Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 9.049 billion yuan for 2024, representing a year-on-year growth of 11.9%, and a net profit attributable to shareholders of 1.996 billion yuan, with a year-on-year increase of 8.3%, which aligns with expectations [6] - The adjustment of sewage prices in Chengdu has significantly boosted sewage income, while the water supply and solid waste sectors are developing steadily [6] - The company has improved its cost control, resulting in an increase in gross profit margins across various segments [6] - Operating cash flow has steadily increased, and capital expenditure growth has slowed down [6] - The company maintains a dividend payout ratio of 28%, with an expected dividend yield of 2.62% [6] - The company is positioned as a state-owned platform for water and solid waste management in Chengdu, with potential for capacity expansion and improved free cash flow [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 9.996 billion yuan, with a year-on-year growth of 10.5% [5] - Net profit attributable to shareholders is projected to be 2.216 billion yuan for 2025, reflecting an 11.0% year-on-year increase [5] - Earnings per share are expected to be 0.74 yuan in 2025 [5] - The company’s gross profit margin is forecasted to be 41.0% for 2025 [5] - The price-to-earnings ratio is projected to be 10 for 2025 [5]