中金：光大环境(00257)去年业绩胜预期 升目标价至6.16港元

Core Viewpoint - The report from CICC indicates that despite a 9% year-on-year decline in revenue to HKD 27.5 billion for China Everbright Environment (00257), the net profit attributable to shareholders increased by 16% to HKD 3.9 billion, outperforming expectations [1] Group 1: Financial Performance - Revenue from construction services decreased by 53% to HKD 2.7 billion, while effective cost control led to a 1.2 percentage point reduction in financial expense ratio to 8.7% [1] - The asset-liability ratio further declined by 2 percentage points to 62% by the end of last year [1] - The annual dividend per share increased by 17% to HKD 0.27, with the payout ratio rising to 42.3% [1] Group 2: Profit Forecast and Ratings - The net profit forecasts for the next two years have been raised by 4.9% and 4.6% respectively, maintaining an "outperforming the industry" rating [1] - The target price has been adjusted upward by 18% to HKD 6.16 [1] Group 3: Operational Highlights - Adjusted EBITDA for the environmental energy business grew by 3% to HKD 7.1 billion, with waste processing volume increasing by 3% to 53.7 million tons [1] - Electricity generation from waste increased by 1% to 467 GWh, while grid electricity supply rose by 5% to 17.6 billion kWh [1] - The heat and steam supply volume reached approximately 3.5 million tons, with a continuous year-on-year growth rate exceeding 30% since 2021 [1] Group 4: Environmental Business Developments - The adjusted EBITDA for the environmental water business decreased by 13% to HKD 1.9 billion, primarily due to a reduction in the number of ongoing projects and construction activities [1] - Revenue from construction services in the water business fell by 56% to HKD 1.3 billion, while operational service revenue showed a stable growth of 5% [1] - Wastewater treatment volume increased by 3% year-on-year [1] Group 5: Cash Flow and Subsidy Status - The repayment rates for the environmental energy and green environmental sectors reached historical highs last year, with the unissued subsidy balance reduced to HKD 2.3 billion by the end of the year [2] - The company continues to advance non-electricity business expansions, enhancing operational efficiency of existing projects and improving cash flow performance [2]