Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 1.57 [1]. Core Insights - The company reported a 14% year-on-year decline in net profit for 2024, with revenue of HKD 6.85 billion, a 2% increase from the previous year. The earnings attributable to the parent company were HKD 1.02 billion, down 14% [3]. - The increase in revenue was primarily due to a higher proportion of construction service income, which rose by 28% and accounted for 39% of total revenue. However, operational income decreased by 9%, making up 41% of total revenue [3]. - The company has invested in five new projects in the first half of 2024, with a total investment of RMB 896 million. As of the end of last year, the company held 171 environmental projects with a total investment of approximately RMB 31.675 billion [4]. - The operating cash flow for 2024 was HKD 1.85 billion, a 40% increase year-on-year, with a receivables collection rate nearing 80% [4]. - The target price of HKD 1.57 is based on a projected 2025 earnings per share of HKD 0.39, reflecting a price-to-earnings ratio of 4.1 times and a dividend yield of 7.7% [5][11]. Financial Summary - The average price-to-earnings ratio for 2025 is estimated at 3.6 times, with an average price-to-book ratio of 0.37 times and an average dividend yield of 8.5% [2]. - The company’s revenue is expected to grow to HKD 7.39 billion in 2025, representing a 7.9% increase, while net profit is projected to rise by 18.7% to HKD 1.21 billion [5][7]. - The financial performance over the past few years shows fluctuations, with 2024 experiencing a decline in net profit despite a slight increase in revenue [7].

证券研究报告 2025 年 2 月 26 日 公司研究 | 业绩报告总结 (持有，目标价 1.57 元) 光大水务(1857 HK) | 主要数据 | | --- | | 2025E 平均市盈率 (x) 3.6 | | 2025E 平均市净率(x) 0.37 | | 2025E 平均股息收益率(%) 8.5 | | 资料来源：彭博 | | 股价表现 (%) | | | --- | --- | | 个月 1.4 | 1 | | 个月 2.9 | 3 | | 今年以来 -0.7 | | | 资料来源：彭博 | | 2024 年纯利下跌 14%；派息率提高 2024 年盈利同比下跌 14%。光大水务公布 2024 年业绩，期内收入 68.5 亿港元， 同比增长 2%，归属于母公司盈利 10.2 亿港元，同比减少 14%，每股中期股息 5.81 港仙，全年派息 11.9 港仙，派息比率由 30%提高至 33%。收入增长惟盈利下跌主 要因为 1）建造服务收入比重增加及建造服务成本增加，令整体毛利率下调 4 个 百分点至 38%；2)行政开支同比增长 10%。 建造收入占比上升至 39%。由于期内筹建项目先后开工，年内建 ...

Group 1: Economic Overview - Hainan's GDP contribution from four leading industries increased from 55.5% in 2019 to 62.4% in 2023[1] - In 2023, the tourism sector's contribution to GDP rose from 8% to 10%[1] - Retail sales in Hainan reached 251.1 billion RMB in 2023, a year-on-year increase of 10.7%[1] Group 2: Tourism Sector - Hainan welcomed 90 million domestic and international tourists in 2023, generating total tourism revenue of 181.3 billion RMB, which accounted for 70% of the island's retail sales[1] - The number of tourists and tourism revenue increased by 49.9% and 71.9% respectively compared to 2022, and by 8.3% and 71.4% compared to 2019[1] - By 2026, Hainan aims to receive 110 million tourists and achieve tourism revenue of 245 billion RMB, with tourism's GDP contribution exceeding 12%[1] Group 3: Modern Services and Healthcare - The medical tourism sector in Hainan received 300,000 visitors in 2023, with a 60% annual growth rate[2] - As of July 2024, 29 medical institutions are operational in the Boao Lecheng area, with over 20 more under construction[2] - Hainan has established partnerships with over 170 pharmaceutical companies from 20 countries and regions[2] Group 4: High-tech Industry - R&D investment in Hainan reached approximately 1.2% of GDP in 2023[2] - The number of invention patents authorized in the free trade port increased by 44.3%, and the technical contract transaction volume grew by 46.3%[2] - Key projects include the establishment of the first commercial space launch site and various technology innovation centers[2] Group 5: Tropical Agriculture - Hainan, as China's only tropical island province, accounts for 42.5% of the country's tropical land area[2] - The region is recognized for its unique climate, which supports the development of tropical specialty agriculture[2] - Hainan has developed a modern agricultural technology system covering 10 key agricultural products, supported by stable financial backing[2]

Policy Overview - The National Development and Reform Commission (NDRC) introduced a comprehensive set of incremental policies aimed at promoting high-quality economic development and addressing social concerns[1] - The policies focus on five key areas: macroeconomic counter-cyclical adjustments, expanding domestic effective demand, enhancing support for enterprises, stabilizing the real estate market, and boosting the capital market[1] Economic Measures - The NDRC plans to issue CNY 100 billion in central budget investment and an additional CNY 100 billion for major construction projects in the upcoming year[1] - There will be a continuation of issuing ultra-long-term special bonds to support major strategic projects and enhance investment in key areas[1] Support for Enterprises - The NDRC emphasizes the need for standardized enforcement and regulatory practices to avoid arbitrary fines and inspections, ensuring a fair business environment[2] - Policies related to tax support, unemployment insurance, and skills enhancement will be evaluated for potential extension by the end of the year[2] - A coordination mechanism will be established to support financing for small and micro enterprises, ensuring that financial institutions provide necessary loans[2] Long-term Strategy - The policies reflect a shift towards demand-side economic stimulation, with a focus on improving living standards and addressing the operational challenges faced by non-public enterprises[3] - The active participation of the real estate and stock markets, along with consumer spending during the recent Golden Week, indicates the effectiveness of the policy direction in boosting consumption[3]