Management expenses for 2024 were 353 million yuan, a decrease of 3% compared to the previous year [3] - Financial expenses were 208 million yuan, down 21% year-on-year [3] - The expense ratio was 11.29%, a decline of 1.44 percentage points from the previous year [3] Business Segment Performance - Water supply business generated revenue of 991 million yuan, a growth of 2.66% [3] - Wastewater business revenue was 2.5 billion yuan, increasing by 4.24% [3] - Gas sales revenue was 1.99 billion yuan, a slight decline of 0.78% [3] - Solid waste business revenue reached 778 million yuan, up 1.44% [3] - Wastewater environmental engineering revenue surged to 1.04 billion yuan, a significant increase of 39.6% [3] - Gas engineering installation revenue was 298 million yuan, down 10.36% [3] Management Compensation - Total remuneration for directors, supervisors, and senior management in 2024 was 5.38 million yuan [4] - The highest-paid individual, the chairman and general manager, received 477,900 yuan [4]

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].

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 ...