公用事业行业点评报告：国债收益率持续下行，红利资产配置正当时！

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that the decline in ten-year government bond yields creates a favorable environment for dividend assets, particularly emphasizing the potential for Longjiang Power's market value to increase by 26% as its dividend yield is expected to revert to historical averages [13][14]. - The report identifies several companies within the water and waste management sector, such as Huanlan Environment and Guangda Environment, as key investment opportunities due to their stable cash flows and promising dividend growth [1][5]. Summary by Relevant Sections Water and Waste Management - Huanlan Environment is projected to have a debt scale of 2.2-2.7 billion yuan in 2024, with a PE ratio of 11 and a dividend growth rate of no less than 10% from 2024 to 2026, resulting in dividend yields of 2.3%, 2.6%, and 2.8% respectively [1]. - Guangda Environment, as a leading waste management company, is expected to achieve positive free cash flow in 2024, with a current PB of 0.5 and a projected dividend yield of 6.2%, 6.4%, and 6.6% from 2024 to 2026 [1]. - The report also recommends focusing on Xinyuan Environment, which has strong assets in Chengdu and is expected to see significant cash flow growth post-2026, with a PE of 10 and dividend yields of 2.7%, 3.1%, and 3.5% from 2024 to 2026 [1]. Gas Sector - New Energy, a national leader in urban gas, is expected to see a CAGR of 7% in net profit from 2024 to 2026, with a PE ratio of 8.3, 7.5, and 6.8, and projected dividend yields of 5.2%, 6.1%, and 7.3% [1]. - Kunlun Energy, another key player, is projected to have a CAGR of 8% in net profit, with a commitment to increase its dividend payout ratio from 42% to 45% by 2025, resulting in dividend yields of 4.2%, 4.6%, and 5.1% [1]. Power Sector - Longjiang Power is highlighted as a benchmark for dividend assets, with a commitment to maintain a dividend payout ratio of no less than 70% from 2021 to 2025, leading to projected dividend yields of 3.4%, 3.5%, and 3.7% from 2024 to 2026 [5]. - The report also emphasizes the stability of Shenneng Co., a leading power company in Shanghai, with an average dividend payout ratio of 63% from 2021 to 2023, and projected yields of 5.4%, 5.7%, and 6.1% from 2024 to 2026 [5].