2025年，江苏江南水务股份有限公司（以下简称"江南水务"）发布2024年年度报告，展现出在复杂市场 环境下的稳健经营态势。报告期内，公司在营收、利润等方面取得一定增长，但经营活动现金流量净额 下降26.03%，投资活动现金流量净额变动显著。这些数据背后反映了公司怎样的经营状况和潜在风 险？本文将深入解读。 关键财务指标解读 营收稳健增长 2024年，江南水务实现营业收入1,533,067,386.98元，较2023年的1,364,014,058.89元增长12.39%。从业 务板块来看，自来水业务板块实现主营收入61,510.22万元，同比增长1.58%，其中自来水业务营收增长 1.61%，得益于非居民用水结构改善，平均售水单价上升；工程业务板块实现主营收入64,352.75万元， 同比增长21.92%，主要因农网改造及污水管道工程营收增长，而管道安装及改造工程、房产小区给水 工程同比下降；排水业务板块实现主营收入24,778.97万元，同比增长17.71%，污水处理量和相关业务 收入均有增长。 2024年销售费用为74,829,790.88元，较上年的80,011,908.84元下降6.48%。主要变动在 ...

Core Insights - The company reported a robust financial performance for 2024, with total revenue reaching 9.049 billion yuan, an increase of 11.90% year-on-year, and a net profit attributable to shareholders of 1.996 billion yuan, up 8.28% year-on-year [1][2] Financial Performance - The company achieved earnings per share of 0.67 yuan, reflecting an 8.06% increase year-on-year [1] - Operating cash flow net amount reached 3.681 billion yuan, growing by 8.61% year-on-year [3] - Total assets increased to 48.448 billion yuan, marking an 11.24% year-on-year growth [1] Business Segments Performance - The wastewater treatment segment generated 3.641 billion yuan in revenue, a significant increase of 20.42% year-on-year, driven by operational enhancements and fee adjustments [2] - The water supply segment saw a 7.62% increase in water sales volume to 1.150 billion tons, with revenue reaching 2.620 billion yuan, up 7.26% year-on-year [2] - The waste incineration power generation segment achieved revenue of 774 million yuan, growing by 10.51% year-on-year, with a gross margin increase of 7.84 percentage points to 48.07% [2] Cost Management and Shareholder Returns - The company effectively managed accounts receivable and optimized financing structures to mitigate cost pressures associated with business expansion [3] - A cash dividend of 1.87 yuan per 10 shares is proposed, representing a 10% increase in total dividends year-on-year, reflecting management's confidence in future performance [3] Expansion and Capacity Growth - The company is focusing on consolidating regional advantages while expanding its national market presence, with new projects in multiple locations and successful acquisitions [4] - Total operational and under-construction water supply project capacity reached approximately 9.2 million tons per day, with waste incineration capacity at 12,000 tons per day [4] - The company is also expanding into emerging sectors such as reclaimed water utilization and kitchen waste disposal, with a current reclaimed water business scale of 1.3 million tons per day [4] Innovation and Technology - The company significantly increased R&D investment by 355% year-on-year to 54.88 million yuan, launching 57 projects and obtaining 33 new patents [5] - A smart management platform is being developed to enhance operational efficiency across various functions [5] Environmental and Social Responsibility - Several projects have been recognized as industry benchmarks, including a kitchen waste resource utilization project selected by the UN [6] - The company received multiple awards for its ESG practices, highlighting its commitment to social responsibility and environmental sustainability [6] Future Outlook - Industry experts anticipate growth opportunities for the company in 2025, driven by supportive policies and market reforms in the environmental sector [7] - The company is well-positioned with a strong project pipeline and a solid financial structure, supported by technological innovation and smart operations [7]

以下文章来源于智谷趋势Trend ，作者鹿鹭 申公豹 智谷趋势Trend . 新中产的首席财富顾问 作者： 鹿鹭 申公豹 来源：智谷趋势Trend（lD：yuanfangguanchaju） 涨价潮又来了，但这次不一样。 2025，一场史无前例的成本大挪移正在到来。 很难有人置身事外。 01 全国最有钱的城市深圳，最近打算让自来水涨价13.05%。 目前听证会还没开，不过方案一和方案二， 综合价格涨幅是一模一样的 。 就像成语里的猴 子，"朝三暮四"和"朝四暮三"的区别，或许就在于有没有让你选。 | 现行价格 | | | | 拟调整价格 | | | --- | --- | --- | --- | --- | --- | | | 目前 | 方案一 | | 方案二 | | | 用水类别 | 价格 | 拟调 | 调增额 | 拟调 | 调增额 | | | | 价格 | | 价格 | | | 1.居民生活用水 | | | | | | | (1)家庭户(m3/户 · 月) | | | | | | | 0-22(含) m3 | 2. 67 | 2. 67 | 0. 00 | 2. 94 | 0. 27 | | 22-30( ...

Core Viewpoint - The company reported a revenue of 8.227 billion yuan for 2024, reflecting a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.190 billion yuan, up 9.89% year-on-year, slightly exceeding expectations [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.584 billion yuan, representing a year-on-year increase of 10.64% and a quarter-on-quarter increase of 52.22% [1] - The net profit for Q4 was 268 million yuan, showing a year-on-year increase of 37.51% but a quarter-on-quarter decrease of 15.48% [1] - Operating cash flow increased by 14.19% year-on-year, reaching 1.974 billion yuan, with accounts receivable rising by 42.13% to 2.534 billion yuan [2] Business Segments - Water sales and sewage treatment showed steady growth, with water sales revenue increasing by 2.7% and sewage treatment revenue by 4.2% year-on-year [1] - Gas sales and gas engineering installation revenues declined by 0.8% and 10.4% year-on-year, respectively [1] - The company sold 416 million tons of water (up 5.07% year-on-year) and treated 1.253 billion tons of sewage (up 7.90% year-on-year) in 2024 [1] Dividend Policy - The company aims to maintain a dividend payout ratio of no less than 50% for eight consecutive years, with a dividend per share (DPS) of 0.464 yuan for 2024 [2] - The company has consistently maintained a dividend payout ratio above 50% since 2019, reflecting strong asset quality and commitment to shareholder returns [2] Valuation - The target price for the company is set at 14.90 yuan, maintaining a "buy" rating, with expected net profits for 2025-2027 projected at 1.253 billion, 1.315 billion, and 1.363 billion yuan, respectively [3] - The company is assigned a 15.2 times price-to-earnings (PE) ratio for 2025, reflecting a 20% premium over the average PE of comparable companies [3]