Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

掺烧+供热规模持续提升，对外拓展探索海外机遇。公司通过积极拓展存量垃圾、工业固废、市政污泥 等多源垃圾处理服务，加大协同处置力度，显著提升产能利用率。2024 年，公司顺利推进填埋场存量 垃圾的掺烧试验以及兴丰应急填埋场存量垃圾开挖项目，全年累计掺烧存量垃圾超70 万吨（2023 年为 64.60 万吨）。公司积极推动热电联产，2024 年为周边工业企业提供蒸汽合计16.44 万吨，同比提升 21.24%。公司正式投入运营广州市首个移动储能供热项目，未来供热业务有望实现进阶跃升。公司积 极把握行业发展机遇，通过对外项目拓展、收并购等方式扩大公司业务区域布局，提升公司业务规模， 2024 年9 月，公司联合中标怀集县环保发电项目。2024 年12 月，公司在越南成立全资子公司，积极探 索海外项目投资发展新途径。 24 年垃圾处理量同增12%，产能爬坡+经营提效支撑业绩增长。2024 年公司垃圾发电项目运营实现营收 37.11 亿元，同比增长7.16%，毛利率41.69%，同比下降3.93pct。截至2024 年底，公司共控股运营14 个 垃圾焚烧发电项目，产能合计32,090 吨/日，均已投运；公司全资运营4 ...

3月28日晚间，永兴股份（601033.SH）发布2024年年报，公司核心运营指标垃圾进厂量和发电量均同 比增长，产能利用率进一步提升；全年营收、归母净利润均实现增长，经营活动产生的现金流量净额 19.08亿元。依托稳健的垃圾焚烧主业和不断增强的外部拓展力，永兴股份展现稳中有进的发展态势。 夯实基本盘，营收净利双增释放稳健信号 外延方面，永兴股份同步加快区域布局与海外拓展。2024年12月，公司在越南设立全资子公司，开启海 外市场探索。2025年1月，公司收购忻州市洁晋发电有限公司41%股权从而实现控股。这意味着，永兴 股份的业务版图已从区域运营逐步走向"内外兼修"，增长空间持续外延。 另外值得一提的是，近期以绿色能源支撑智能数据中心（AIDC）的探索，引起市场高度关注，永兴股 份该方面的动态也值得留意。 华泰证券研报表示，永兴股份现金流表现稳健，资本开支结构合理。参考行业研究的成果，2025至2027 年，公司净利润有望维持双位数增长，在保持较高分红水平的同时，实现盈利能力与股东回报的"双稳 定"。 在垃圾焚烧发电行业迈入深耕运营的新阶段时，永兴股份用一组稳健增长的数据，为上市元年定下了基 调。年报显示，2 ...

核心观点 2024 年，公司实现营业收入37.65 亿元，同比增加 6.45%；归属于上市公司股东的净利润8.21 亿元，同 比增加 11.67%。公司经营业绩同比提升，主要得益于垃圾焚烧项目产能利用率的持续提升。2024 年公 司净利率22.15%，同比增加0.99 个百分点，主要得益于费用管控加强，综合成本压降。期间费用率方 面，2024 年公司销售费用率、管理费用率、研发费用率和财务费用率分别为0.01%、7.44%、3.48%和 8.99%，同比变化-0.07、-0.71、-0. 15 和-1.71 个百分点。2024 年，垃圾焚烧发电项目的垃圾进厂总量 928.56 万吨，同比增加11.83%；垃圾焚烧发电量 46.71 亿度，同比增长7.21%；上网电量 41.25 亿度， 同比增长11.76%；折算吨垃圾上网电量约为444 千瓦时，基本持平去年水平。 事件 2024 年，公司实现营业收入37.65 亿元，同比增加 6.45%；归属于上市公司股东的净利润8.21 亿元，同 比增加 11.67%；扣非归母净利润7.76 亿元，同比增加15.57%；加权净资产收益率8. 18%，同比减少1.11 个百 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated a strong performance with a revenue of 3.765 billion yuan in 2024, reflecting a year-on-year growth of 6.45%, and a net profit attributable to shareholders of 821 million yuan, up 11.67% year-on-year [7] - The company is actively expanding its waste management services, achieving a capacity utilization rate of 79% for its waste incineration projects, which is an 8 percentage point increase from the previous year [7] - The company has significantly increased its free cash flow to 1.289 billion yuan in 2024, with a dividend payout ratio of 65.8%, aligning with its commitment to maintain a dividend ratio of no less than 60% from 2023 to 2025 [7] - The company is expected to continue its growth trajectory, with projected net profits of 919 million yuan in 2025 and 1.203 billion yuan in 2027, while the current market valuation corresponds to a price-to-earnings ratio of 15 for 2025 [7] Financial Data and Profit Forecast - Total revenue projections are as follows: 3.536 billion yuan in 2023, 3.765 billion yuan in 2024, 4.074 billion yuan in 2025, 4.302 billion yuan in 2026, and 4.408 billion yuan in 2027 [6][9] - Net profit attributable to shareholders is forecasted to be 735 million yuan in 2023, 821 million yuan in 2024, 919 million yuan in 2025, 1.047 billion yuan in 2026, and 1.203 billion yuan in 2027 [6][9] - The company’s gross margin is expected to be 45.3% in 2023, decreasing to 41.9% in 2024, and then stabilizing around 42.7% in the following years [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.34 RMB [8] Core Insights - The company achieved a revenue of 3.765 billion RMB in 2024, representing a year-over-year increase of 6.45%, and a net profit of 820 million RMB, up 11.67% year-over-year [1] - The company is expanding its business in waste management, including exploring overseas opportunities, and is expected to maintain double-digit net profit growth from 2025 to 2027 with a high dividend payout ratio [1][4] - The company reported a significant increase in free cash flow, reaching 1.289 billion RMB in 2024, a 174% increase from 2023 [4] Summary by Sections Financial Performance - In 2024, the company generated operating cash flow of 1.908 billion RMB, with capital expenditures of 619 million RMB, leading to a free cash flow of 1.289 billion RMB [4] - The company’s revenue for 2025 is projected to be 4.128 billion RMB, with a net profit of 919 million RMB, reflecting a growth rate of 9.66% and 12.04% respectively [7] Operational Metrics - The company operates 14 waste incineration power generation projects with a total processing capacity of 32,090 tons per day, and the total amount of waste incinerated in 2024 was 9.2856 million tons, an increase of 11.8% year-over-year [2] - The steam supply to surrounding industrial enterprises reached 164,400 tons in 2024, marking a 21.2% increase year-over-year [3] Valuation and Comparables - The expected EPS for 2025 is 1.02 RMB, with a projected PE ratio of 17.0 times, leading to a target price of 17.34 RMB [5] - The average PE ratio for comparable companies in 2025 is estimated at 11.3 times, indicating the company's strong profitability potential [12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [18]. Core Views - The company reported a revenue of 3.765 billion yuan for 2024, representing a year-on-year increase of 6.45%, and a net profit of 821 million yuan, up 11.67% year-on-year [2]. - The operating cash flow for 4Q24 doubled year-on-year, indicating improved profitability, with a net cash flow of 530 million yuan, a 121.76% increase [3]. - The company is focusing on the excavation of existing landfill waste and the construction of heating networks in 2025, which are expected to enhance operational capacity and profitability [4]. - The company is positioned in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its unique location for potential AIDC (Artificial Intelligence Data Center) empowerment, which could reduce carbon emissions from data centers [5]. Financial Summary - For 2024, the company achieved a total waste processing volume of 9.2856 million tons, a year-on-year increase of 11.83%, with a capacity utilization rate rising from 70.89% in 2023 to 79.28% in 2024, an increase of 8.38 percentage points [4]. - The projected net profits for 2025 and 2026 are 959 million yuan and 1.061 billion yuan, respectively, with an EPS of 1.07 yuan and 1.18 yuan per share [5]. - The overall gross margin for 2024 was 41.87%, a decrease of 3.43 percentage points year-on-year, while the gross margin for 4Q24 was 38.57%, an increase of 4.34 percentage points year-on-year [3].

（谢军） 的独立董事，严格按照《公司法》《证券法》《上市公司治理准则》《上市公 司独立董事管理办法》《上海证券交易所上市公司自律监管指引第1号--规范运 作》等法律法规以及《公司章程》《独立董事工作制度》等有关规定，积极履 行独立董事职责，独立、勤勉、尽责地行使职权，按时参加2024年董事会及相 关会议，发挥独立董事的作用。现将本人2024年度履职情况汇报如下： 一、独立董事的基本情况 （一）个人履历 谢军，男，1969年11月出生，中国国籍，无境外永久居留权，博士研究生 学历。历任华南师范大学经济与管理学院副教授、教授，现任华南理工大学工 商管理学院教授、广东银禧科技股份有限公司（股票代码：300221.SZ）独立董 事、广东德尔玛科技股份有限公司（股票代码：301332.SZ）独立董事。2022年 （二）独立性说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，也 未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关 系或其他可能妨碍进行独立客观判断的关系，符合《上市公司独立董事管理办 法》《上海证券交易所上市公司自律监管指引第1号--规范运作》等对独立董事 独立性的相关要 ...

法人 劳务 来 关于广州环投永兴集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 委托单位：广州环投永兴集团股份有限公司 审计单位：广东中职信会计师事务所（特殊普通合伙） 联系电话：020-85806400 附表 2 关于 广州环投永兴集团股份有限公司 单位：元 占用方 2024 年 上市公 与上市 2024 年度占用 度占用 非经营性资 资金占用方 司核算 2024 年期初占 2024 年度偿还累 2024 年期末 占 占用形 占用 公司的 累计发生金额 资金的 金占用 名称 的会计 用资金余额 计发生金额 用资金余额 成原因 性质 关联关 (不含利息) 利息 科目 系 (如有) 现控股股 东、实际控 制人及其附 属企业 小计 / / / / / 前控股股 东、实际控 制人及其附 属企业 小计 / / / / / 其他关联方 及其附属企 业 小计 / / / / / 总计 / / / / / 往来方 上市公 2024 年度往来 2024 年 其他关联资 资金往来方 2024 年期初往 2024 年度偿还累 2024 年期末往 往来形 往来 与上市 司核算 累计发生金额 ...