Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][5] Core Views - The company has seen an improvement in the proportion of operational revenue, indicating an optimization in revenue structure. Operational service revenue, construction service revenue, and financial income accounted for 61%, 23%, and 16% of total revenue respectively in the first half of 2024 [4][5] - The company is actively expanding its market presence, having implemented 8 new investment projects with a total investment of approximately 1.611 billion HKD, covering areas such as wastewater treatment and biomass utilization [4][5] - The company’s cash flow has improved significantly, with a notable recovery of government subsidies, and a high dividend payout ratio, making it an attractive investment option [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 15.612 billion HKD, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 2.454 billion HKD, down 12% year-on-year. The board declared an interim dividend of 0.14 HKD per share, unchanged from the previous year, with a payout ratio of 35%, up 4 percentage points [3][4] Operational Metrics - The company processed 28 million tons of municipal solid waste, a 9% increase year-on-year, and generated approximately 13.6 billion kWh of electricity, a 5% increase year-on-year. The company also saw a 60% increase in heating and steam supply [4][5] Market Position - The company remains a leader in the industry, with a total of 600 environmental projects implemented, amounting to approximately 162.272 billion HKD in total investment. The company has 191 waste-to-energy projects designed to process 158,900 tons of municipal solid waste daily [4][5] Profitability and Valuation - The company's gross margin for the first half of 2024 was 38.73%, a decrease of 5.41 percentage points year-on-year. The report forecasts revenues of 31.868 billion HKD, 31.965 billion HKD, and 30.616 billion HKD for 2024, 2025, and 2026 respectively, with net profits of 4.202 billion HKD, 4.372 billion HKD, and 4.385 billion HKD for the same years [5][6][7]
光大环境：点评报告（港股美股）：运营收入占比提升，应收账款加速回流