Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 14.5 billion yuan in 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 482 million yuan [2][6]. - The solid waste hazardous waste resource utilization segment saw significant revenue growth of 72.17%, contributing 11.14 billion yuan to the total revenue. The environmental engineering segment's revenue declined by 34.26% [2][6]. - The company plans to implement substantial cash dividends in 2024, with a total cash dividend of approximately 609 million yuan for the year [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.049 billion yuan, a slight decrease of 1.34% year-on-year. The net profit attributable to shareholders was a loss of 79 million yuan, indicating a slight improvement in losses compared to the previous year [6]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 760 million yuan for the year, compared to a negative 953 million yuan in the previous year [2][6]. Revenue Breakdown - The revenue from the solid waste hazardous waste resource utilization segment was 11.14 billion yuan, while the environmental operation service segment generated 1.729 billion yuan, and the environmental engineering segment brought in 1.633 billion yuan [2][6]. - The company saw a notable increase in the sales volume of metals, with cathode copper sales reaching approximately 53,700 tons, a year-on-year increase of 54.3% [2][6]. Profitability and Margins - The overall net profit margin for 2024 was 3.74%, a decrease of 1.06 percentage points year-on-year. The gross margin for the year was 14.4%, down 3.79 percentage points from the previous year [2][6]. - The gross margin for the solid waste hazardous waste resource utilization segment was 9.14%, an increase of 0.85 percentage points, while the environmental engineering segment's gross margin fell to 12.89%, a decrease of 12.62 percentage points [2][6]. Future Outlook - The company is expected to focus on improving the profitability of resource utilization projects in 2025, with anticipated net profits of 727 million yuan, 820 million yuan, and 907 million yuan for 2025, 2026, and 2027, respectively [2][6].