首创环保(600008)：出售海外资产带来净利润高增 核心业务运营稳健

Core Viewpoint - The sale of the Singapore company significantly boosted net profit and improved operating cash flow, despite a decline in revenue for 2024 [2] Revenue and Profit Summary - In 2024, the company achieved operating revenue of 20.05 billion yuan, a year-on-year decrease of 6% [2] - The net profit attributable to shareholders was 3.528 billion yuan, a year-on-year increase of 119% [2] - The non-recurring net profit was 1.561 billion yuan, a year-on-year increase of 1% [2] Business Performance and Structure - The company disposed of its 100% stake in the Singapore ECO company to focus resources on domestic environmental projects and reduce asset management risks [2] - Operating business revenue was 15.408 billion yuan, construction business revenue was 3.709 billion yuan, and other business revenue was 0.933 billion yuan, with operating revenue's share increasing by 8.36 percentage points year-on-year [2] - The net cash flow from operating activities was 4.083 billion yuan, a year-on-year increase of 19.30% [2] Water and Waste Management Operations - As of the end of 2024, the total capacity for water treatment was 12.4291 million tons/day, with an operational capacity of 7.7718 million tons/day and a utilization rate of 63.81% [3] - The water sales volume was 1.497 billion tons, a year-on-year increase of 3.59%, with a comprehensive water price of 1.94 yuan/ton, up 0.87% year-on-year [3] - The total capacity for wastewater treatment was 14.8964 million tons/day, with an operational capacity of 10.2001 million tons/day and a utilization rate of 84.07%, up 0.58 percentage points year-on-year [3] - The company processed 10.12 million tons of household waste, generating 2.65 billion kWh of electricity, a 16.23% increase year-on-year [3] New Orders and Business Structure Optimization - In 2024, the company signed new contracts worth 4.75 billion yuan, with the water sector contributing 1.796 billion yuan and the solid waste sector 1.973 billion yuan [4] - 85% of new orders were from light asset services and technology products, with significant contributions from sanitation and urban water projects [4] - The company established a city company system to enhance regional market capabilities, contributing over 1.5 billion yuan in new contracts [4] Profit Forecast - The company is expected to achieve operating revenues of 20.132 billion yuan, 20.464 billion yuan, and 20.934 billion yuan for 2025-2027, with year-on-year growth rates of 0.41%, 1.65%, and 2.30% respectively [5] - The net profit attributable to shareholders is projected to be 1.985 billion yuan, 2.183 billion yuan, and 2.336 billion yuan for the same period, with growth rates of -43.73%, 9.97%, and 6.97% respectively [5]