智通财经网·2025-09-09 03:03Core Viewpoint - The report from Guotai Haitong indicates that Everbright Environment (00257) has received a total of 2.064 billion RMB in national subsidies, exceeding expectations, which is expected to enhance the company's cash flow and dividend potential, driving a revaluation of the company's value [1][2] Group 1: National Subsidy Recovery - Everbright Environment's subsidiary, Everbright Green Environmental Protection, has received a total of 2.064 billion RMB in national subsidies, with the recovery progress exceeding expectations [1] - The subsidy amount received this time surpasses the 1.534 billion RMB received in the first quarter of 2024, indicating an accelerated recovery of national subsidies [1] Group 2: Financial Performance - In the first half of 2025, Everbright Environment achieved revenue of 14.304 billion HKD, a year-on-year decline of 8%, with net profit attributable to shareholders at 2.207 billion HKD, down 10% [2] - The decline in construction revenue and foreign exchange losses contributed to the overall performance drop, while the increase in operational services led to a 5.53 percentage point rise in gross margin to 44.26% [2] - The net profit margin improved by 0.84 percentage points to 19.44%, and the debt-to-asset ratio decreased by 0.97 percentage points to 63.30% [2] Group 3: Operational Efficiency - The company processed 28.57 million tons of household waste in the first half of 2025, a 2% year-on-year increase, with the incineration tonnage rising by 3% to 460 degrees [2] - The supply of external steam increased by 39%, indicating rapid growth in heating capacity [2] Group 4: Dividend and Cash Flow - The company increased its dividend per share (DPS) to 0.15 HKD, a 7% year-on-year increase, with a dividend payout ratio of 41.76%, up from 35% in the first half of 2024 [2] - Capital expenditures have been reduced, leading to an improvement in free cash flow, supported by the recovery of national subsidies [2]