绿城水务(601368) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥2,477,672,499.14, representing a year-on-year increase of 6.26% compared to ¥2,331,709,626.54 in 2023[21] - The net profit attributable to shareholders for 2024 was ¥87,934,594.38, a significant increase of 19.61% from ¥73,515,922.66 in 2023[21] - The basic earnings per share for 2024 was ¥0.0996, reflecting a growth of 19.57% compared to ¥0.0833 in 2023[23] - The total assets of the company as of the end of 2024 amounted to ¥23,409,467,812.65, which is a 10.82% increase from ¥21,124,520,001.43 at the end of 2023[21] - The net profit after deducting non-recurring gains and losses was ¥66,047,491.27, up 5.22% from ¥62,769,808.11 in 2023[21] - The company's net assets attributable to shareholders increased to ¥4,741,411,685.39, a rise of 1.39% from ¥4,676,434,391.23 in 2023[21] - The weighted average return on net assets for 2024 was 1.87%, an increase of 0.29 percentage points from 1.58% in 2023[23] - The company reported a net foreign exchange gain from foreign currency borrowings, contributing positively to the net profit growth[24] Operational Highlights - In 2024, the company achieved a water sales volume of 52,224.47 million cubic meters, exceeding the annual plan by 101.21% and representing a year-on-year growth of 3.13%[32] - The company completed a sewage treatment volume of 60,262.02 million cubic meters, achieving 102.52% of the annual plan and a year-on-year increase of 7.02%[32] - The increase in net profit was primarily driven by growth in water sales and sewage treatment volumes, along with net foreign exchange gains from foreign currency borrowings[32] - The company implemented measures to enhance business development, including optimizing water supply scheduling and expanding customer bases in surrounding areas[33] - The company repaired structural defects in sewage pipelines and cleared approximately 25 kilometers of sewage pipelines to improve sewage treatment efficiency[34] - The company has accelerated the construction of key water supply projects, increasing water supply capacity by 60,000 cubic meters per day with the completion of the second phase of the Guangxi-ASEAN Economic and Technological Development Zone water plant[35] - The company has successfully expanded into the industrial wastewater treatment market by winning the concession project for the Liujing Industrial Park wastewater treatment plant[36] Financial Management and Investments - The company has successfully issued 2 medium-term notes, 2 short-term financing bonds, and 1 corporate bond, optimizing its debt structure and achieving record low financing rates for similar-rated bonds[39] - The company is actively pursuing financing opportunities and government support to meet its construction and operational funding needs, aligning with national financial policy directions[40] - The company is focused on optimizing its debt structure and reducing financing costs by utilizing various financing channels, including mid-term notes and short-term financing bonds[101] Market Position and Strategy - The company maintains a dominant market position in Nanning, with its water supply and wastewater treatment services being integrated and leading in production capacity within Guangxi[44] - The strategic location of Nanning as a key economic hub enhances the company's market potential, supported by ongoing urban development initiatives[55] - The company is positioned to capitalize on the increasing demand for water services driven by urbanization and industrial growth in Nanning[55] - The company is targeting a market expansion strategy, particularly in the surrounding areas of Nanning, through acquisitions and mergers to integrate additional water resources[93] Research and Development - The company has initiated 2 key R&D projects and has received acceptance for 2 invention patents, enhancing its independent research and innovation capabilities[38] - The company has completed key R&D projects aimed at improving water treatment processes and ensuring compliance with new national standards for drinking water safety[78] - The total R&D investment for the period amounted to 7,014,988.58 RMB, representing 0.28% of operating revenue, with capitalized R&D accounting for 6.07% of the total[76] Governance and Compliance - The company held 5 shareholder meetings and 12 board meetings during the reporting period, ensuring compliance with governance regulations[109][111] - The company published 4 regular reports and 48 temporary announcements in 2024, maintaining timely and compliant information disclosure[114] - The company maintains independence from its controlling shareholder, ensuring no influence on operational decisions, with governance aligned with regulatory requirements[116] - The company has established a robust governance framework to ensure operational independence and compliance with regulatory standards[116] Environmental and Social Responsibility - The company invested approximately 846.44 million yuan in environmental protection during the reporting period, which includes fixed asset investment, infrastructure investment, renovation, and operational costs[161] - The company successfully reduced environmental pollutants by approximately 92,900 tons of COD and 12,700 tons of ammonia nitrogen through its wastewater treatment operations[170] - The company has actively engaged in social responsibility activities, including organizing public science education events related to water conservation[172] Risks and Challenges - The company faces risks related to rising costs due to increased operational expenses and potential price hikes in raw water procurement[102] - The company is exposed to foreign exchange risks due to a portion of its debt being financed through foreign loans[103] - The company may experience delays in the settlement of sewage treatment fees, which could lead to increased accounts receivable[104] - The company is limited in its ability to adjust water supply and sewage treatment service fees in response to rising costs, which poses a risk to profitability[105]