Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company plans to issue up to 800 million shares to return to A-share market, which is expected to enhance long-term value [6]. - The issuance is anticipated to have limited dilution on profits, as the company’s operational business is steadily growing, and financial costs are being optimized [6]. - The company has turned positive in free cash flow since 2024, with expectations for continued improvement [6]. - The dividend policy remains stable, with a proposed mid-term dividend of 0.15 HKD per share for 2025, reflecting a dividend payout ratio of 42% [6]. - The A-share issuance is expected to optimize the company's capital structure and improve its valuation in the long term [6]. - The report forecasts net profit attributable to ordinary shareholders for 2025-2027 at 3.589 billion, 3.810 billion, and 4.055 billion HKD, respectively, with corresponding PE ratios of 8, 8, and 7 [6]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 32,090 million, 30,258 million, 29,976 million, 30,938 million, and 31,954 million HKD, with a decline in growth rates from -14.02% in 2023 to 3.28% in 2027 [3][7]. - Net profit attributable to ordinary shareholders is projected to decrease from 4,429 million HKD in 2023 to 3,377 million HKD in 2024, before recovering to 4,055 million HKD by 2027 [3][7]. - The company’s return on equity (ROE) is expected to gradually improve from 9.20% in 2023 to 7.35% in 2027 [3][7].
光大环境（00257）：拟发行不超8亿股回A，助力长期价值提升