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瀚蓝环境(600323):内生业务稳健增长,粤丰并表锦上添花

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's internal business is experiencing steady growth, and the consolidation of Yuefeng has further enhanced profits. The revenue decline is primarily due to a decrease in PPP project income and sanitation business scale, while the net profit attributable to shareholders has increased significantly [1][3] - The successful acquisition of Yuefeng Environmental has solidified the company's leading position in the industry, with a clear growth path both internally and externally. The report predicts revenue and net profit growth for the years 2025 to 2027, indicating strong growth potential and dividend capability [6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating income of 5.763 billion yuan, a year-on-year decrease of 1.05%. The net profit attributable to shareholders was 967 million yuan, an increase of 8.99% year-on-year. The net cash flow from operating activities was 1.221 billion yuan, up 29.77% year-on-year [1][4] - The company plans to implement a mid-term dividend, distributing 0.25 yuan per share (including tax), which accounts for approximately 21.08% of the net profit attributable to shareholders for the first half of 2025 [1][4] Business Segments - The solid waste treatment business generated 2.949 billion yuan in revenue, a year-on-year decrease of 3.36%, but net profit increased by 24.51% to 724 million yuan. The heating business showed significant growth, with external heating reaching 943,500 tons, a year-on-year increase of 41.60% [3][4] - The energy segment reported revenue of 1.865 billion yuan, a year-on-year increase of 0.71%, while the water supply and drainage businesses also showed stable growth [3] Acquisition and Integration - The acquisition of Yuefeng Environmental was completed in June 2025, with a total waste incineration power generation capacity of 97,590 tons per day, ranking among the top in the industry. The integration work is progressing smoothly, and initial synergies are being realized [3][6] - Financial synergies from the acquisition include a reduction in total loans by approximately 1.3 billion yuan and a decrease in financing rates, effectively lowering financial costs [3][6] Cash Flow and Shareholder Returns - The company has set a target to recover at least 2 billion yuan of outstanding accounts receivable in 2025, with over 1.15 billion yuan already collected in the first half of the year. This has contributed to a significant improvement in cash flow [4] - The company is committed to sharing development results with shareholders, as evidenced by the planned mid-term dividend distribution [4][6]