Grandblue Environment (SH:600323)2024-04-29 10:41Financial Performance - In Q1 2024, the company achieved operating revenue of approximately CNY 2.72 billion, a year-on-year decrease of 3.08%, while net profit attributable to shareholders increased by 22.84% to CNY 380.98 million[16]. - The total operating revenue for Q1 2024 was approximately CNY 2.72 billion, a decrease of 3.1% compared to CNY 2.80 billion in Q1 2023[51]. - The total operating costs for Q1 2024 were approximately CNY 2.24 billion, down 7.7% from CNY 2.42 billion in Q1 2023[51]. - The company's basic earnings per share for Q1 2024 was CNY 0.47, reflecting a year-on-year increase of 23.68%[27]. - The total comprehensive income for the period was CNY 376,245,172.05, compared to CNY 320,477,756.67 in the previous year, representing an increase of approximately 17.4%[79]. - Basic and diluted earnings per share increased to CNY 0.47 from CNY 0.38, reflecting a growth of 23.7%[79]. - The net profit for the period was CNY 64,349,745.95, compared to a net loss of CNY 10,010,493.51 in the previous year, indicating a significant turnaround[87]. Revenue Breakdown - The solid waste treatment business generated revenue of CNY 1.43 billion, accounting for 53.71% of total revenue, with a year-on-year decline of 5.91%[18]. - The energy business reported revenue of CNY 854 million, representing a year-on-year increase of 0.50%[19]. - The water supply and drainage business generated CNY 159 million in revenue for Q1 2024, accounting for 5.97% of the company's total revenue, with a slight year-on-year growth of 0.12%[51]. - The company's main business revenue from water supply in Q1 2024 was 221 million RMB, accounting for 8.29% of total revenue, with a year-on-year increase of 4.82% due to higher water sales[108]. Cash Flow and Assets - Cash flow from operating activities improved significantly, turning from a net outflow of CNY 192 million in the same period last year to a net inflow of CNY 342 million[13]. - The net cash flow from operating activities for Q1 2024 was CNY 341.71 million, a significant improvement compared to a net outflow of CNY 191.62 million in Q1 2023[55]. - The cash flow from investing activities for Q1 2024 was 35,911,118.70 RMB, compared to -47,616,419.33 RMB in Q1 2023, showing a significant improvement[103]. - The cash flow from financing activities generated a net inflow of 561,389,754.62 RMB in Q1 2024, compared to 358,730,983.54 RMB in Q1 2023, indicating a positive trend[103]. - The company's total assets increased by 2.08% to CNY 36.54 billion compared to the end of the previous year[28]. - Total current assets increased to 8,463,223,438.97 RMB in Q1 2024, up from 7,807,503,085.29 RMB in Q1 2023[72]. - The company's total assets reached 36,543,720,223.19 RMB as of March 31, 2024, compared to 35,797,699,471.38 RMB a year earlier[76]. Business Operations - The capacity utilization rate of the waste incineration power generation projects reached approximately 122%, an increase of about 5 percentage points year-on-year[8]. - The company signed agreements for external heating services for 13 waste incineration power generation projects, achieving external heating of 303,500 tons, a year-on-year increase of 34.77%[34]. - The volume of waste incineration increased by 8.93% to 322.85 million tons in Q1 2024 compared to 296.37 million tons in Q1 2023[63]. - Power generation from waste increased by 8.74% to 122,005.49 million kWh in Q1 2024 from 112,201.95 million kWh in Q1 2023[63]. - The amount of kitchen waste processed surged by 27.74% to 9.67 million tons in Q1 2024 compared to 7.57 million tons in Q1 2023[64]. - Agricultural waste processing volume saw a significant increase of 116.61%, attributed to expanded collection strategies in Zhanjiang and Zhaoqing[65]. Investments and Future Projects - The company plans to confirm revenue from the Fuzhou expansion project (800 tons/day) in the first half of 2024 and the Dalian project expansion (650 tons/day) in the second half of 2024, totaling 1,450 tons/day[44]. - The company has initiated the construction of the second phase of the Dali City West Sewage Treatment Plant, with a capacity of 50,000 cubic meters per day, expected to be completed in the first half of 2024[47]. - The Harbin kitchen waste project phase II is expected to generate revenue in the first half of 2024, with a capacity of 200 tons/day[71]. - The company plans to complete and recognize revenue from new projects before April 2024, including a 750 tons/day waste incineration project[69]. Shareholder and Equity Information - The number of ordinary shareholders at the end of the reporting period was 33,444, with the largest shareholder holding 17.15%[60]. - The company's retained earnings reached 8,738,016,946.44 RMB, an increase from 8,357,038,045.46 RMB in the previous year[76]. - The total equity increased to CNY 5,473,549,022.84 from CNY 5,409,199,276.89, showing a growth of approximately 1.2%[85]. Research and Development - Research and development expenses rose to CNY 1,362,115.20 from CNY 218,099.68, representing a substantial increase of approximately 524.5%[87]. Market and Strategic Focus - The company is actively expanding its rural sewage treatment operations and enhancing its overall profitability through diversified gas supply and communication with suppliers and customers[35]. - The company aims to enhance smart water management and improve core indicators such as water loss control and per capita efficiency[108]. - The company is focusing on expanding its market presence and enhancing service levels in the water supply sector[108].