Grandblue Environment (SH:600323) Soochow Securities·2025-02-18 02:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has proposed a dividend plan for 2024 that exceeds expectations, with a cash dividend of 0.80 yuan per share, representing a 67% year-on-year increase, which corresponds to a dividend yield of 3.94% at the current stock price [8] - The company has committed to a minimum 10% year-on-year increase in cash dividends for 2025 and 2026, with expected dividends of at least 0.88 yuan and 0.97 yuan per share, respectively, leading to projected dividend yields of at least 4.33% and 4.76% [8] - The company is expected to resolve 2.4 billion yuan of receivables in 2024, exceeding the initial target of 2 billion yuan, which will significantly improve cash flow [8] - The acquisition of Yuefeng is anticipated to enhance earnings and cash flow, with a projected increase in waste incineration capacity from 45,050 tons/day to 99,590 tons/day [8] - The company maintains a stable growth outlook with projected net profits of 1.679 billion yuan, 1.739 billion yuan, and 1.881 billion yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 10, 10, and 9 [8] Financial Projections - Total revenue is projected to be 12,733 million yuan in 2024, with a growth rate of 1.53% [9] - The net profit attributable to the parent company is expected to reach 1,679 million yuan in 2024, reflecting a growth rate of 17.41% [9] - The earnings per share (EPS) is forecasted to be 2.06 yuan in 2025 and 2.13 yuan in 2026 [9] - The company’s total assets are projected to grow to 39,949 million yuan by 2026 [9] - The company’s debt-to-asset ratio is expected to decrease from 63.13% in 2023 to 58.07% in 2026, indicating improved financial stability [9]