Dynagreen(601330) 长江证券·2025-05-20 11:06Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company is transitioning into a pure operation phase with a focus on improving operational efficiency and dividend potential [5][8] - The company has a strong shareholder backing from Beijing State-owned Assets Management Company, which has provided financial support for capacity expansion [8][30] - The company has a solid operational capacity with room for efficiency improvements, particularly in energy generation metrics [9][43] Summary by Sections Company Overview - The company is the first A+H share listed waste incineration power generation enterprise in China, with operations covering 20 provinces and a daily waste processing capacity of 40,300 tons as of the end of 2024 [8][23] - The company has entered a pure operation asset phase, with operational revenue accounting for 98.9% of total revenue starting from 2024 [25] Operational Efficiency - The company has achieved a compound annual growth rate (CAGR) of 20.5% in waste incineration volume from 2019 to 2024, with a total incineration volume of 14.38 million tons in 2024 [9][36] - There is potential for further optimization in operational metrics compared to peers, particularly in capacity utilization and energy generation [9][43] Project Advantages and Business Expansion - The company primarily operates in economically developed regions, with 64% of its waste incineration revenue coming from these areas in 2024 [10][51] - The company is expanding its business model to include energy supply to industrial clients, with a significant increase in steam supply volume projected [10][59] Incentives and Dividend Potential - The company has set ambitious performance targets for its stock incentive plan, aiming for a net profit of no less than 711 million yuan in 2026 [11][64] - The dividend payout ratio for 2024 is expected to increase significantly to 71.5%, exceeding market expectations [11][70] Financial Analysis and Profit Forecast - The company is expected to achieve a net profit of 684 million yuan in 2025, with a projected growth rate of 16.8% [12][74] - The financial outlook indicates a stable cash flow with a focus on operational efficiency improvements leading to profit growth starting in 2025 [12][74]