绿色动力（：）：稳健运营与高股息价值凸显

Investment Rating - The report maintains a "Buy" rating for both the A-shares (601330 CH) and H-shares (1330 HK) of the company, with target prices set at RMB 7.76 and HKD 4.18 respectively [7]. Core Views - The company's waste management operations are stable, with all waste incineration projects now operational. The cash collection has improved since the third quarter, leading to strong free cash flow. The company's future free cash flow and dividend levels are expected to continue rising due to debt reduction policies and user payment trends. A conservative estimate suggests that the dividend yield for 2025 will reach 3.1% for A-shares and 6.5% for H-shares [1][4]. Summary by Sections Financial Performance - As of the end of September, the company's accounts receivable stood at approximately RMB 23.95 billion, with a slight increase of 0.3% in the third quarter. The structure of accounts receivable shows that waste treatment fees account for about 47%, while government subsidies make up approximately 39% [2]. - The company reported a net operating cash flow of RMB 10.55 billion for the first three quarters, a year-on-year increase of 60.04%. Capital expenditures were reduced by 51.92% to RMB 2.92 billion, resulting in a free cash flow of RMB 7.63 billion, marking a significant year-on-year increase [3]. Shareholder Value - Between September 10 and December 5, a major shareholder, Great Wall Life Insurance, increased its stake in the company by acquiring 1.469 million shares, raising its total holdings to 8.16% of the company's total shares. This reflects confidence in the company's stable operations and high dividend value [4]. - The report projects an increase in the dividend payout ratio to 45% for 2025, with a target price based on this projection [5]. Valuation Metrics - The report adjusts the earnings forecasts for 2024-2026, with expected net profits of RMB 6.12 billion, RMB 6.50 billion, and RMB 6.86 billion respectively. The target price for A-shares is set at RMB 7.76, corresponding to a price-to-earnings (PE) ratio of 16.5 times the 2025 forecast. For H-shares, the target price is HKD 4.18, with a PE ratio of 8.3 times the 2025 forecast [5][9].