Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has achieved a 7 percentage point increase in capacity utilization to 87% and is actively expanding its co-firing and heating business, with a high dividend payout ratio of 66% [1] - The company reported total revenue of 4.287 billion yuan in 2025, representing a year-on-year growth of 13.88%, and a net profit attributable to shareholders of 860.55 million yuan, a year-on-year increase of 4.87% [1][8] - The company is focusing on enhancing its operational efficiency through the integration of acquired assets and expanding its service offerings in the waste-to-energy sector [8] Financial Projections - Total revenue projections for the company are as follows: 3.765 billion yuan in 2024, 4.287 billion yuan in 2025, 4.489 billion yuan in 2026, 4.768 billion yuan in 2027, and 5.026 billion yuan in 2028 [1] - The net profit attributable to shareholders is projected to be 820.57 million yuan in 2024, 860.55 million yuan in 2025, 959.72 million yuan in 2026, 1.05484 billion yuan in 2027, and 1.15409 billion yuan in 2028 [1] - The earnings per share (EPS) is expected to be 0.91 yuan in 2024, 0.96 yuan in 2025, 1.07 yuan in 2026, 1.17 yuan in 2027, and 1.28 yuan in 2028 [1] Operational Highlights - The company has successfully increased its waste processing capacity, with a total of 1,096.43 million tons of waste processed in 2025, marking an 18.1% increase year-on-year [8] - The company has also expanded its co-firing operations, processing approximately 160 million tons of legacy waste, which has been a key driver for the increase in capacity utilization [8] - The company is actively pursuing international expansion and has established a platform for overseas project investments [8]

1栋4层401-199房） 广州环投永兴集团股份有限公司 Grandtop Yongxing Group Co.,Ltd （广州市白云区广州民营科技园科泰二路13-19号高新区产业创新园 首次公开发行股票并在主板上市 招股说明书 （注册稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年八月 保荐人（主承销商） 广州环投永兴集团股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广州环投永兴集团股份有限公司 招股说明书（注册稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股数 ...

广州环投永兴集团股份有限公司 Grandtop Yongxing Group Co.,Ltd （广州市白云区广州民营科技园科泰二路13-19号高新区产业创新园 1栋4层401-199房） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年二月 保荐人（主承销商） 广州环投永兴集团股份有限公司 招股说明书（申报稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广州环投永兴集团股份有限公司 招股说明书（申报稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股数 ...