4月18日，兴蓉环境（000598）披露了2024年年报。年报显示，2024年兴蓉环境实现了营业收入约90.49 亿元，同比增长11.90%；归母净利润为19.96亿元，同比增长8.28%；每股收益为0.67元，同比增长 8.06%。 拥有近八十年深耕供水领域、三十余年治污经验积累的兴蓉环境，正持续勾画着自身稳健增长的曲线。 自2020年至2024年，公司营业收入与归母净利润年均复合增长率分别达到13.93%、11.35%。 这家肇始于青羊宫自来水厂的老牌企业，正通过供水运营、污水处理、环保工程等多元化业务布局，在 民生保障与生态建设的双轨上演绎着国有企业的高质量发展范本。 成都市第九再生水厂 五年营收阶梯式增长 高质量发展是企业卓越业绩的坚实基础，而持续向好的业绩表现则是对高质量发展理念最有力的诠释和 实践印证。 在众多券商环保行业分析师眼中，2019年以来，兴蓉环境污水处理及环保等多项业务产能快速扩张，使 得收入利润稳定增长。公司更是手握成都优质资产，项目盈利和回款表现均好于同行。 过往资料显示，营业收入自2020年突破50亿元后，以年均13.93%的复合增长率持续攀升，2024年已跨 越90亿元大关，并 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In 2024, the company achieved total revenue of 9.049 billion yuan, an increase of 11.90% year-on-year; the net profit attributable to shareholders was 1.996 billion yuan, up 8.28% year-on-year; and the net profit excluding non-recurring items was 1.963 billion yuan, an increase of 8.82% year-on-year [2][9] Financial Performance Summary - Total revenue forecast for 2023A is 8.087 billion yuan, with a year-on-year growth of 5.99% - Forecasted total revenue for 2024A is 9.049 billion yuan, with a year-on-year growth of 11.90% - Forecasted net profit attributable to shareholders for 2023A is 1.843 billion yuan, with a year-on-year growth of 13.97% - Forecasted net profit attributable to shareholders for 2024A is 1.996 billion yuan, with a year-on-year growth of 8.28% - Forecasted EPS for 2024A is 0.67 yuan per share, with a P/E ratio of 10.53 [1][10] Business Segment Performance - Water supply revenue reached 2.620 billion yuan, up 7.26% year-on-year, with a gross margin of 45.57% - Wastewater treatment revenue reached 3.641 billion yuan, up 20.42% year-on-year, with a gross margin of 41.63% - Revenue from waste incineration reached 774 million yuan, up 10.51% year-on-year, with a gross margin of 48.07% [9][10] Future Outlook - The company is expected to maintain growth momentum in the water and solid waste sectors, with significant cash flow generation potential and dividend growth opportunities [9][10]

事件：公司发布2024 年年报，2024 年，公司实现营业收入90.49 亿元，同比增长12%；归母净利润为 19.96 亿元，同比增长8%。 盈利预测：我们预计公司2025-2027 年实现营业收入分别为98.78/108.08/118.51 亿元，同比增长 9.17%/9.41%/9.65%，归母净利润分别为22.57/25.11/28.00 亿元，同比增长13.06%/11.28%/11.48%，根据 2025 年4 月17 日收盘价，对应PE 分别为9.43/8.47/7.60 倍，EPS 分别为0.76/0.84/0.94 元，给予公司"推 荐"评级。 风险提示：市场拓展不及预期；行业竞争加剧；政策转向风险；应收账款风险。 持续扩张业务规模，深耕成都并积极向外辐射。公司在深耕成都的同时，不断壮大川内业务，积极拓展 省外业务。目前，公司运营、在建和拟建的供排水项目规模约930 万吨/日、中水利用项目规模约130 万 吨/日、垃圾焚烧发电项目规模14,400 吨/日、污泥处置项目规模约3,400吨/日、垃圾渗滤液处理项目规 模8,430 吨/日，餐厨垃圾处置项目规模2,150 吨/日。水务环保业务规模居 ...

丨证券研究报告丨 公司研究丨点评报告丨兴蓉环境（000598.SZ） [Table_Title] 兴蓉环境2024A点评：归母净利润同比增8.3%， 自来水爬坡+污水提价有望延续增长 报告要点 [Table_Summary] 兴蓉环境 2024 年实现营收 90.49 亿元，同比增 11.9%；归母净利润 19.96 亿元，同比增 8.28%。 2024 年公司经营侧稳健，核心运营板块自来水制售、污水处理服务、垃圾焚烧发电稳健增长， 自来水业务产能爬坡，和污水处理价格提升，有望延续公司业绩增长。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 2025-04-18 兴蓉环境（000598.SZ） cjzqdt11111 [Table_Title 兴蓉环境 2024A 2] 点评：归母净利润同 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 7.55 [6][7]. Core Views - The company achieved a revenue of RMB 9.049 billion in 2024, representing a year-over-year increase of 11.90%, and a net profit attributable to shareholders of RMB 1.996 billion, up 8.28% year-over-year [1][2]. - The growth in revenue and profit is driven by increased business volume, price adjustments, and operational efficiency improvements in its main business segments [2][3]. - The company is expected to continue its revenue and profit growth from 2025 to 2027, supported by increased operational capacity and price hikes [1][4]. Summary by Sections Financial Performance - In 2024, the company's wastewater treatment revenue reached RMB 3.641 billion, up 20.4% year-over-year, driven by a 9.72% increase in wastewater treatment volume to 138.4 million tons and higher treatment prices in Chengdu [2]. - The water supply revenue was RMB 2.626 billion, a 7.3% increase, with sales volume of 1.15 billion tons, and a gross margin increase of 1.11 percentage points to 45.57% [2]. - The revenue from waste incineration power generation was RMB 774 million, with a gross margin of 48.1%, reflecting a 7.9 percentage point increase [2]. Cost and Cash Flow - The company reported an increase in R&D expenses to RMB 53 million, primarily due to more R&D projects [3]. - Financial expenses rose to RMB 391 million, mainly due to interest expenses from completed projects [3]. - The net operating cash flow for 2024 was RMB 3.681 billion, an increase of 8.61% year-over-year, with a dividend per share (DPS) of RMB 0.187, up 10% year-over-year [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected EPS of RMB 0.74, RMB 0.81, and RMB 0.88 for the respective years, reflecting downward adjustments of 6% and 8% for 2025 and 2026 [4]. - The target price of RMB 7.55 is based on a price-to-earnings (PE) ratio of 10.2 times for 2025, aligning with the average PE of comparable companies [4][11].

Core Insights - The company reported a robust financial performance for 2024, with total revenue reaching 9.049 billion yuan, an increase of 11.90% year-on-year, and a net profit attributable to shareholders of 1.996 billion yuan, up 8.28% year-on-year [1][2] Financial Performance - The company achieved earnings per share of 0.67 yuan, reflecting an 8.06% increase year-on-year [1] - Operating cash flow net amount reached 3.681 billion yuan, growing by 8.61% year-on-year [3] - Total assets increased to 48.448 billion yuan, marking an 11.24% year-on-year growth [1] Business Segments Performance - The wastewater treatment segment generated 3.641 billion yuan in revenue, a significant increase of 20.42% year-on-year, driven by operational enhancements and fee adjustments [2] - The water supply segment saw a 7.62% increase in water sales volume to 1.150 billion tons, with revenue reaching 2.620 billion yuan, up 7.26% year-on-year [2] - The waste incineration power generation segment achieved revenue of 774 million yuan, growing by 10.51% year-on-year, with a gross margin increase of 7.84 percentage points to 48.07% [2] Cost Management and Shareholder Returns - The company effectively managed accounts receivable and optimized financing structures to mitigate cost pressures associated with business expansion [3] - A cash dividend of 1.87 yuan per 10 shares is proposed, representing a 10% increase in total dividends year-on-year, reflecting management's confidence in future performance [3] Expansion and Capacity Growth - The company is focusing on consolidating regional advantages while expanding its national market presence, with new projects in multiple locations and successful acquisitions [4] - Total operational and under-construction water supply project capacity reached approximately 9.2 million tons per day, with waste incineration capacity at 12,000 tons per day [4] - The company is also expanding into emerging sectors such as reclaimed water utilization and kitchen waste disposal, with a current reclaimed water business scale of 1.3 million tons per day [4] Innovation and Technology - The company significantly increased R&D investment by 355% year-on-year to 54.88 million yuan, launching 57 projects and obtaining 33 new patents [5] - A smart management platform is being developed to enhance operational efficiency across various functions [5] Environmental and Social Responsibility - Several projects have been recognized as industry benchmarks, including a kitchen waste resource utilization project selected by the UN [6] - The company received multiple awards for its ESG practices, highlighting its commitment to social responsibility and environmental sustainability [6] Future Outlook - Industry experts anticipate growth opportunities for the company in 2025, driven by supportive policies and market reforms in the environmental sector [7] - The company is well-positioned with a strong project pipeline and a solid financial structure, supported by technological innovation and smart operations [7]

| | | 上次评级 买入 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兴蓉环境(000598.SZ) [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 公用环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 主营业务毛利率上行，经营质量稳步提升 [Table_ReportDate] 2025 年 4 月 18 日 [Table_S 事件：2025 ummar年y]4 月 17 日晚，兴蓉环境发布 2024 年度报告。2024 年公司 实现营业收入 90. ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兴蓉环境(000598.SZ) | | | 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 公用环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 主营业务毛利率上行，经营质量稳步提升 [Table_ReportDate] 2025 年 4 月 18 日 [Table_S 事件：2025 ummar年y]4 月 17 日晚，兴蓉环境发布 2024 年度报告。2024 年公司 实现营业收入 90. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 9.049 billion yuan for 2024, representing a year-on-year growth of 11.9%, and a net profit attributable to shareholders of 1.996 billion yuan, with a year-on-year increase of 8.3%, which aligns with expectations [6] - The adjustment of sewage prices in Chengdu has significantly boosted sewage income, while the water supply and solid waste sectors are developing steadily [6] - The company has improved its cost control, resulting in an increase in gross profit margins across various segments [6] - Operating cash flow has steadily increased, and capital expenditure growth has slowed down [6] - The company maintains a dividend payout ratio of 28%, with an expected dividend yield of 2.62% [6] - The company is positioned as a state-owned platform for water and solid waste management in Chengdu, with potential for capacity expansion and improved free cash flow [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 9.996 billion yuan, with a year-on-year growth of 10.5% [5] - Net profit attributable to shareholders is projected to be 2.216 billion yuan for 2025, reflecting an 11.0% year-on-year increase [5] - Earnings per share are expected to be 0.74 yuan in 2025 [5] - The company’s gross profit margin is forecasted to be 41.0% for 2025 [5] - The price-to-earnings ratio is projected to be 10 for 2025 [5]

Core Viewpoint - Xingrong Environment reported a strong financial performance for 2024, with significant growth in revenue and net profit, driven by core business segments such as wastewater treatment and waste-to-energy projects [1] Financial Performance - The company achieved an operating revenue of 9.049 billion yuan, representing a year-on-year increase of 11.9% [1] - The net profit attributable to shareholders reached 1.996 billion yuan, up 8.28% compared to the previous year [1] - Operating cash flow amounted to 3.681 billion yuan, reflecting an increase of 8.61% [1] - Earnings per share grew to 0.67 yuan, and the company proposed a cash dividend of 1.87 yuan per 10 shares, a 10% increase from 2023 [1] Business Expansion - The company successfully expanded its market presence with new water supply and drainage projects in locations such as Wenjiang and Dayi, and completed the acquisition of a kitchen waste disposal project in Xi'an [1] - Xingrong Environment is diversifying into areas such as reclaimed water utilization, direct drinking water, and solid waste resource recovery, aiming to create multiple growth drivers [1] Project Development - Ongoing construction projects include the Qilong Water Plant and the Phoenix River Reclaimed Water Plant, which are expected to be operational within the year [2] - Other projects, such as the Chengdu Water Plant Phase III and the Qionglai Kitchen Waste Disposal Plant, are in testing or trial operation stages, with capacity expected to be released by 2025 [2] - The company is advancing its construction projects, including the Wanxing Environmental Power Plant Phase III and the Chengdu Central District Kitchen Waste Treatment Phase III, which will enhance processing capacity [2] Innovation and Management - The company is implementing a comprehensive management system through its "Five Centers" smart platform, promoting standardized operations across multiple subsidiaries [2] - Xingrong Environment aims to leverage opportunities in the digital era by integrating data-driven management and smart technology to achieve high-quality development [2]