Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - Domestic profitability is beginning to recover, but financial expenses are dragging down net profit growth [6] - The company reported a revenue of 7.162 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to the parent company of 234 million yuan, up 31.80% year-on-year [7] - The company expects net profits for 2025-2027 to be 2.735 billion, 3.077 billion, and 3.413 billion yuan respectively, with corresponding P/E ratios of 9, 8, and 8 times based on the stock price as of May 14 [7] Financial Performance Summary - Revenue forecast for 2023-2027: 33.757 billion, 34.217 billion, 35.974 billion, 39.952 billion, and 43.777 billion yuan, with growth rates of 10.79%, 1.36%, 5.13%, 11.06%, and 9.57% respectively [6] - Net profit forecast for 2023-2027: 2.762 billion, 2.416 billion, 2.735 billion, 3.077 billion, and 3.413 billion yuan, with growth rates of 2.34%, -12.52%, 13.21%, 12.50%, and 10.89% respectively [6] - The company's gross margin for Q1 2025 was 26.11%, an increase of 4.23 percentage points year-on-year [7] - The company's total assets are projected to grow from 69.513 billion yuan in 2024 to 84.340 billion yuan in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to improved water inflow leading to high performance growth and favorable hydroelectric power configuration value [5]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 95.98 billion yuan, a year-on-year increase of 18.63%, and a net profit attributable to shareholders of 2.283 billion yuan, up 86.26% year-on-year [7]. - The company plans to distribute dividends of 0.12 yuan per share (tax included) at year-end, with a cumulative dividend payout ratio of 70.77% for 2024 [7]. - The company’s performance in Q1 2025 showed a revenue of 19.45 billion yuan, a decrease of 8.7% year-on-year, but a net profit of 5.43 billion yuan, an increase of 26.36% year-on-year [7]. - The company is focusing on expanding its hydroelectric capacity, with ongoing projects expected to contribute to future performance growth [7]. Summary by Sections Market Performance - The closing price as of May 14, 2025, was 6.36 yuan, with a total market capitalization of 50,131.92 million yuan [3]. Financial Forecasts and Valuation - Revenue projections for 2025 are estimated at 96.08 billion yuan, with a net profit of 2.613 billion yuan, corresponding to a P/E ratio of 19.19 [6][8]. - The company’s return on equity (ROE) is expected to be 13.28% in 2025, indicating strong profitability [6]. Operational Highlights - The company’s total installed capacity reached 13.9 million kilowatts by the end of 2024, with significant contributions from hydroelectric power [7]. - The company’s electricity generation in 2024 was 364 billion kilowatt-hours, a year-on-year increase of 28% [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [6][9]. Core Views - The company is recognized as a leading player in environmental governance, with a balanced development strategy focusing on solid waste treatment as its core business, complemented by water and energy services [8][11]. - The acquisition of Yuefeng Environmental is expected to drive significant growth, enhancing the company's operational capacity and market position [11][32]. Summary by Sections Basic Data - The closing price of the company's stock is 24.01 CNY, with a total market capitalization of approximately 19,576.48 million CNY [4]. - The company has a total share capital of 815.35 million shares and a net asset value per share of 16.96 CNY [4]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 are 12,541 million CNY, 11,886 million CNY, 11,931 million CNY, 12,008 million CNY, and 12,222 million CNY, respectively, with a growth rate of -2.59%, -5.22%, 0.38%, 0.65%, and 1.78% [7][9]. - Expected net profits for the same period are 1,430 million CNY, 1,664 million CNY, 1,767 million CNY, 1,887 million CNY, and 2,040 million CNY, reflecting growth rates of 24.71%, 16.39%, 6.21%, 6.79%, and 8.08% [7][9]. - The company's price-to-earnings (P/E) ratios are projected to be 13.69, 11.77, 11.08, 10.37, and 9.60 for the years 2023 to 2027 [7]. Business Overview - The company has established a comprehensive operational model for solid waste management, with a focus on high operational efficiency and a capacity utilization rate of 119% [11][28]. - The solid waste segment generated a net profit of 10.25 billion CNY in 2024, with the majority coming from waste incineration [11][28]. - The acquisition of Yuefeng Environmental will increase the company's total waste incineration capacity to 88,000 tons per day, positioning it as the largest national waste incineration operator in A-shares [11][38]. Water and Gas Business - The company has a stable water supply business with a capacity of 1.7 million cubic meters per day, and it is expected to benefit from upcoming water price increases in the region [39][44]. - The gas business has shown recovery in profit margins, with a sales volume of 9.8 to 10.2 billion cubic meters from 2021 to 2024 [51]. Dividend Policy - The company has committed to increasing its dividends per share (DPS) by at least 10% annually from 2024 to 2026, reflecting its strong cash flow position [20][28].

Investment Rating - The investment rating for the real estate sector is "Positive" (maintained) [4] Core Viewpoints - The report indicates that the real estate sector is under pressure in terms of revenue and profit, with a significant decline in both metrics for 2024 and Q1 2025. The average operating revenue for 2024 is projected to be 20.7 billion, a year-on-year decrease of 21.3%, while the average net profit attributable to shareholders is expected to be -1.77 billion, a staggering decline of 4889% [4][7] - The report highlights that the decline in revenue and profit is primarily due to the downturn in real estate sales from 2022 to 2023, which has affected the settlement figures for 2024 and Q1 2025. The report also notes that the gross profit margin is declining, and the impairment ratio is at a historical high, leading to a negative net profit margin [4][8][13] Summary by Sections 1. Operating Performance - In 2024, the average operating revenue for the real estate sector is projected to be 20.7 billion, down 21.3% year-on-year, with a net profit of -1.77 billion, reflecting a decline of 4889% [7][13] - For Q1 2025, the average operating revenue is expected to be 3.2 billion, a decrease of 9.0% year-on-year, while the net profit is projected at -120 million, a decline of 3346% [4][9] - The gross profit margin for 2024 is expected to be 14.0%, down 2.4 percentage points from 2023, while the net profit margin is projected to be -8.6%, a decrease of 8.4 percentage points [8][22] 2. Credit Metrics - The asset-liability ratio for the real estate sector is projected to be 76.0% in 2024, a slight decrease from 2023, while the net liability ratio is expected to rise to 87.7%, an increase of 12.6 percentage points [25][30] - The cash-to-short-term debt ratio is expected to be 0.9 times in 2024, down 0.3 times from 2023, indicating continued pressure on the funding side [33] 3. Investment Analysis - The report emphasizes the importance of stabilizing the real estate market and stock market, as well as the potential for high-quality housing to emerge as a growth area due to policy guidance and changes in supply-demand structure [4][40] - The report suggests focusing on companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management firms [4][40]

证券研究报告 固收点评报告 hyzqdatemark 2025 年 05 月 13 日 债市建议全面防守 ——中美关税谈判进展点评 投资要点： 证券分析师 请务必仔细阅读正文之后的评级说明和重要声明 事件：5 月 12 日，商务部网站发布了《中美日内瓦经贸会谈联合声明》。 联系人 中美关税谈判进展大超预期，美对华关税大幅下调。5 月 11 日美方宣布与中方达成 贸易协议，中方宣布达成重要共识，取得实质性进展。5 月 12 日，《中美日内瓦经 贸会谈联合声明》发布，24%的关税在初始的 90 天内暂停实施，同时保留 10%的关 税，其余加征关税取消。这相当于美对华关税降低了 115 个百分点（其中，24%是 暂停 90 天）。后续 20%的芬太尼关税可能随着进一步谈判而降低。我们对中美关税 谈判最终结果持乐观态度。 中国出口韧性超预期。4 月制造业 PMI 及出口数据反映美国高关税对中国经济的冲 击可控。4 月在对美出口总值（人民币计价）大降达 20%的情况下总出口金额同比 大增 9.3%。这反映了中国产业竞争力较强，汽车、新能源、高铁、家电等众多产业 具备全球竞争力。此外，中国军事实力可能需要重估。国内消费稳 ...

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 05 月 13 日 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 营收业绩短暂承压，静待政策驱动回升 投资评级： 看好（维持） ——建筑装饰行业周报（20250505-20250511） 投资要点： 本周观点： 证券分析师 板块增速放缓，利润阶段承压。2024 年，申万建筑板块整体经营表现面临一定压力， 全年实现营业收入 87,316 亿元，同比下降 3.95%；归母净利润 1,715 亿元，同比下 降 14.22%。受房地产市场持续低迷、地方债务约束强化等因素影响，板块整体营收 与利润增速较 2023 年分别回落 11.18pct 和 24.77pct。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is impacted by electricity consumption and coal inventory, but there is optimism for a recovery in electricity demand and coal price elasticity in Q2 [5] - The company reported a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [6] - The electricity price in Anhui province is expected to decline, which may affect revenue, but the company benefits from lower coal prices and new power generation units coming online [6] Financial Summary - Revenue projections for the company are as follows: 27,867 million yuan in 2023, 30,094 million yuan in 2024, and 30,516 million yuan in 2025E, with a growth rate of 8.26%, 7.99%, and 1.40% respectively [5] - Net profit attributable to shareholders is projected to be 1,430 million yuan in 2023, 2,064 million yuan in 2024, and 2,205 million yuan in 2025E, with growth rates of 186.37%, 44.36%, and 6.85% respectively [5] - The company’s earnings per share (EPS) are expected to be 0.63 yuan in 2023, 0.91 yuan in 2024, and 0.97 yuan in 2025E [5] Market Performance - The closing price of the company's stock is 7.53 yuan, with a market capitalization of approximately 17,069.48 million yuan [3] - The company's asset-liability ratio stands at 64.43%, and the net asset value per share is 7.12 yuan [3]

证券研究报告 公用事业 行业点评报告 hyzqdatemark 2025 年 05 月 13 日 证券分析师 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 板块表现： 基金新规落地 建议增配公用事业 投资评级： 看好（维持） ——公募基金新规点评 投资要点： 风险提示：利率环境大幅变化，电价政策不利变化，全社会用电需求受整体经济走势影响。 请务必仔细阅读正文之后的评级说明和重要声明 事件：中国证券投资基金业协会发布《公开募集证券投资基金管理人参与上市公司治理管理规则》，证 监会发布《推动公募基金高质量发展行动方案》，明确公开募集证券投资基金管理人参与上市公司治理 的方式及工作流程。特别强调改革基金公司绩效考核机制，要求基金公司全面建立以基金投资收益为核 心的考核体系，适当降低规模排名、收入利润等经营性指标的考核权重。要建立与基金业绩表现挂钩的 浮动管理费收取 ...

证券研究报告 海外 行业定期报告 hyzqdatemark 2025 年 05 月 12 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 投资评级： 无 ——海外科技周报（25/5/5-25/5/9） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 海外 AI：本周 Centrus Energy（LEU）公布 1Q25 财报，公司营收同比增长 67%至 7310 万美元，每股收益达 1.60 美元，显著超出市场预期，主要受益于俄供应延迟推后交付带来的集中确认，以及 SWU 单价与销量的双重 提升。毛利率从去年同期的 10%提升至 45%，现金储备上升至 6.86 亿美元，为未来产能扩张与 DOE 合作奠定 资金基础。我们认为，公司作为美国唯一具备 HALEU 生产许可和商业离心机部署能力的企业，其"技术+政策+ 安全合规"组合 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 05 月 12 日 投资要点： 证券分析师 A 股财报画像的推演：杠铃策略延续 电力：区域火电公司业绩兑现度高 136 号文利好存量绿电资产 请务必仔细阅读正文之后的评级说明和重要声明 从 2024 年年报来看，A 股市场强预期、弱现实背景并未改变，从 2021 年下半年开始（也正 是沪深 300 阶段性见顶回落的时间点），A 股市场预期与现实的落差即开始加剧，最近两年 愈发突出。回顾历年所在时点对当年归母净利润的 wind 一致预期全 A 样本加总数据，年初高 开与逐季下修形成鲜明反差，而最终业绩又低于已然下修后的预期。 2024 年 A 股实际归母净利润达到年初预期的 79%，较 2023 年的 77%略有好转，但是仍处于 历史低位。换言之，对于个股而言，只要最终业绩达到年初预期的八成就算超预期了。我们 认为这是近年来红利资产持续上涨的根本原因，业绩稳定性权重胜过业绩向上弹性。 从金融学理论看红利行情的本质：对宏观经济本身无谓多空，而是对波动性的重新定价，从而 享受了折现率收窄的利好，而折现率下降不完全来自于无风险利率下降。红利 ...