联合水务(603291)：海内外业务推进顺利 布局绿色低碳新兴产业

Core Viewpoint - The company reported a slight increase in revenue but a decrease in net profit, indicating challenges in core operations and ongoing upgrades in wastewater treatment facilities [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.14 billion yuan, a year-on-year increase of 1% - The net profit attributable to shareholders was 150 million yuan, a year-on-year decrease of 6% - For Q1 2025, the company reported operating revenue of 253 million yuan, a year-on-year increase of 7% - The net profit attributable to shareholders for Q1 2025 was 13 million yuan, a significant year-on-year decrease of 63% [1][2]. Business Segments - Water supply and related businesses generated revenue of 595 million yuan, a year-on-year decrease of 4%, with a gross margin of 36.82%, down 2.44 percentage points - Wastewater treatment and resource utilization businesses achieved revenue of 313 million yuan, a year-on-year increase of 5%, with a gross margin of 38.14%, down 0.97 percentage points - EPC and BOT construction businesses combined generated revenue of 217 million yuan, a year-on-year increase of 49% [2]. Project Development - Domestic projects are progressing steadily, including the "Second Water Plant Phase V Project" in Suqian and the "Wangying Reservoir Water Supply Phase II Project" in Xianning, which will enhance regional water supply capacity - The "Tongxiang Shenhe Wastewater Treatment Plant Upgrade Project" has completed acceptance and registration, while price adjustments for wastewater treatment in Jingzhou and Tongxiang are actively being pursued - The company is also focusing on cost reduction and efficiency improvement through technological innovation, including the implementation of solar projects and a precision dosing system [3]. International Expansion - The company is deepening its "Belt and Road" initiative, with ongoing operations in the Purbachal New City Water Supply and Distribution Facilities Development PPP Project in Dhaka, Bangladesh - Future international business efforts will focus on South Asia, Southeast Asia, and the Middle East, with increased investment in overseas project development [3]. Emerging Industries and Green Development - The company is exploring industrial layouts in carbon neutrality, energy conservation, and high-tech sectors - Investments include acquiring a 50% stake in Unitedearth4Earth Holding for CCUS development and establishing a venture capital partnership focused on environmental and ESG technology [4]. Profit Forecast - The company forecasts operating revenues of 1.29 billion yuan, 1.46 billion yuan, and 1.66 billion yuan for 2025-2027, with year-on-year growth rates of 13.18%, 13.24%, and 13.29% - Net profits attributable to shareholders are projected to be 172 million yuan, 198 million yuan, and 229 million yuan for the same period, with growth rates of 14.52%, 15.56%, and 15.26% respectively [4].