Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 7.13 and a fair value estimate of HKD 10.64 [3]. Core Insights - The company is expected to achieve a 43% year-on-year growth in net profit attributable to shareholders for 2025, primarily due to the divestment of Yuehai Land and a reduction in financial expenses [7]. - The water supply revenue shows stable growth, highlighting the company's robust attributes, with a supply volume of 1.67 billion tons in Q1-Q3 2025, reflecting a 1.5% increase year-on-year [7]. - The company is projected to maintain a high dividend payout, with an expected dividend yield of 6.3% for 2025, supported by a consistent dividend payout ratio of 65% [7]. - The earnings forecast for 2025-2027 indicates net profits of HKD 44.93 billion, HKD 46.38 billion, and HKD 47.70 billion, respectively, with corresponding P/E ratios of 10.4, 10.1, and 9.8 [7]. Financial Summary - The company's main revenue for 2023 is projected at HKD 20.32 billion, with a decline of 12.4% year-on-year, followed by a slight recovery in subsequent years [2]. - EBITDA is expected to be HKD 9.92 billion in 2023, with a stable outlook for the following years [2]. - The net profit attributable to shareholders for 2023 is estimated at HKD 4.37 billion, with a decrease of 8.3% year-on-year [2]. - The company’s return on equity (ROE) is projected to remain stable around 10.3% to 10.5% over the forecast period [2].
粤海投资（00270）：预告25年归母净利润同比增长43%，股息价值突出