Xin Lang Cai Jing·2025-08-31 00:30Core Viewpoints - Profit growth outpaced revenue growth, demonstrating significant results from the company's "quality improvement and efficiency enhancement" strategy [2] - The company achieved operating revenue of 1.684 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 377 million yuan, a year-on-year increase of 24% [2][3] - Cost control measures led to a 7.57% decrease in operating costs, primarily due to reduced maintenance costs and lower environmental material costs from centralized procurement [2] - Financial expenses decreased significantly by 19.05%, mainly due to lower bank borrowing rates and balances [2] Business Performance - The company's waste treatment volume increased by 2.10% to 7.1543 million tons, and the electricity generated increased by 1.99% to 2.113 billion kWh [2] - The heating business experienced rapid growth, with steam supply reaching 513,800 tons, a substantial year-on-year increase of 114.98%, becoming a core driver of performance [2] - Several projects in the heating business achieved breakthroughs, including external steam supply in Jizhou and Zhaoqing, and significant increases in mobile heating in Changzhou [2] Financial Health - Capital expenditures decreased significantly, resulting in ample cash flow, which supports high dividend payouts to shareholders [3] - The net cash flow from operating activities reached 632 million yuan, a year-on-year increase of 16.36% [3] - The company maintained a high dividend payout ratio of 71.45% for the 2024 fiscal year, with plans to steadily increase the dividend ratio over the next three years [3] Profit Forecast - Revenue projections for 2025-2027 are 3.542 billion yuan, 3.704 billion yuan, and 3.880 billion yuan, with year-on-year growth rates of 4.22%, 4.57%, and 4.75% respectively [3] - Net profit attributable to shareholders is expected to be 680 million yuan, 723 million yuan, and 775 million yuan for the same period, with growth rates of 16.24%, 6.30%, and 7.25% respectively [3] - Based on the closing price on August 28, 2025, the corresponding PE ratios are projected to be 14.34, 13.49, and 12.58, with EPS of 0.49, 0.52, and 0.56 yuan [3]