Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 21.6 CNY [19]. Core Views - In 2023, the company achieved operating revenue of 1.857 billion CNY, a year-on-year increase of 18.26%, and a net profit attributable to shareholders of 514 million CNY, up 10.21% year-on-year. A cash dividend of 9 CNY per 10 shares is proposed, amounting to approximately 369 million CNY [19]. - For Q1 2024, the company reported operating revenue of 497 million CNY, a significant year-on-year growth of 38.05%, and a net profit of 124 million CNY, reflecting an 11.37% increase year-on-year [19]. - The growth in revenue is primarily attributed to the increase in construction services, particularly from the Liuyang Pingjiang project, which is currently under construction [20]. - The company maintains a high dividend policy, with a payout ratio of 72%, resulting in a dividend yield of 5.6% based on the closing price on April 22, 2024 [20]. - Future growth is expected to be driven by natural population growth in Changsha and improvements in waste-to-energy conversion rates due to technological upgrades, with additional profit contributions anticipated from the upcoming operationalization of the Liuyang Pingjiang project [20]. Financial Summary - The company’s total revenue is projected to reach 2.050 billion CNY in 2024, with a year-on-year growth rate of 10.3% [20]. - The net profit attributable to shareholders is expected to be 554 million CNY in 2024, with a growth rate of 7.8% [20]. - The earnings per share (EPS) is forecasted to be 1.35 CNY in 2024, with a price-to-earnings (P/E) ratio of 12 [20].
2023年报&2024年一季报点评：业绩双位数稳增，高分红政策不改