Core Viewpoint - The company operates as an employee stock ownership platform for Conch Group, with key assets in Conch Cement and waste incineration, projecting a net profit of 2.02 billion yuan for 2024, primarily driven by Conch Cement's investment returns and waste incineration profits [1][2]. Group 1: Company Structure and Ownership - The company is structured with no controlling shareholder, with major stakes held by Anhui Haichuang (10.98%), Conch Group (5.39%), and Conch Cement (4.99%) [1]. - The core assets include an 18% stake in Conch Cement and waste incineration assets [1]. Group 2: Financial Performance - The projected net profit for 2024 is 2.02 billion yuan, with Conch Cement contributing 1.316 billion yuan (65%) and waste incineration contributing 660 million yuan (33%) [1]. - The company anticipates a steady increase in operating cash flow to 2 billion yuan in 2024, with potential further growth if national subsidies exceed 500 million yuan annually [2]. Group 3: Waste Incineration Operations - The company leads the industry in waste incineration capacity, with operational capacity of 48,100 tons/day and a utilization rate of 105% expected in 2024 [1]. - The waste incineration segment is projected to achieve a profit of 722 million yuan if national subsidies are included, enhancing overall profitability [1]. Group 4: Future Projections - The company expects net profits to reach 2.093 billion yuan in 2025, 2.117 billion yuan in 2026, and 2.136 billion yuan in 2027, alongside significant improvements in free cash flow [3]. - A conservative valuation of the company is estimated at 15.4 billion yuan, indicating a potential upside of 22% from the current market value [3].
海螺创业(00586.HK)：利润及现金流迎来拐点 分红提升可期