联美控股（600167）：供热传媒双主业运行打造精致现金牛资产

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][9]. Core Views - The company operates dual main businesses in heating and media, both of which are cash cow assets. It is a core listed company under the Lianmei Group, which encompasses various sectors including comprehensive energy, real estate, and new energy [8][15]. - The company has a strong cash flow position, with net cash of 5 billion RMB after accounting for interest-bearing liabilities, suggesting a solid financial foundation for future investments [11][29]. - The earnings forecast for the company indicates a gradual recovery in net profit, with projections of 758 million RMB, 820 million RMB, and 872 million RMB for the years 2024 to 2026, respectively [7][33]. Summary by Sections Market Performance - As of March 10, 2025, the closing price of the company's stock is 5.68 RMB, with a market capitalization of approximately 12.85 billion RMB [3]. Financial Data - The company has a total share capital of 2,262.84 million shares and a debt-to-asset ratio of 29.32% [3]. - The earnings per share (EPS) for 2024 is projected to be 0.34 RMB, with a price-to-earnings (P/E) ratio of 16.95 [7][33]. Business Overview - The heating business is primarily supported by three wholly-owned subsidiaries located in Shenyang, providing clean heating to residential and commercial sectors. The media business, acquired in 2018, focuses on high-speed rail media and has expanded its reach across 31 provincial-level administrative regions [8][24]. - The company has shown superior operational efficiency compared to local competitors, with a notable ability to manage costs effectively [21][22]. Earnings Forecast and Valuation - The report anticipates a slight increase in revenue from heating and steam services, with expected annual growth rates of 1.5%, 1.0%, and 1.0% from 2024 to 2026. The media business is expected to grow at a rate of 5% annually during the same period [10][33]. - The company's valuation appears reasonable despite a higher P/E ratio compared to peers, attributed to its substantial cash reserves [9][37].