花旗发表报告，重申对北控水务集团的"买入"评级，目标价由2.65港元上调至2.85港元，并将2025至27 年的净利润预测上调1%至2%，以反映财务成本减少。该行认为，在中国货币政策趋于宽松及美国降息 的背景下，公司2026年的预测股息率达6.9%，具吸引力。该行预期未来几年随着营运收入上升及资本 开支削减，公司每年将增加约10亿元的正向自由现金流，用以派息及偿还债务。另外，在政府清还债务 下，公司应收账款的现金回收状况正持续改善。同时，更多的自由现金流将支持股息逐步提升，料2025 年股息按年增长3%至5%。 ...

Financial Performance - In Q1 2025, the company reported revenue of approximately 120.3 billion, a year-on-year increase of over 21% [1] - The automotive gross margin was 10.2%, compared to 9.2% in Q1 2024 and 13.1% in Q4 2024 [4] - The total revenue for Q1 2025 was 120.3 billion, with a gross profit of 919.6 million, reflecting a gross margin of 7.6% [3] Delivery and Sales - The company delivered approximately 42,100 new vehicles in Q1 2025, a year-on-year increase of 40.1% [2] - The expected total delivery volume for Q2 2025 is projected to reach between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25.5% to 30.7% [1] Cost Control and Efficiency - The company has implemented a series of cost control measures starting from Q1 2025, including organizational restructuring and cross-brand integration [1] - The CFO stated that the company aims for structural improvement in overall cost efficiency starting from Q2 2025 [1] Future Outlook - The company anticipates achieving positive free cash flow within the year, with significant improvements in operational cash flow expected in Q2 2025 [4] - The founder expressed confidence in achieving profitability by Q4 2025, supported by new product launches and cost reduction efforts [5][6] Product Development - In 2025, the company plans to launch nine new models across its three brands, with six already released [5] - The third-generation ES8 is scheduled for release in Q4 2025, while two additional models from the LeDao brand are expected to launch in Q3 and Q4 2025 [5] Global Expansion - The company has shifted its global market entry strategy to partner with local firms rather than relying solely on direct sales [9] - Currently, the company has established partnerships in 15 markets and plans to continue expanding its global presence [9]