Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company plans to issue up to 800 million shares, representing no more than 11.52% of the post-issue share capital, and will list on the Shenzhen Stock Exchange [1][6] - The company is expected to achieve positive cash flow starting in 2024, with projected free cash flow of approximately 4 billion RMB, marking the first positive cash flow since 2003 [6] - The company is focusing on cost reduction and efficiency improvements, with a significant increase in dividends and expectations for value reassessment due to the upcoming share issuance [6] Financial Data and Valuation - Revenue projections for the company show a decline from 32,495 million HKD in 2023 to 29,397 million HKD in 2025E, with a year-on-year growth rate of -14%, -7%, and -3% respectively [2][10] - Operating profit is expected to decrease from 10,473 million HKD in 2023 to 8,138 million HKD in 2025E, with corresponding year-on-year growth rates of -1%, -17%, and -7% [2][10] - Net profit is projected to decline from 4,429 million HKD in 2023 to 3,337 million HKD in 2025E, with year-on-year growth rates of -4%, -24%, and -1% [2][10] - The company’s price-to-earnings (P/E) ratio is forecasted to be 9.1x in 2025, decreasing to 7.9x by 2027 [2][10] Shareholder Information - The major shareholder is China Everbright Group Co., Ltd., holding a 43.08% stake in the company [3] Market Performance - The company's stock price has shown an absolute performance increase of 46% over the past 12 months [5]
光大环境（00257）：回A上市启动，助力环保龙头价值重估