Dynagreen(601330) 申万宏源·2024-12-24 00:36Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong confidence in its performance and growth potential [2][26]. Core Views - The company has announced a restricted stock incentive plan, reflecting its confidence in steady development [2][21]. - The company expects a compound annual growth rate (CAGR) of 4.6% in net profit from 2023 to 2028, with specific performance targets set for the coming years [20]. - The company has significantly improved its free cash flow, reaching 763 million yuan in the first three quarters of 2024, a substantial increase compared to the previous year [17]. Financial Summary - Total revenue for 2022 was 4,567 million yuan, with projections of 3,372 million yuan for 2024 and 3,666 million yuan for 2026, indicating a decline followed by a recovery [4]. - The net profit for 2022 was 784 million yuan, with forecasts of 734 million yuan for 2024 and 876 million yuan for 2026, showing a gradual increase [4]. - The company's gross margin improved to 47% in Q3 2024, up by 2 percentage points from the previous quarter, driven by increased waste intake [10]. Dividend Policy - The company has committed to increasing its dividend payout, with a target dividend rate of no less than 50% by 2026 [26]. - The dividend rate for 2023 was 33%, with planned increases to 40% and 45% in the following years [26]. Market Data - As of December 20, 2024, the closing price of the stock was 6.45 yuan, with a market capitalization of 6,380 million yuan for circulating A shares [25]. - The stock's price-to-earnings (PE) ratio is projected to be 13 for 2024, decreasing to 11 by 2026 [26]. Performance Metrics - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 9.3% by 2026 [16]. - The earnings per share (EPS) is projected to rise from 0.50 yuan in 2024 to 0.60 yuan in 2026 [26].