占据广州固废优质资产，看好公司成长及分红

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The market has not fully recognized the scarcity and sustainability of the company's assets, as it is the only operator of waste incineration in Guangzhou, with strong backing from the Guangzhou government [1][6]. - The company has significant growth potential, with a current waste incineration capacity utilization rate of 71%. By co-incinerating aged waste, it can substantially increase both capacity utilization and profit margins, leading to performance growth [1][6]. Summary by Sections Company Positioning - The company occupies a prime location in Guangzhou, with excellent and scarce project assets. It is the sole investment and operational entity for waste incineration power generation in Guangzhou, controlling a waste incineration capacity of 32,000 tons/day, with over 30,000 tons/day located in Guangzhou, accounting for approximately 94% [2][15][40]. - The company has a strong financial performance, with a clear three-year plan to maintain a dividend payout of no less than 60%, and a projected dividend rate of 64% for 2023 [6][25]. Growth Opportunities - The company is actively developing 80 million tons of aged waste in Guangzhou, which is expected to enhance performance without the need for additional capital expenditures [6][67]. - The company has a strong synergy between its biomass processing and waste incineration businesses, with biomass processing capacity accounting for 42% of its operations in Guangzhou [3][55]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 25% in revenue and 56% in net profit over the past four years. In 2023, the company reported revenue of 3.536 billion yuan and a net profit of 735 million yuan [25][89]. - The company’s average gross margin has remained between 41-45%, with a net margin around 21% [25]. Future Projections - The company is expected to achieve net profits of 910 million yuan, 1.088 billion yuan, and 1.311 billion yuan for the years 2024 to 2026, representing year-over-year growth rates of 24%, 20%, and 21% respectively [28]. - The current market valuation corresponds to a price-to-earnings (PE) ratio of 14, 12, and 10 for the years 2024 to 2026, with a target market value of 16.4 billion yuan, indicating a potential upside of 26% from the latest market value [28].