Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to benefit from the continuous promotion of heating services, combining high dividends with sustainable growth [5] - The company has established steam supply cooperation with several groups, which is anticipated to enhance profitability [7] - The project involving the excavation of aged waste is expected to contribute significantly to profits starting in 2025 [7] - The collaboration between waste incineration and data centers is seen as a potential industry trend, with the company positioned to benefit from this shift [7] - The company is projected to achieve a net profit of 9.2 billion, 10.2 billion, and 11.3 billion RMB from 2025 to 2027, with corresponding growth rates of 11.7%, 11.4%, and 10.6% [7] Financial Summary - Revenue projections for the company are as follows: 3,536 million RMB in 2023, 3,765 million RMB in 2024, 4,126 million RMB in 2025, 4,378 million RMB in 2026, and 4,540 million RMB in 2027, with growth rates of 7.38%, 6.45%, 9.58%, 6.12%, and 3.70% respectively [6] - The projected net profit for the company is 735 million RMB in 2023, 821 million RMB in 2024, 917 million RMB in 2025, 1,022 million RMB in 2026, and 1,130 million RMB in 2027, with growth rates of 2.71%, 11.67%, 11.74%, 11.43%, and 10.64% respectively [6] - The earnings per share (EPS) are expected to be 0.82 RMB in 2023, 0.91 RMB in 2024, 1.02 RMB in 2025, 1.14 RMB in 2026, and 1.26 RMB in 2027 [6] - The company’s return on equity (ROE) is projected to be 9.42% in 2023, decreasing to 7.82% in 2024, and then gradually increasing to 9.80% by 2027 [6]
永兴股份（601033）：供热持续推进兼具高股息和持续成长