Core Viewpoint - The company, Guangda Environment, has officially initiated its "back to A-share" listing process, which is expected to enhance its financing channels and improve its valuation due to higher average valuations in the A-share market compared to the Hong Kong market [1][2]. Summary by Sections Company Announcement - Guangda Environment's board has approved a preliminary proposal to issue RMB shares and list them on the Shenzhen Stock Exchange, contingent on market conditions, shareholder approval, and necessary regulatory approvals [1]. - The initial plan proposes to issue no more than 800 million A-shares, which would account for 11.52% of the company's expanded share capital post-issuance [1]. Market Context - The "back to A-share" listing is expected to further broaden the company's financing channels and optimize its capital structure, as A-share listed companies in the environmental sector generally have higher valuations than their Hong Kong counterparts [2]. - According to Bloomberg data, the average valuation for A-share environmental waste-to-energy companies is projected at 13.4 times PE for 2025, compared to 9.2 times PE for Hong Kong companies, indicating a 46% valuation premium for A-shares [2]. Operational Performance - Guangda Environment has successfully operated 159 waste-to-energy projects with a design capacity exceeding 50 million tons per year, leading to continuous growth in waste processing and electricity generation [2]. - The company has achieved positive free cash flow since 2024, driven by refined operations and increased cash returns from its heating and steam supply business [2]. International Expansion - The company is actively expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan, totaling a design capacity of 3,000 tons per day [2][3]. - Future market focus includes Indonesia, Vietnam, and Central Asia to enhance its overseas project reserves [3]. Financial Outlook - The company maintains a "buy" rating with a target price of HKD 5.80, corresponding to a projected PE of 10 times for 2025, and offers an attractive dividend yield of 5.1% for 2026 [3]. - Profit forecasts for the company are projected at HKD 3.57 billion, HKD 3.79 billion, and HKD 3.98 billion for the years 2025, 2026, and 2027, respectively [3].

SDICSI 2025 年 11 月 21 日 光大环境 (257.HK) 公司启动回 A 上市，利好价值重估 光大环境近期发布公告，公司董事会已批准可能进行发行人民币股份及人民币股 份在深交所上市的初步建议；建议发行人民币股份需取决并受限于市场情况、股 东大会的批准以及必要的监管批准。公司"回 A 上市"正式启动，如果成功上 市，公司融资渠道进一步拓宽，A 股环保-垃圾焚烧发电股份估值较港股高，利 于公司估值提升。我们维持盈利预测，目前股价对应 2026 年股息率 5.1%，具吸 引力。我们维持"买入"评级，维持目标价 5.80 港元（按同业比较法估值）对 应 2025 年 10 倍预测 PE。 报告摘要 政策支持下，光大环境"回 A 上市"进程正式启动。今年 6 月 10 日，中共中央 办公厅及国务院办公厅发布《关于深入推进深圳综合改革试点深化改革创新扩大 开放的意见》其中提出健全金融服务实体经济的激励约束机制，允许在香港联合 交易所上市的粤港澳大湾区企业，按照政策规定在深圳证券交易所上市。光大环 境是政策发布后，第一家公告拟发行人民币股份并于深交所上市的港股上市公 司。根据光大环境公告，公司董事会已批准 ...