推动旗下并购资源型景区升级转型，二次消费增长潜力大。公司紧扣"硬件焕新、内容扩容、体验升 维"主线，持续加大投资与创意供给，迭代多元产品矩阵、精雕高阶体验，形成覆盖全场景、全时段的 多元产品矩阵与无缝体验闭环，成功撬动"体验增值—口碑裂变—收益跃迁"的正向飞轮，帮助资源型景 区转型升级。其中，齐云山景区全面升级"复古游齐云"、"白岳夜逍遥"双IP，依托沉浸式夜游项目及节 庆爆点活动，打造"白+黑"全时消费场景；丹霞山景区加速文旅综合体落成，创新整合水上丹霞游船、 翔龙湖渡船、空中丹霞索道等项目打造出立体沉浸式体验，并通过"萬古丹霞"等沉浸式水上夜游项目强 化夜游体验；碧峰峡景区开通悬空透视桥，丰富二消配套，优化游览动线和服务体验，引入"5G＋VR ＋无人机"等前沿科技。 给予公司"增持"的投资评级。公司拥有丰富的文旅产业投资建设运营经验，持续的并购扩大景区版图， 同时多业务布局下有望通过产品组合逐步打造一体化旅游度假目的地，实现协同发展。公司锐意进取， 通过通票政策、主题活动等运营手段和IP打造、体验项目创新等方式帮助收购后的文旅资产实现客流与 营收双双增长，看好公司长期文旅融合发展。 预计公司2025/20 ...

Group 1 - The report emphasizes the transformation of finance departments in growth-oriented companies amidst digitalization, providing new insights for financial executives to navigate challenges [1] - Financial executives are increasingly involved in market volatility management and technology strategy planning, utilizing real-time data and advanced analytical tools to capture market trends [5] - Leading companies break down departmental barriers to ensure tight integration between finance and business, facilitating resource allocation and timely strategic updates [5] Group 2 - The report highlights the necessity of maintaining a robust financial position as companies pursue expansion, addressing the challenge of balancing financial risks during growth [6] - Leading firms implement lean operations and automation to reduce inefficiencies, allowing finance personnel to focus on value-creating analysis [6] - Establishing comprehensive risk monitoring systems is crucial for safeguarding steady expansion by tracking key financial indicators [6] Group 3 - Compliance and sustainable development are identified as critical for long-term value growth, with ESG disclosure requirements posing challenges and opportunities for finance departments [8] - Financial executives are encouraged to integrate sustainable development principles into corporate strategy through precise data collection and analysis to track ESG progress [8] - Building long-term compliance mechanisms not only meets current regulatory demands but also enhances the company's risk resilience [8]

自上市以来，瀚蓝环境年年分红，分红稳定性较好，分红总额从2000年的5212.85万元增长到2024年的 6.52亿元。 根据规划，2024年-2026年，每股派发的现金股利，较上一年度同比增长不低于10%。若未来三年公司 总股本增加，公司也将维持上述每股派发现金股利规划不变，以4月11日（即2024年年报披露日）收盘 价计算，未来两年股息率最低将达到3.77%和4.15%，有望不断为股东创造长期价值。 随着2024年业绩报告的发布，这家环保龙头在行业竞争压力增大等外部环境下，通过并购整合、精益化 运营、资源化升级与绿色能源化布局，构建起穿越周期的护城河。 核心业务保持稳健增长 垃圾焚烧发电行业在历经跑马圈地、抢装潮等时期后，已经进入冷静发展期。行业内由于运营效率与风 控能力不同，综合去年业绩来看，行业已经开始有所分化，部分龙头盈利能力下滑。 2024年度报告显示，瀚蓝环境全年实现营业收入118.86亿元，营收规模较去年基本持平，归母净利润 16.64亿元，同比增加16.39%。 展望未来，随着粤丰环保并表，公司2025年营收目标将有望达到131亿元，总资产规模突破640亿元。公 司垃圾处理运营规模将成为国内 ...