Core Viewpoint - The Mianyang Taziba Wastewater Treatment Plant, operated by Beijing Enterprises Water Group, plays a crucial role in environmental protection and resource recycling in Mianyang, Sichuan, contributing to the ecological civilization and sustainable development of the region [1][3][8] Group 1: Plant Operations and Technology - The Taziba Wastewater Treatment Plant processes approximately 200,000 tons of wastewater daily, equivalent to the volume of 100 standard swimming pools [3] - The plant has implemented advanced technologies such as intelligent aeration and dosing, achieving automated operations without manual intervention [5] - The integration of IoT technology allows for real-time monitoring of equipment status, significantly reducing emergency incidents from 23 times per month to 1-2 times [5] Group 2: Environmental Education and Community Engagement - The plant serves as one of the first environmental education bases in Sichuan, promoting ecological awareness through public open days and various environmental activities [7] - Community members, including school groups, are invited to tour the facility, enhancing public understanding of wastewater treatment processes and their importance [8] Group 3: Commitment to Sustainable Development - The plant aims not only for compliance with discharge standards but also to ensure that every drop of water contributes to ecological cycles, aligning with the principle that "green mountains and clear waters are as valuable as mountains of gold and silver" [8] - The Taziba Wastewater Treatment Plant is committed to exploring more efficient and low-carbon wastewater treatment models, supporting Mianyang's vision of a livable ecological city [8]

上 市 公 司 公用事业 2025 年 05 月 08 日 联美控股 (600167) ——供热稳健增长 持续高比例分红 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 05 月 07 日 | | | --- | --- | | 收盘价（元） | 5.97 | | 一年内最高/最低（元） | 6.59/4.95 | | 市净率 | 1.2 | | 股息率%（分红/股价） | 5.36 | | 流通 A 股市值（百万元） | 13,509 | | 上证指数/深证成指 3,342.67/10,104.13 | | | 注："股息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 05-07 06-07 07-07 08-07 09-07 10-07 11-07 12-07 01-07 02-07 03-07 04-07 05-07 -20% -10% 0% 10% 20% 联美控股 沪深300指数 (收益率) 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch. ...

Core Insights - The company reported a revenue of 68.816 billion yuan for 2024, a decrease of 7.28% year-on-year, and a net profit attributable to shareholders of 2.841 billion yuan, down 3.54% year-on-year [1] - The company plans to distribute a cash dividend of 0.692 billion yuan, resulting in a dividend payout ratio of approximately 35.41%, with a corresponding dividend yield of 5.25% based on the closing price on April 25 [1] Financial Performance - Quarterly revenue for 2024 was as follows: Q1: 14.125 billion yuan (up 23.45% YoY), Q2: 13.909 billion yuan (up 16.48% YoY), Q3: 14.854 billion yuan (down 36.85% YoY), Q4: 25.927 billion yuan (down 4.98% YoY) [2] - Quarterly net profit attributable to shareholders was: Q1: 0.444 billion yuan (down 1.01% YoY), Q2: 0.341 billion yuan (up 5.02% YoY), Q3: 0.714 billion yuan (down 0.91% YoY), Q4: 1.342 billion yuan (down 7.13% YoY) [2] - Revenue by business segment included: construction industry 57.239 billion yuan (down 6.72% YoY), design services 2.388 billion yuan (down 6.90% YoY), infrastructure operation 5.029 billion yuan (down 15.79% YoY), and others [2] New Orders and Growth - The company achieved new orders of 103.016 billion yuan in 2024, an increase of 8.01% year-on-year, with construction, design, operation, and digital business contributing 90.935 billion yuan, 6.161 billion yuan, 4.891 billion yuan, and 1.030 billion yuan respectively [2] - The company is focusing on mergers and acquisitions in strategic emerging industries such as smart operations, low-altitude economy, deep-sea economy, and artificial intelligence [3] Strategic Initiatives - The company approved a valuation enhancement plan for 2025-2027, focusing on modern urban construction services, emergency maintenance systems, digital transformation, and green material applications [3] - A budget of up to 0.5 billion yuan is planned for stock repurchase to enhance shareholder returns [3] Future Projections - Expected net profits for 2025-2027 are projected at 2.867 billion yuan, 2.963 billion yuan, and 3.154 billion yuan respectively, with corresponding price-to-earnings ratios of 6.68, 6.46, and 6.07 [3]