Ge Long Hui A P P·2025-08-04 09:33Core Viewpoint - The report from Huayuan Securities indicates that Chuangye Environmental's free cash flow continues to improve, and an increase in dividends is expected [1] Company Overview - After over 20 years of development, the company has become a seasoned player in the water industry, with main businesses including wastewater treatment, reclaimed water supply, and tap water supply [1] - Wastewater treatment and construction are the core profit sources for the company, projected to contribute nearly 80% of revenue and gross profit in 2024 [1] Valuation and Comparison - Comparable companies selected for valuation include Beikong Water Group, Hongcheng Environment, and Chongqing Water, with an average valuation of 17 times for these companies in 2025 [1] - The current valuation level of Chuangye Environmental is significantly lower than the industry average [1] Dividend Expectations - Based on the dividend rate for 2024, the company is expected to have a dividend yield of 3.4% in 2025 [1] - The Hong Kong-listed Tianjin Chuangye Environmental has an even lower current valuation, with a projected dividend yield of 5.9% in 2025, suggesting attention to the Hong Kong platform [1]