Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company reported a 14.1% year-on-year increase in revenue for 2023, reaching 24.52 billion RMB, and a 60.5% increase in net profit attributable to shareholders, totaling 1.90 billion RMB [2] - The company plans to distribute a final dividend of 0.087 HKD per share, with a total payout ratio of 75% for the year [2] - The report anticipates that the company may exceed its performance guidance due to the flexibility in profit margins from water price increases and adjustments in overseas debt structure [2] Financial Summary - Revenue for 2023 was 24,519 million RMB, with a projected growth of 5.2%, 4.3%, and 4.8% for 2024, 2025, and 2026 respectively [3] - Net profit attributable to shareholders for 2023 was 1,896 million RMB, with expected growth rates of 6.6%, 10.3%, and 11.9% for the following three years [3] - The EBITDA margin improved by 3.2 percentage points to 36.4% in 2023 [2] - The company’s total assets were reported at 165.5 billion RMB, with net assets of 31.4 billion RMB [4]
派息稳定，维持推荐