ZPUG(SZ:000685) Xin Lang Cai Jing·2025-04-27 00:32Core Viewpoint - The company demonstrates steady growth in performance with increased dividend returns, achieving operating revenue of 5.678 billion yuan and a net profit attributable to shareholders of 1.199 billion yuan in 2024, reflecting a year-on-year growth of 9% and 24% respectively [2][3] Financial Performance - In 2024, the company reported operating revenue of 5.678 billion yuan, a 9% increase year-on-year, and a net profit attributable to shareholders of 1.199 billion yuan, marking a 24% increase [2][3] - The company plans to distribute a cash dividend of 0.82 yuan per 10 shares (tax included), alongside a special dividend of 3.50 yuan per 10 shares (tax included), resulting in a total cash dividend ratio of approximately 52.89% of the distributable profit for the year [2] Segment Performance - Water and Solid Waste Segment: - The environmental water segment generated revenue of 1.438 billion yuan, a 7% increase, with a gross margin of 25.05%, down 1.21 percentage points year-on-year. Water supply revenue was 0.805 billion yuan, up 12%, benefiting from a 7.5% increase in water sales and asset integration in Zhongshan City [3] - The solid waste segment achieved revenue of 0.763 billion yuan, a 32% increase, with a gross margin of 28.94%, down 1.29 percentage points. Sanitation service revenue rose by 63% to 0.399 billion yuan, driven by integrated sanitation business expansion [3] - The engineering segment contributed 3.008 billion yuan in revenue, a 9% increase, with a gross margin of 9.07%, down 1.17 percentage points, remaining the main revenue source for the company [3] - The new energy segment reported revenue of 0.01 billion yuan, a 77% increase, with a cumulative installed capacity of distributed photovoltaic projects reaching approximately 250 MW by the end of 2024 [3] Strategic Initiatives - The company holds a 10.55% stake in GF Securities, which is a significant source of profit, and has established various funds in collaboration with its wholly-owned subsidiary, enhancing strategic partnerships [4] - The company actively responds to market value management requirements by implementing a special dividend of 514 million yuan and establishing a stable and transparent cash dividend mechanism to boost investor confidence [4] Profit Forecast - The company is projected to achieve operating revenues of 6.026 billion yuan, 6.398 billion yuan, and 6.794 billion yuan for 2025-2027, with year-on-year growth rates of 6.13%, 6.16%, and 6.19% respectively. Net profits attributable to shareholders are expected to be 1.359 billion yuan, 1.407 billion yuan, and 1.516 billion yuan, with growth rates of 13.36%, 3.57%, and 7.70% respectively [4]