Grandblue Environment (SH:600323) Soochow Securities·2025-02-18 03:10Investment 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 the years 2025 and 2026, with expected dividends of at least 0.88 yuan and 0.97 yuan per share, respectively [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 and reduce bad debt provisions [8] - The acquisition of Yuefeng is anticipated to enhance earnings and cash flow, with a significant increase in waste incineration capacity from 45,050 tons/day to 99,590 tons/day [8] - The company is projected to achieve steady growth in net profit, with forecasts of 1.679 billion yuan, 1.739 billion yuan, and 1.881 billion yuan for 2024, 2025, and 2026, respectively [8] Financial Summary - Total revenue for 2022 was 12.875 billion yuan, with a projected revenue of 12.733 billion yuan for 2024, reflecting a 1.53% year-on-year growth [1] - The net profit attributable to the parent company for 2022 was 1.142 billion yuan, with a forecasted increase to 1.679 billion yuan in 2024, representing a 17.41% growth [1] - The earnings per share (EPS) for 2022 was 1.40 yuan, expected to rise to 2.06 yuan by 2024 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 11.59 in 2023 to 9.87 in 2024, indicating an attractive valuation [1]