Investment Rating - The report assigns a "Buy" rating for both H-shares and A-shares of the company, indicating a positive outlook for future performance [1]. Core Insights - The company achieved a revenue of 1.684 billion RMB in H1 2025, reflecting a year-on-year increase of 1.41%, while the net profit attributable to shareholders rose by 24.49% to 377 million RMB [7]. - The report highlights the company's ability to maintain revenue growth despite a decline in construction income, driven by increased waste processing and steam supply [7]. - Cost reduction strategies have led to a decrease in operating costs by 7.57%, resulting in improved gross and net profit margins [7]. - The company has demonstrated strong operational metrics, with a capacity utilization rate of 97.27% and a significant increase in steam supply [7]. - Free cash flow has increased, supporting stable dividend payouts, with a mid-year dividend of 0.1 RMB per share [7]. Financial Projections - The report forecasts total revenue for 2025 to be 3.593 billion RMB, with a projected net profit of 649.61 million RMB, reflecting a growth rate of 11.03% [1][8]. - Earnings per share (EPS) is expected to rise to 0.47 RMB in 2025, with a price-to-earnings (P/E) ratio of 9.38 for H-shares [1][8]. - The company is projected to maintain a healthy return on equity (ROE) of 8.09% by 2027, indicating strong profitability [8].
绿色动力环保（01330）：2025年中报点评：25H1业绩同增24%，提分红+提ROE兑现典范