Ge Long Hui A P P·2026-01-26 06:32Group 1 - The core viewpoint of the article highlights that Dongwu Securities' research indicates that Green Power's acquisition of the Xinmi project has been approved, enhancing regional synergy and maintaining the logic of increasing dividends and ROE [1] - The acceleration of national subsidies recovery, along with a decrease in capital expenditures and financial costs, supports sustainable high dividends with potential for further increases [1] - The company is seen as a model for achieving higher dividends and ROE in the solid waste sector, with increasing free cash flow due to accelerated subsidy recovery and reduced capital expenditures [1] Group 2 - The company is actively expanding in heating and cost control, leading to improvements in both performance and ROE, while implementing equity incentives to ensure continued growth [1] - Profit forecasts for the company are maintained at 650 million, 718 million, and 760 million yuan for the years 2025-2027, corresponding to PE ratios of 10, 9, and 9 for Hong Kong stocks, and 15, 14, and 13 for A-shares [1] - The rating for the company remains "Buy" [1]