XREC(SZ:000598) Soochow Securities·2025-04-19 15:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In 2024, the company achieved total revenue of 9.049 billion yuan, an increase of 11.90% year-on-year; the net profit attributable to shareholders was 1.996 billion yuan, up 8.28% year-on-year; and the net profit excluding non-recurring items was 1.963 billion yuan, an increase of 8.82% year-on-year [2][9] Financial Performance Summary - Total revenue forecast for 2023A is 8.087 billion yuan, with a year-on-year growth of 5.99% - Forecasted total revenue for 2024A is 9.049 billion yuan, with a year-on-year growth of 11.90% - Forecasted net profit attributable to shareholders for 2023A is 1.843 billion yuan, with a year-on-year growth of 13.97% - Forecasted net profit attributable to shareholders for 2024A is 1.996 billion yuan, with a year-on-year growth of 8.28% - Forecasted EPS for 2024A is 0.67 yuan per share, with a P/E ratio of 10.53 [1][10] Business Segment Performance - Water supply revenue reached 2.620 billion yuan, up 7.26% year-on-year, with a gross margin of 45.57% - Wastewater treatment revenue reached 3.641 billion yuan, up 20.42% year-on-year, with a gross margin of 41.63% - Revenue from waste incineration reached 774 million yuan, up 10.51% year-on-year, with a gross margin of 48.07% [9][10] Future Outlook - The company is expected to maintain growth momentum in the water and solid waste sectors, with significant cash flow generation potential and dividend growth opportunities [9][10]