洪城环境（600461）：2024A点评：降本增效成果显著，分红比例延续50%

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 8.23 billion yuan in 2024, representing a year-on-year increase of 2.22%. The net profit attributable to shareholders was 1.19 billion yuan, up 9.89% year-on-year. The proposed dividend per share is 0.46 yuan, with a dividend payout ratio of 50.07%, corresponding to a dividend yield of 4.67% [2][6]. - The growth in net profit for 2024 was driven by an increase in gross profit margin, with operational business showing steady growth and significant cost reduction and efficiency improvements in the water supply segment. The engineering segment's revenue and gross profit remained relatively stable, while there was a decline in water supply and gas connection services [2][6]. - The company turned positive in free cash flow in 2024, which supports the maintenance of a high dividend payout ratio [2][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 82.27 billion yuan, a 2.22% increase year-on-year. The net profit attributable to shareholders was 1.19 billion yuan, reflecting a 9.89% increase year-on-year. The basic earnings per share decreased by 2.02% to 0.97 yuan [2][6]. - The fourth quarter of 2024 saw a revenue of 25.84 billion yuan, a 10.64% increase year-on-year, and a net profit of 268 million yuan, up 37.51% year-on-year [6]. Business Segments - The operational business showed steady growth, with the water supply segment achieving a sales volume of 41.6 thousand tons (up 5.07% year-on-year) and revenue of 999 million yuan (up 2.66% year-on-year) [2][6]. - The wastewater treatment segment processed 125 thousand tons (up 7.90% year-on-year) with revenue of 2.5 billion yuan (up 4.24% year-on-year) [2][6]. - The engineering segment's revenue was 1.794 billion yuan, a 3.25% increase year-on-year, with a slight decline in gross profit [2][6]. Cash Flow and Dividends - The company reported a cash collection ratio of 87.18% in 2024, with net cash flow from operating activities of 1.97 billion yuan, a 14.19% increase year-on-year [2][6]. - The company is expected to maintain a dividend payout ratio of no less than 50% from 2024 to 2026, with a projected dividend yield of 4.9% in 2025 [2][6].