Investment Rating - The report maintains a "Hold" rating for China Everbright Water (1857 HK) with a target price of HKD 1.56 [1][4]. Core Insights - In 2025, the company's revenue decreased by 21.8% to HKD 5.355 billion, and net profit fell by 17.4% to HKD 842.5 million. The dividend payout ratio increased from 33% in 2024 to 35% in 2025, with a final dividend of HKD 0.0422 per share [2][3]. - The construction service revenue share dropped to 20.3%, with a 59% year-on-year decline due to fewer projects. Operating revenue increased by 5%, accounting for 55.4% of total revenue, while financial income made up 20.6% and equipment sales and technical services contributed 3.7% [3]. - The overall gross margin improved to 44% from 38% in 2024, driven by a higher proportion of operating business revenue, which has a better margin compared to construction services [3]. Financial Projections - For 2026, the expected revenue is HKD 5.848 billion, representing a 9.2% year-on-year growth, with a projected profit of HKD 917.1 million, an 8.9% increase [4][5]. - The estimated earnings per share for 2026 is HKD 0.32, with a forecasted price-to-earnings ratio of 4.7 times and a dividend yield of 8.0% [4][10].
光大水务(1857 HK) 2025年纯利下跌17%；派息比率提高至35%