ZPUG(SZ:000685) Xin Lang Cai Jing·2025-10-30 14:01Core Viewpoint - Zhongshan Public Utility is a significant player in the environmental water service sector in China, with a comprehensive business model covering the entire environmental industry chain, showcasing notable technical and resource advantages [1] Group 1: Business Performance - As of Q3 2025, Zhongshan Public Utility reported revenue of 3.143 billion yuan, ranking 9th among 51 companies in the industry, with the top competitor, Chuangshuo Environmental, generating 13.453 billion yuan [2] - The company's net profit for the same period was 1.214 billion yuan, placing it 3rd in the industry, behind Chuangshuo Environmental and Xingrong Environment [2] - The main business segments include water supply and sewage treatment (0.786 billion yuan, 37.07%), engineering installation (0.732 billion yuan, 34.53%), and waste-to-energy (0.399 billion yuan, 18.79%) [2] Group 2: Financial Ratios - The debt-to-asset ratio for Zhongshan Public Utility was 48.13% in Q3 2025, an increase from 42.68% year-on-year, but still below the industry average of 49.82% [3] - The gross profit margin was reported at 24.03%, up from 21.75% year-on-year, yet lower than the industry average of 32.13% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 51.96% to 48,900, while the average number of shares held per shareholder decreased by 34.19% [5] - Major shareholders include Hong Kong Central Clearing Limited and Silver Hua Fu Theme Mixed A, both of which saw a reduction in their holdings [5] Group 4: Growth Drivers - The company experienced a 29.6% year-on-year increase in net profit for H1 2025, primarily driven by a 65.4% rise in investment income from joint ventures [5] - Key business highlights include a 13.8% and 14.9% year-on-year revenue growth in the environmental water and solid waste sectors, respectively [5] - The successful execution of a water price adjustment hearing in August 2025 is expected to enhance the company's water supply segment performance [5] Group 5: Future Projections - Analysts predict net profits for Zhongshan Public Utility to reach 1.509 billion yuan, 1.673 billion yuan, and 1.828 billion yuan for 2025-2027, with growth rates of 25.9%, 10.9%, and 9.2% respectively [5] - The company is expected to maintain a steady growth trajectory, with EPS forecasts of 0.98 yuan, 1.16 yuan, and 1.36 yuan for the same period [6]