Investment Rating - The report assigns a "Buy" rating for Zhongke Environmental [1] Core Views - The company has shown steady revenue growth with a 6.06% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.272 billion yuan, and a 13.21% increase in net profit attributable to shareholders, totaling 298 million yuan [1][3] - The company is effectively managing costs, with operating costs growing only 1.28%, which is lower than the revenue growth rate, leading to an improved gross margin of 44.06%, up 2.6 percentage points year-on-year [3] - The company is committed to high dividend payouts, promising to distribute at least 60% of its net profit to shareholders annually from 2024 to 2028, with a mid-term dividend proposal of 0.60 yuan per share [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved an operating income of 1.272 billion yuan, a net profit of 298 million yuan, and a net profit after deducting non-recurring gains and losses of 295 million yuan, all showing positive year-on-year growth [1] - The company’s operating cash flow for the first three quarters reached 511 million yuan, reflecting a 9.09% increase, with a collection ratio of 93.1% [3] - The forecast for revenue from 2025 to 2027 is 1.857 billion yuan, 2.147 billion yuan, and 2.387 billion yuan respectively, with net profits projected at 397 million yuan, 478 million yuan, and 541 million yuan [3][4]
中科环保（301175）：业绩、现金流持续向好，中期分红彰显信心