绿色动力：2024年报点评：自由现金流大增，分红比例提至71.45%-20250331

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has significantly increased its free cash flow, with a dividend payout ratio raised to 71.45% [1] - The company's operational revenue has shown a robust growth, with a focus on enhancing profitability through effective project management and expansion in core areas [1][7] - The company has implemented a stock incentive plan, reflecting confidence in its growth trajectory [1] Financial Performance Summary - For 2024, the company achieved total revenue of 33.99 billion yuan, a year-on-year decrease of 14% [7] - The net profit attributable to the parent company for 2024 was 5.85 billion yuan, down 7% year-on-year [7] - The operating revenue accounted for 99% of total revenue, with a gross margin of 45.85% [7] - Free cash flow for 2024 surged by 318% to 10.68 billion yuan, with operating cash flow net amounting to 14.38 billion yuan, an increase of 47% [7] - The company’s dividend payout for 2024 was 4.18 billion yuan, marking a 100% increase [7] Financial Forecasts - Projected total revenue for 2025 is 35.93 billion yuan, with a growth rate of 5.71% [8] - Expected net profit attributable to the parent company for 2025 is 6.50 billion yuan, reflecting an 11.03% growth in 2026 [8] - The earnings per share (EPS) for 2025 is estimated at 0.47 yuan, with a price-to-earnings (P/E) ratio of 14.14 [8] Cash Flow and Capital Expenditure - The company’s capital expenditure is projected to decrease significantly, contributing to a positive cash flow situation [1][7] - The average interest rate for 2024 was 3.93%, down by 0.12 percentage points, indicating effective cost management [7] Strategic Outlook - The company is strategically positioned in economically developed regions, with significant potential for B-end expansion and collaboration in the IDC sector [1][7] - The stock incentive plan aims for a steady increase in net profit, with targets set for 2026-2028 [1][7]