内生项目建设与资产结构优化双轮驱动，夯实未来发展基础。公司重点推进两大在建项目，构筑未来增 长引擎。牛磺酸项目选址泉港石化园区，具备显著的原料成本和安全优势，建设标准对标中国GMP 及 美国cGMP 要求，起点高、标准严；圣元厦门瑞吉酒店项目已完成主体结构封顶，计划于2026 年底竣 工试营业，有望成为公司新的利润增长点。此外，公司持续优化资产结构，战略性剥离非核心业务，于 2025 年2 月与中闽水务集团签署协议，拟以3.82 亿元对价出售旗下四家生活污水处理厂业务资产，交易 价格较净资产增值37.29%，此次资产优化有助于盘活存量资产，为核心主业及大健康新产业发展提供 资金支持。 盈利预测：我们预计公司2025-2027 年实现营业收入分别为16.40/17.04/17.74 亿元，同比增长 3.66%/3.92%/4.12%，归母净利润分别为2.98/2.49/2.80 亿元，同比增长63.87%/-16.65%/12.44%，根据 2025 年8 月27 日收盘价，对应PE 分别为16.28/19.53/17.37 倍，EPS 分别为1.10/0.92/1.03 元，建议持续 关注。 风险提示：市场拓 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance met expectations, with a mid-term dividend increase against the trend [8] - The decline in construction revenue and foreign exchange losses impacted profits, but operational service revenue increased significantly [8] - The company is focusing on refined management, leading to substantial growth in heating supply [8] - The increase in mid-term dividends reflects the company's commitment to enhancing shareholder returns [8] - The potential inclusion of biomass energy utilization in the third batch of CCER is expected to expand profit channels for the company [8] - The company is projected to have a low valuation with high dividend value, maintaining a "Buy" rating [8] Financial Summary - For 2023, the company is expected to generate revenue of 32,495.24 million HKD, with a year-on-year decline of 13.9% [7] - The net profit attributable to shareholders is projected at 4,429.16 million HKD, down 3.8% year-on-year [7] - The earnings per share (EPS) for 2023 is estimated at 0.72 HKD [7] - The company’s return on equity (ROE) is expected to be 9.2% for 2023 [7] - The price-to-earnings (P/E) ratio is projected at 3.52 for 2023 [7] - The company plans to distribute a mid-term dividend of 0.15 HKD per share, an increase from the previous year [8]