Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated a strong performance with a revenue of 3.765 billion yuan in 2024, reflecting a year-on-year growth of 6.45%, and a net profit attributable to shareholders of 821 million yuan, up 11.67% year-on-year [7] - The company is actively expanding its waste management services, achieving a capacity utilization rate of 79% for its waste incineration projects, which is an 8 percentage point increase from the previous year [7] - The company has significantly increased its free cash flow to 1.289 billion yuan in 2024, with a dividend payout ratio of 65.8%, aligning with its commitment to maintain a dividend ratio of no less than 60% from 2023 to 2025 [7] - The company is expected to continue its growth trajectory, with projected net profits of 919 million yuan in 2025 and 1.203 billion yuan in 2027, while the current market valuation corresponds to a price-to-earnings ratio of 15 for 2025 [7] Financial Data and Profit Forecast - Total revenue projections are as follows: 3.536 billion yuan in 2023, 3.765 billion yuan in 2024, 4.074 billion yuan in 2025, 4.302 billion yuan in 2026, and 4.408 billion yuan in 2027 [6][9] - Net profit attributable to shareholders is forecasted to be 735 million yuan in 2023, 821 million yuan in 2024, 919 million yuan in 2025, 1.047 billion yuan in 2026, and 1.203 billion yuan in 2027 [6][9] - The company’s gross margin is expected to be 45.3% in 2023, decreasing to 41.9% in 2024, and then stabilizing around 42.7% in the following years [6]
永兴股份（601033）：稀缺优质资产逐步兑现，高分红与高成长兼备