WANGNENG(SZ:002034) Xin Lang Cai Jing·2025-04-19 00:30Core Viewpoint - The company reported a slight decline in revenue and net profit for 2024, but the core business remains stable with significant growth in the kitchen waste segment and improved operating cash flow [2][4]. Financial Performance - In 2024, the company achieved revenue of 3.173 billion yuan, a year-on-year decrease of 0.17% - The net profit attributable to shareholders was 561 million yuan, down 7% year-on-year - The net profit after deducting non-recurring items was 578 million yuan, a decline of 4% year-on-year [2]. Business Segments - The municipal solid waste segment generated operating revenue of 2.296 billion yuan, an increase of 3.50%, accounting for 72.36% of total revenue - The kitchen waste segment reported revenue of 462 million yuan, a growth of 27.29%, contributing 14.57% to total revenue and a net profit of 66.596 million yuan - The waste rubber recycling segment incurred a net loss of 36.81 million yuan, while the waste battery recycling segment faced a net loss of 108 million yuan, negatively impacting overall performance [2]. Operational Expansion - As of the end of 2024, the company has invested in and constructed municipal solid waste incineration power projects across nine provinces, with 21 operational plants processing a total of 21,820 tons per day - The company has generated a cumulative electricity output of 2.568 billion kWh, with an average on-grid electricity price of 0.53 yuan/kWh (excluding tax) - In the kitchen waste segment, the company has invested in projects across six provinces, with a total processing capacity of 3,520 tons per day, and 17 operational projects processing 2,810 tons per day [3]. Share Buyback Plan - The company plans to repurchase shares using its own funds and special loan funds, with a total repurchase amount between 100 million yuan and 200 million yuan, representing 1.07% to 2.13% of the total share capital - The repurchase price will not exceed 22.00 yuan per share, with a total of 9,006,100 shares repurchased to date, accounting for 2.08% of the total share capital [4]. Profit Forecast - The company forecasts revenues of 3.400 billion yuan, 3.666 billion yuan, and 3.973 billion yuan for 2025-2027, representing year-on-year growth of 7.16%, 7.81%, and 8.39% respectively - The net profit attributable to shareholders is expected to be 709 million yuan, 792 million yuan, and 881 million yuan for the same period, with growth rates of 26.42%, 11.63%, and 11.24% respectively [4].