Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but operational service revenue has increased, indicating a shift in business structure towards more stable income sources [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 14.304 billion HKD, a year-on-year decrease of 8% [1]. - The net profit attributable to shareholders for H1 2025 was 2.207 billion HKD, down 10% year-on-year [1]. - The gross profit margin improved to 44.26%, an increase of 5.53 percentage points year-on-year, while the net profit margin rose to 19.44%, up 0.84 percentage points [3]. Group 2: Revenue Composition - Operational service revenue reached 9.943 billion HKD in H1 2025, a year-on-year increase of 5%, accounting for 70% of total revenue [1]. - Construction service revenue fell by 49% to 1.844 billion HKD due to a decrease in ongoing projects, representing 13% of total revenue [1]. - Financial income accounted for 17% of total revenue [1]. Group 3: Operational Efficiency - The company has a designed daily processing capacity for municipal solid waste of 162,900 tons, with 196 waste-to-energy projects in operation as of June 30, 2025 [2]. - In H1 2025, the company processed 28.572 million tons of municipal solid waste, with an average power generation of approximately 460 kWh per ton of waste [2]. - The company’s dividend per share for the mid-year was 0.15 HKD, an increase from 0.14 HKD in the same period of 2024, with a payout ratio of 42%, up from 35% year-on-year [2]. Group 4: Future Projections - Revenue forecasts for 2025-2027 are 28.671 billion HKD, 27.640 billion HKD, and 27.591 billion HKD, respectively [3]. - Expected net profits for the same period are 3.666 billion HKD, 3.924 billion HKD, and 4.265 billion HKD, with corresponding price-to-earnings ratios of 7.46, 6.97, and 6.41 [3].
光大环境(00257.HK)动态研究报告：2025H1派息比率同比提升 业务结构继续优化