Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved operational efficiency improvements and a reduction in impairment losses, with national subsidy collections reaching a record high, leading to performance and dividend results that exceeded expectations [1] - The company’s revenue for 2025 is projected at 27,521 million HKD, a decrease of 9.05% year-on-year, while the net profit attributable to shareholders is expected to rise by 16.23% to 3,925 million HKD [1] - The report highlights a significant increase in free cash flow and a dividend payout ratio increase to 42.3%, indicating strong potential for future dividends [1] Financial Summary - Revenue and Profit Forecasts: - Total revenue for 2024 is projected at 30,258 million HKD, decreasing to 27,521 million HKD in 2025, and further declining to 27,145 million HKD in 2026 [1] - Net profit attributable to shareholders is expected to grow from 3,377 million HKD in 2024 to 3,925 million HKD in 2025, and further to 4,161 million HKD in 2026 [1] - Earnings Per Share (EPS) is forecasted to increase from 0.55 HKD in 2024 to 0.64 HKD in 2025, reaching 0.68 HKD in 2026 [1] - Price-to-Earnings (P/E) ratio is projected to decrease from 9.33 in 2024 to 8.03 in 2025, and further down to 7.57 in 2026 [1]
光大环境（00257）：经营提效+减值收窄，国补回款创新高，业绩、分红双超预期