方正证券：水价改革、高股息与RWA三重驱动 水务迎来价值重估

Core Viewpoint - The water industry is experiencing a value reassessment opportunity driven by the deepening of water price marketization reforms, stable asset cash flows, and innovative financing methods such as RWA [1][2][3] Group 1: Industry Insights - The investment logic in the water sector is shifting from traditional defensive attributes to a main line of "water price reform - cash flow enhancement - financing channel expansion - asset value reassessment" [1] - The stable demand for water in China provides a predictable and continuous revenue source, establishing a solid foundation for cash flow stability in the water industry [2] - The natural monopoly characteristics of water companies, combined with government-regulated pricing, result in lower accounts receivable ratios and bad debt rates compared to other industries [2] Group 2: Financial Performance - Water companies exhibit strong return certainty and high cash dividend characteristics, with firms like Chongqing Water and Xingrong Environment consistently allocating a high proportion of net profits to cash dividends, resulting in dividend yields significantly above market averages [3] - The introduction of the first RWA registration platform is expected to open new financing channels for water assets, which are characterized by regional monopolies and stable cash flows [3] - The integration of RWA with water assets can significantly lower debt ratios and financing costs while enhancing capital turnover rates, thereby unlocking value reassessment potential [3]