Dynagreen(601330) 申万宏源证券·2025-03-31 07:46Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 was impacted by impairment losses in hazardous waste business, with total revenue of 3.399 billion yuan, down 14% year-on-year, and net profit attributable to shareholders of 585 million yuan, down 7% year-on-year [6] - Excluding the impairment losses, the company's core business showed stable profit growth, with a significant increase in operational metrics [6] - The company significantly increased its dividend payout ratio to 71.45%, with a cash dividend total of 418 million yuan, resulting in an A-share dividend yield of 4.55% and a H-share yield of approximately 9.85% [6] - The company has launched a stock incentive plan, indicating confidence in long-term growth, with performance targets set for net profit and return on equity [6] - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards due to the impairment, but the outlook remains positive with expected steady profit growth and improved free cash flow [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.460 billion yuan, with a year-on-year growth rate of 1.8% [2] - Net profit attributable to shareholders for 2025 is projected at 734 million yuan, representing a year-on-year increase of 25.5% [2] - The company’s gross margin is expected to be 45.8% in 2025, with a return on equity (ROE) of 9.0% [2] - The price-to-earnings (PE) ratio is projected to be 13 for 2025, decreasing to 11 by 2027 [2] Market Data - As of March 28, 2025, the closing price of the stock was 6.59 yuan, with a market capitalization of 6.518 billion yuan [3] - The stock has a price-to-book ratio of 1.2 and a dividend yield of 3.79% [3]