洪城环境：主业稳健增长，扣非归母净利同比增长12.23%

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a year-on-year increase of 12.23% in net profit attributable to the parent company after deducting non-recurring items [1] - The company is actively expanding its direct drinking water business, aiming to establish 100 projects by the end of 2024, with a daily supply target of 400 tons [1] - The company has a strong dividend commitment, promising a payout ratio of no less than 50% of net profit attributable to the parent company from 2024 to 2026 [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 5.643 billion yuan, a year-on-year decrease of 1.22% [1] - The net profit attributable to the parent company was 922 million yuan, an increase of 3.82% year-on-year [1] - The net cash flow from operating activities was 1.376 billion yuan, a decrease of 2.77% year-on-year [1] - The company’s gross profit margin improved to 33.9%, an increase of 1.65 percentage points year-on-year [1] - The company’s accounts receivable balance was 2.4 billion yuan, up 21.46% year-on-year, with an average collection period of 100.16 days [1] Earnings Forecast - The company is projected to achieve operating revenues of 8.447 billion yuan, 8.905 billion yuan, and 9.419 billion yuan for the years 2024, 2025, and 2026 respectively [2] - The net profit attributable to the parent company is expected to be 1.169 billion yuan, 1.235 billion yuan, and 1.289 billion yuan for the same years [2] - The projected P/E ratios for 2024, 2025, and 2026 are 10.43x, 9.87x, and 9.46x respectively [2]