Investment Rating - The report maintains an "Outperform" rating for the company [5][12][3] Core Views - The company's revenue and profit are under pressure due to a decline in construction income and impairment factors, with a 2024 revenue of HKD 30.258 billion, down 5.71% year-on-year, and a net profit of HKD 3.377 billion, down 23.75% year-on-year [1][6] - The company has increased its dividend payout ratio to 41.8%, the highest in its history, with a total dividend of HKD 1.41 billion for 2024, reflecting improved cash flow and a commitment to returning value to shareholders [2][12] - The report projects a slight downward adjustment in profit forecasts but expects net profit growth from 2025 to 2027, with estimates of HKD 3.836 billion, HKD 4.129 billion, and HKD 4.298 billion respectively [3][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 30.258 billion, a decrease of 5.71% from the previous year, primarily due to a reduction in new projects [1][6] - The net profit for 2024 was HKD 3.377 billion, reflecting a decline of 23.75%, attributed to reduced construction profits and increased impairment provisions [1][6] - The gross profit margin for 2024 was 38.13%, down 4.91 percentage points from 2023, while the net profit margin was 13.13%, down 3.38 percentage points [1][6] Segment Performance - Environmental Energy Segment: Revenue of HKD 15.916 billion, down 8% year-on-year, with operational income increasing by 5% but construction income decreasing by 41% [1][8] - Environmental Water Segment: Revenue of HKD 6.847 billion, up 2% year-on-year, with construction income increasing by 17% [2][8] - Green Environmental Segment: Revenue of HKD 6.974 billion, down 6% year-on-year, with construction income significantly declining by 65% [2][8] Dividend Policy - The company has enhanced its dividend policy, with a payout ratio rising to 41.8% and a dividend of HKD 0.23 per share for 2024, compared to 30.5% in 2023 [2][12] - The absolute dividend value increased from HKD 1.35 billion in 2023 to HKD 1.41 billion in 2024, corresponding to a dividend yield of approximately 6.6% based on the closing price on March 26, 2025 [2][12]
光大环境（00257）：造收入、减值拖累业绩，派息比率41.8%创历史新高