Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of HKD 30.258 billion for 2024, a year-on-year decrease of 6%, and a net profit attributable to shareholders of HKD 3.377 billion, down 24% year-on-year. The annual dividend per share is set at HKD 0.23, an increase from HKD 0.22 in the same period of 2023 [2][4]. - The operational business showed stable growth, with a 7% year-on-year increase in the amount of municipal solid waste processed and an 8% increase in electricity generated [2][7]. - The company plans to maintain a dividend of HKD 0.23 for 2024, with a payout ratio increasing by 11.3 percentage points to 41.8%, indicating potential for further dividend increases in the future [2][7]. Summary by Sections Financial Performance - The company achieved a total revenue of HKD 30.258 billion in 2024, with operational service revenue at HKD 19.430 billion, a 1% increase year-on-year, while construction service revenue fell by 25% to HKD 5.743 billion [7]. - The total amount of municipal solid waste processed reached 52.06 million tons, reflecting a 7% increase, and the electricity generated was 17.042 million MWh, up 8% [7]. Asset Impairment and Financial Costs - Asset impairment negatively impacted the company's performance, with property, plant, and equipment depreciation increasing by HKD 220 million to HKD 600 million, and intangible asset depreciation rising by HKD 487 million to HKD 697 million [7]. - The company's borrowing costs decreased to a range of 2.20% to 3.35%, down from 2.70% to 3.50% in 2023, leading to a reduction in financial expenses by HKD 520 million [7]. Dividend and Cash Flow - The company announced a cash dividend that exceeded expectations, with a payout ratio of 41.8%. The company received approximately RMB 1.534 billion in renewable energy price subsidies, contributing to improved cash flow [7]. - The projected net profits for 2025 to 2027 are estimated at HKD 3.7 billion, HKD 4.1 billion, and HKD 4.3 billion, respectively, with corresponding price-to-earnings ratios of 5.75x, 5.19x, and 5.03x [7].
光大环境（00257）：2024业绩点评：减值拖累业绩，每股股息有所提升