调研速递|兴蓉环境接受国联基金等2家机构调研 聚焦账款、业务调价等要点

Core Viewpoint - Chengdu Xingrong Environment Co., Ltd. conducted an online investor relations activity to address concerns regarding accounts receivable, sewage treatment pricing mechanisms, market value management, and future capital expenditures and dividends [1][2]. Accounts Receivable - The company has seen an increase in accounts receivable due to market expansion and business growth. It actively manages collections, with a stable overall collection cycle expected in the second half of the year despite regional differences in fiscal payment capabilities. The company emphasizes accounts receivable management and strictly implements bad debt provisioning policies, allowing for the reversal of provisions if receivables are collected [2]. Sewage Treatment Pricing Mechanism - The sewage treatment business has a periodic pricing adjustment mechanism, with potential adjustments occurring annually. Significant cost changes due to adjustments in sewage discharge standards, service area expansions, or capacity upgrades can lead to temporary price adjustments. The average tentative price for sewage treatment services in Chengdu's central urban area for the fifth phase (2024-2026) is set at 2.63 yuan per ton [2]. Market Value Management - The company places a high priority on market value management, aiming to enhance intrinsic value through strategic development and operational efficiency improvements. It actively seeks market feedback and continuously refines its market value management mechanisms [2]. Future Capital Expenditures and Dividends - Recent capital expenditures have been substantial due to multiple water supply, drainage, and solid waste project constructions. However, most of these projects are expected to be operational within the next 1-2 years, leading to a gradual decrease in capital expenditures. The company is committed to shareholder returns and plans to increase dividend levels as cash flow becomes more abundant following the completion of ongoing projects [2].