CEVIA(SZ:000885) Shang Hai Zheng Quan Bao·2025-04-25 02:42Core Viewpoint - The company, Chengfa Environment Co., Ltd., reported a slight increase in revenue and net profit for the year 2024, with a focus on solid waste treatment and environmental services, while also announcing a cash dividend distribution plan for shareholders [3][15][17]. Company Overview - Chengfa Environment achieved operating revenue of 661,066.83 million yuan, a year-on-year increase of 1.36%, and a net profit attributable to shareholders of 114,146.86 million yuan, up 6.18% year-on-year [3]. - The company primarily engages in solid waste treatment, including household waste incineration power generation, hazardous waste disposal, and organic waste treatment [3][6]. Business Segments Solid Waste Treatment - The company operates 32 controlled waste incineration projects with a total processing capacity of 28,550 tons per day, and has additional projects in various stages of operation [5]. - The waste incineration business is conducted mainly through BOT (Build-Operate-Transfer) models, with a typical operational period of 20 to 30 years [4]. Environmental Hygiene Services - The environmental hygiene services include cleaning, waste collection, and management, utilizing IoT and big data technologies to enhance service delivery [7]. - The company operates 37 projects in this segment, with an annual contract value of approximately 760 million yuan [7]. Water Treatment - The water treatment segment encompasses both water supply and sewage treatment, with a total supply and drainage capacity of 165.87 tons per day [8]. - The company has 25 sewage treatment projects and 5 water supply projects, with ongoing construction for additional capacity [8]. Integrated Environmental Solutions - The company provides integrated environmental solutions, including design, consulting, and project management, primarily through an EPC (Engineering, Procurement, and Construction) model [9][10]. Highway Operations - The highway business involves the operation and maintenance of toll highways, with a total operational mileage of 255.36 kilometers [10]. Financial Highlights - The company plans to distribute a cash dividend of 3.56 yuan per 10 shares, totaling approximately 228.58 million yuan, which represents 20.03% of the net profit attributable to shareholders [15][17]. - The company reported a cumulative undistributed profit of 6,158.99 million yuan at the end of 2024 [14]. Credit Rating - The company's credit rating was upgraded from "AA+" to "AAA" by China Chengxin International Credit Rating Co., Ltd., reflecting its strategic importance in ecological protection and solid waste management in Henan Province [12].