Dynagreen(601330) 华泰证券·2025-03-31 09:49Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [6][7]. Core Views - The company reported a revenue of 3.399 billion RMB for 2024, a year-on-year decrease of 14.08%, and a net profit attributable to shareholders of 585 million RMB, down 7.02% year-on-year [1]. - The company has a strong free cash flow, with a significant increase to 1.068 billion RMB in 2024 from 256 million RMB in 2023, indicating robust operational efficiency [3]. - The target prices for the A and H shares have been raised to 8.62 RMB and 4.61 HKD respectively, reflecting an upward revision in profit forecasts [4]. Revenue and Profitability - The company's solid waste treatment operational revenue for 2024 is projected at 3.361 billion RMB, representing a year-on-year growth of 7.04% [2]. - The gross profit margin is expected to be 45.85%, a slight decrease of 0.54 percentage points year-on-year [2]. - The company aims for a dividend per share (DPS) of 0.3 RMB for 2024, with a payout ratio of 71.5% [3]. Financial Projections - The forecasted net profit for 2025 is 684 million RMB, with expected growth rates of 16.93% in 2025, 7.19% in 2026, and 5.57% in 2027 [5]. - The report anticipates a steady increase in the company's performance metrics, including a projected PE ratio of 17.6 for 2025 [4]. Market Position - The company is actively embracing digital transformation, collaborating with Alibaba Cloud to enhance operational efficiency through the application of artificial intelligence in waste incineration [2]. - The current dividend yields for A and H shares are 4.6% and 10.0% respectively, highlighting the company's attractive dividend policy [3].