洪城环境(600461)：业绩稳健增长 环境全产业链协同增效

Core Viewpoint - The company achieved steady profit growth in H1 2025 despite a slight decline in revenue, indicating resilience in its operations and effective cost management [1][2]. Financial Performance - In H1 2025, the company reported adjusted revenue of 3.69 billion yuan, a year-over-year decrease of 6.5%, while net profit attributable to shareholders was 610 million yuan, reflecting a year-over-year increase of 0.7% [1]. - The company's comprehensive gross margin improved to 33.4%, up 1.2 percentage points year-over-year, driven by increased gross margins in the engineering and water supply segments [1]. Segment Performance - Water Supply Division: Revenue of 440 million yuan, down 4.1% year-over-year, with a gross margin of 49.4%, up 2.5 percentage points [1]. - Wastewater Division: Revenue of 1.39 billion yuan, up 12.3% year-over-year, with a gross margin of 42.3%, down 0.1 percentage points [1]. - Engineering Division: Revenue of 430 million yuan, down 41.2% year-over-year, with a gross margin of 20.1%, up 3.2 percentage points [1]. - Energy Division: Revenue of 1.33 billion yuan, down 7.0% year-over-year, with a gross margin of 9.0%, down 3.2 percentage points [1]. - Solid Waste Treatment Division: Revenue of 380 million yuan, down 2.8% year-over-year, with a gross margin of 37.9%, down 1.5 percentage points [1]. Cost Management - The company demonstrated excellent cost control, with selling, general, and administrative expense ratios of 2.8%, 3.6%, and 2.3% respectively, resulting in a total expense ratio of 8.6%, down 0.4 percentage points year-over-year [2]. - Net cash flow from operating activities was 340 million yuan, a decrease of 43.4% year-over-year, primarily due to reduced cash receipts from sales and increased tax payments [2]. Business Strategy - The company focuses on core business areas while promoting the development of an integrated environmental industry chain, enhancing collaborative effects across various segments [3]. - Water Supply: Commitment to high-quality water service throughout the lifecycle [3]. - Wastewater Treatment: Emphasis on urban environmental governance and integrated operation models [3]. - Energy: Exploration of dual-energy cooperation models to provide comprehensive energy solutions [3]. - Solid Waste Management: Development of a comprehensive solution for "waste-free cities" [3]. Investment Outlook - The company is expected to maintain steady business growth with a high dividend yield, anticipating net profits of 1.26 billion, 1.32 billion, and 1.37 billion yuan for 2025-2027, with corresponding EPS of 1.0, 1.0, and 1.1 yuan per share [4].