Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvements in operational efficiency, cash flow, and dividend logic continues to be fulfilled [7] - The company's main business revenue for H1 2025 was HKD 14.304 billion, a year-on-year decrease of 8%, with a net profit attributable to shareholders of HKD 2.207 billion, down 10% year-on-year [2] - The report highlights a decline in construction revenue and an increase in impairment losses and foreign exchange losses impacting net profit [7] Financial Summary - Total revenue forecast for 2023A is HKD 32.495 billion, with a year-on-year decrease of 13.92% [1] - Net profit attributable to shareholders for 2023A is projected at HKD 4.429 billion, a decrease of 3.75% year-on-year [1] - The latest diluted EPS for 2023A is HKD 0.72, with a P/E ratio of 5.94 [1] - The company’s cash flow has improved, with a mid-year dividend payout ratio increasing by 7 percentage points to 42% [7] - The company’s construction revenue for H1 2025 was HKD 1.844 billion, down 49% year-on-year, while operational revenue increased by 5% to HKD 9.943 billion [7] - The company has a market capitalization of approximately HKD 26.292 billion and a price-to-book ratio of 0.51 [5] Operational Highlights - The environmental energy segment contributed HKD 5.142 billion in operational revenue for H1 2025, a 6% increase [7] - The company has implemented cost reduction and efficiency improvement measures, leading to a 12% increase in net profit contribution from the environmental energy segment [7] - The company is actively exploring new business opportunities, including projects in Uzbekistan and Thailand [7]
光大环境（00257）：运营提质增效，现金流改善、提分红逻辑持续兑现