Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the acquisition of Guangdong Feng Environmental is progressing smoothly, and the company is characterized by high dividends and high growth potential [1][6] - The company reported a revenue of 11.886 billion yuan for 2024, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders increased by 16.4% to 1.664 billion yuan, aligning with expectations [6] - The solid waste business is operating steadily, with a significant one-time gain from the Jining waste incineration project contributing to profits [6] - The energy business remains stable, although there was a decline in revenue due to lower natural gas sales prices [6] - The company achieved a substantial increase in cash flow and dividends, with a net operating cash flow of 3.273 billion yuan in 2024, up 31.85% [6] - The acquisition of Guangdong Feng Environmental is expected to be completed in the first half of 2025, positioning the company among the top three in domestic waste management [6] - The report raises the profit forecast for 2025-2026, projecting net profits of 1.786 billion yuan and 2.055 billion yuan respectively, with a corresponding PE ratio of 11/9/9 [6] Financial Data and Profit Forecast - Total revenue is projected to be 12.923 billion yuan in 2025, with a year-on-year growth of 8.7% [5] - The net profit attributable to shareholders is expected to reach 1.786 billion yuan in 2025, reflecting a growth of 7.4% [5] - The earnings per share are forecasted to be 2.19 yuan in 2025, with a gross margin of 30% [5] - The return on equity (ROE) is projected to be 12.1% in 2025 [5]