Investment Rating - The report maintains a rating of "Accumulate" for the company [5][11][19] Core Views - The company demonstrates stable operations and steady growth in performance, actively responding to the overseas expansion of Chinese new energy enterprises and accelerating global layout to broaden its downstream market [2][11] - The company is positioned as a leading global semiconductor front-end equipment provider, expanding into new energy and biomedicine sectors, which opens up long-term growth potential [11][12] Financial Summary - Total revenue is projected to grow from 1,505 million in 2023 to 3,563 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.3% [4] - Net profit attributable to the parent company is expected to increase from 173 million in 2023 to 437 million in 2027, with a notable growth rate of 46.8% in 2025 [4] - Earnings per share (EPS) is forecasted to rise from 1.29 in 2023 to 3.25 in 2027, indicating strong profitability growth [4] Market Position and Strategy - The company has established subsidiaries in various regions, including Hungary, Singapore, and Thailand, to enhance its market presence in Europe and Southeast Asia, with overseas revenue reaching 1.72 billion in the first half of 2025, up 23% year-on-year [11] - The company is actively involved in the development of cleanroom equipment for solid-state batteries, which require higher cleanliness standards, positioning itself to benefit from future demand in this area [11] Growth Drivers - The company is expanding its production capacity with new factories in Malaysia and Nanjing, aiming to enhance its operational efficiency and meet increasing demand [11] - The acquisition of a cleanroom wall and ceiling system supplier is part of the company's strategy to integrate its supply chain and enhance its competitive edge [11]

本报告导读： 股 票 研 财务费用大幅节省，业绩超预期 粤海投资(0270) 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 邵潇(分析师) | 0755-23976520 | shaoxiao@gtht.com | S0880517070004 | | 52 周内股价区间(港元) | 4.06-7.22 | | --- | --- | | 当前股本(百万股) | 6,538 | | 当前市值(百万港元) | 47,203 | 2025H1 公司归母净利润 26.82 亿港元，同比增长 11%。利润增加主要由于财务费用 减少，以及持续经营业务投资物业公允值调整产生的净亏损减少所贡献。 投资要点： 风险提示：分红低于预期、东江水项目续约低于预期等。 | 财务摘要(百万港元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

Investment Rating - The report maintains a rating of "Buy" for the company [6]. Core Views - The company has shown a steady increase in dividends, signaling optimism despite a significant decline in construction revenue. Operational business remains robust with a rapid increase in heating supply [2][10]. - The company reported a decrease in total revenue by 8% year-on-year for H1 2025, with a net profit decline of 10%. The drop in construction revenue and foreign exchange losses contributed to this decline [10]. - The operational service revenue increased by 5% to 99.43 billion HKD, with specific segments like environmental energy and water services showing growth [10]. - The overall gross profit margin improved by 5.53 percentage points to 44.26%, and the net profit margin improved by 0.84 percentage points to 19.44% [10]. - The company’s dividend per share (DPS) increased by 7% to 0.15 HKD in H1 2025, compared to 0.14 HKD in the same period of 2024 [10]. Financial Summary - Total revenue is projected to decline from 30,258 million HKD in 2024 to 29,272 million HKD in 2025, with a further decrease to 28,972 million HKD by 2027 [4]. - Net profit is expected to recover from 3,377 million HKD in 2024 to 4,048 million HKD in 2025, reaching 4,288 million HKD by 2027 [4]. - The company’s price-to-earnings (PE) ratio is projected to improve from 7.0 in 2024 to 6.5 in 2025, indicating a potential increase in valuation [4]. Operational Insights - The company’s waste disposal volume increased by 2% to 28.57 million tons, and the supply of steam for heating grew by 39% [10]. - The capital expenditure has been reduced, leading to a positive trend in free cash flow, with only 3,000 tons of new waste projects added in H1 2025 [10].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The report maintains a target price of 31.95 CNY, with the current price at 26.86 CNY, indicating a potential upside [5] - The company has signed strategic cooperation agreements with Guangdong Unicom and Shenzhen Urban Transport to explore green intelligent computing center-related businesses [2][11] - The report emphasizes the rapid advancement of AIDC collaborative business, showcasing the company's strong execution capabilities [11] Financial Summary - Revenue projections for the company are as follows: - 2023A: 12,541 million CNY - 2024A: 11,886 million CNY - 2025E: 12,040 million CNY - 2026E: 12,057 million CNY - 2027E: 12,448 million CNY - The revenue shows a decline of 2.6% in 2023 and 5.2% in 2024, followed by a slight recovery in subsequent years [4][12] - Net profit (attributable to the parent company) is projected as follows: - 2023A: 1,430 million CNY - 2024A: 1,664 million CNY - 2025E: 1,735 million CNY - 2026E: 1,806 million CNY - 2027E: 1,882 million CNY - This indicates a growth of 25.2% in 2023 and 16.4% in 2024 [4][12] - Earnings per share (EPS) estimates are: - 2023A: 1.75 CNY - 2024A: 2.04 CNY - 2025E: 2.13 CNY - 2026E: 2.21 CNY - 2027E: 2.31 CNY [4][12] Market Data - The company has a total market capitalization of 21,900 million CNY and a total share capital of 815 million shares [6] - The stock has traded within a 52-week price range of 18.75 CNY to 27.87 CNY [6] - The current price-to-earnings (P/E) ratio is 15.32, projected to decrease to 11.63 by 2027 [4][12] Strategic Partnerships - The collaboration with Guangdong Unicom and Shenzhen Urban Transport aims to leverage the company's green energy advantages to provide competitive green electricity and waste heat steam, reducing energy costs for computing centers [11] - The partnership is expected to enhance the profitability of the company's waste incineration projects and improve cash flow [11]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][12]. Core Views - The heating business is experiencing rapid growth, with significant profit increases in a single quarter, achieving a record high [2][12]. - The company is actively pursuing mergers and acquisitions, contributing to its growth strategy [12]. Financial Performance - For the first half of 2025, the company reported revenue of 848 million yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 196 million yuan, up 20% year-on-year [12]. - The second quarter of 2025 saw a net profit of 119 million yuan, a quarter-on-quarter increase of 53% and a year-on-year increase of 30%, marking a historical high [12]. - The net cash flow from operating activities was 298 million yuan, reflecting a 25% year-on-year improvement [12]. Business Segments - Revenue from household waste treatment increased by 15% to 691 million yuan, with a gross margin improvement of 1.27 percentage points to 52.57% [12]. - The construction project segment saw a revenue increase of 44% to 133 million yuan, with a gross margin improvement of 1.57 percentage points to 3.78% [12]. - The company processed 2.1363 million tons of household waste in the first half of 2025, a 10% increase year-on-year, and the heating volume reached 877,500 tons, a 12% increase year-on-year [12]. Strategic Initiatives - The company is focusing on optimizing operations through detailed management and execution improvements, resulting in a 1.3% reduction in electricity consumption per ton of waste processed compared to the same period last year [12]. - The company has completed the acquisition of the Jinzhou project, which turned profitable in its first month post-acquisition, and is pursuing additional projects to enhance operational synergies [12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The performance of Yuehai Investment in 2024 was negatively impacted by Yuehai Land, which recorded an impairment of HKD 1.034 billion, although the dividend payout met expectations [2][5] - The company reported a net cash inflow from continuing operations of HKD 9.15 billion, indicating strong cash flow [2][5] - The company plans to divest Yuehai Land through a special dividend distribution, which is expected to enhance focus on its water assets [5] Financial Summary - Revenue for 2024 is projected at HKD 18.505 billion, a decrease of 24% from 2023 [4] - Net profit for 2024 is expected to be HKD 3.142 billion, a slight increase of 0.64% compared to the previous year [4] - The company’s PE ratio is projected to be 13.96 for 2024, with a PB ratio of 1.05 [4] Operational Insights - Water supply revenue from Hong Kong is expected to increase by 3% to HKD 5.136 billion, while revenue from Shenzhen and Dongguan is projected to decrease by 11% to HKD 1.224 billion due to exchange rate impacts [5] - The company’s net cash inflow from continuing operations, excluding Yuehai Land, is projected to be HKD 9.15 billion [5] - The company’s capital expenditure for 2024 is expected to be HKD 1.857 billion, significantly reduced from HKD 7.696 billion in 2023 [5]