Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Insights - In 2025, despite a continued decline in revenue, the company achieved a 16% year-on-year growth in net profit attributable to shareholders, driven by reduced financial expenses and alleviated impairment pressures in green environmental sectors. The dividend payout ratio increased to 42.3% [2][10]. - The company reported a total revenue of HKD 27.521 billion in 2025, a decrease of 9% compared to 2024, while net profit reached HKD 3.925 billion, reflecting a 16% increase year-on-year. The total dividend for the year was HKD 1.659 billion, up 17% from HKD 1.413 billion in 2024 [10]. - The construction service revenue fell by 53% to HKD 2.681 billion, accounting for about 10% of total revenue, while operational service revenue grew by approximately 3% to HKD 19.426 billion, indicating a shift towards stable operational income [10]. - Financial expenses were significantly reduced to HKD 2.394 billion in 2025, down about 20% from HKD 3.007 billion in 2024, contributing to the overall profit recovery [10]. - The green environmental sector turned profitable in 2025, with an EBITDA of HKD 1.639 billion, a 62% increase year-on-year, and a net profit contribution of HKD 0.087 billion, recovering from a loss of HKD 0.285 billion in 2024 [10]. Financial Summary - Total revenue for 2025 was HKD 27,521 million, with a projected increase to HKD 28,814 million in 2026 and HKD 29,013 million in 2027 [4]. - Net profit for 2025 was HKD 3,925 million, expected to rise to HKD 4,287 million in 2026 and HKD 4,624 million in 2027 [4]. - The company’s PE ratio for 2025 is 7.5, with projections of 7.4 for 2026 and 6.8 for 2027 [4]. - The PB ratio is projected to be 0.57 in 2025, increasing slightly to 0.58 in 2026 and decreasing to 0.55 in 2027 [4].
光大环境（00257）：2025年业绩公告点评：业绩及分红提升超预期