Core Viewpoint - Company 2024A reported a revenue of 2.431 billion yuan, a year-on-year increase of 30.86%, and a net profit attributable to shareholders of 536 million yuan, a year-on-year increase of 4.36% [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.59 billion yuan, a year-on-year increase of 5.13%, primarily due to the acquisition of Renhe Environment, contributing 90 million yuan in revenue [2] - The gross profit margin was 64.03%, an increase of 0.64 percentage points year-on-year [2] - The net profit attributable to shareholders grew at a slower pace than revenue and gross profit due to a decrease in fair value gains and an increase in the tax rate to 10.0% [2] Group 2: Cash Flow and Capital Expenditure - The net cash flow from operating activities for 2024 was 971 million yuan, a year-on-year increase of 11.8% [2] - Capital expenditure reached 920 million yuan, a year-on-year increase of 61.8%, mainly for project construction in Pingjiang and Liuyang [2] Group 3: Growth Drivers - The company’s waste incineration business showed strong operational efficiency, with a treatment volume of 893,800 tons, a year-on-year increase of 15.81% [3] - The integration of Renhe Environment is expected to significantly enhance the company's performance in 2025 [3] - New domestic projects in Liuyang and Pingjiang are set to contribute to revenue growth in 2025 [3] Group 4: Dividend Policy - The company plans to maintain a dividend of 0.90 yuan per share, with a payout ratio of 94.6% for 2024, and has committed to a minimum dividend payout ratio of 50% in the long term [4] - The expected net profits for 2025-2027 are projected to be 751 million, 816 million, and 885 million yuan, respectively, with corresponding PE ratios of 14.1x, 13.0x, and 12.0x [4]
军信股份(301109)：仁和环境并表效应显著 2024A/2025Q1归母业绩同比增4.36%/39.4%