新建水厂&水价调价持续推进，城市供水板块量价齐升可期 智通财经APP获悉，中信证券发布研报称，中国水务(00855)当前股价对应FY2026~2028PE分别为8/7/6 倍，可比公司兴蓉环境、粤海投资、北控水务现价对应wind一致预期2025年PE均值为12倍，该行给予 公司20%估值折价，即给予公司2025年10倍目标PE，给予公司7.80港元目标价，维持"买入"评级。公司 全年派发股息0.28港元，派息率同比提升12pcts至42%。 中信证券主要观点如下： 盈利能力改善，费用下降空间明显 FY2025公司综合毛利率同比提升0.7pct至37.8%。分业务板块看，公司主业盈利能力均有所改善，城市 供水/管道直饮水/环保分部利润率分别同比提升3.2/2.7/3.4pcts至33.2%/37.0%/36.5%，盈利能力改善显 著，推动整体分部利润率同比提升1.6pcts至33.4%。FY2025公司销售/管理/财务费用率同比分别变动 0.2/-0.4/+1.7pcts，财务费用有所增长主因系公司美元债比例较高，该行认为后续公司将通过债务置换等 手段降低美元债比例，同时随着国内外降息周期推进，财务费用后续下降 ...

机构：东吴证券 研究员：袁理/陈孜文 投资要点 FY2025 直饮水板块运营及设备收入同增23.7%，聚焦存量提效，严控增量投资。FY2025，1）直饮水运 营：实现营收3.15 亿港元，同比+7.2%，FY22-25 复合增速29.8%；2）直饮水安装及维护：实现营收 0.43 亿港元，同比-67.4%，3）直饮水建设：实现营收2.20 亿港元，同比-82.8%，主要系严控增量投资 门槛，4）直饮水设备：实现营收0.78 亿港元，同比+226.3%。FY2025 公司直饮水运营及设备收入同增 23.7%，直饮水项目数量同增42%达9800 个，直饮水人口覆盖同增33%达1100 万人。 资本开支向下，自由现金流拐点已现，派息总额稳定。FY2024 资本开支达高峰53.3 亿港元，FY2025 降至34 亿港元，FY2026 目标为20 亿港元内。FY2025 每股派息28 港仙，同比持平，派息率42.5%，同 比+12.7pct，对应股息率4.65%。（估值日期：2025/7/2） 盈利预测与投资评级：核心运营利润稳健增长，资本开支向下，自由现金流拐点已现，支撑派息能力提 升。FY25 业绩下滑主要受一次性 ...

证券分析师 袁理 证券研究报告·海外公司点评·公用事业Ⅱ(HS) 中国水务（00855.HK） FY2025 年报点评：核心运营稳健增长，现金 流拐点已现 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 12,859 | 12,200 | 10,764 | 10,592 | 10,592 | | 同比(%) | (9.44) | (5.12) | (11.77) | (1.60) | 0.00 | | 归母净利润（百万港元） | 1,534 | 1,075 | 1,372 | 1,387 | 1,415 | | 同比(%) | (17.41) | (29.92) | 27.64 | 1.10 | 2.05 | | EPS-最新摊薄（港元/股） | 0.94 | 0.66 | 0.84 | 0.85 | 0.87 | | P/E（现价&最新摊薄） | 6.41 | 9.14 | 7.16 | ...

【中国水务发布2025财年业绩，多项指标有变动】中国水务发布截至2025年3月31日止财年业绩，收入 约116.57亿港元，同比降9.4%；净利润约10.75亿港元，同比降29.9%；调整后EBITDA同比增1.8%至 52.6亿港元。建议派末期股息每股15港仙，全年每股共派股息28港仙，与上财年持平，派息率达 42.4%。 公司积极优化发展策略，应对挑战，加强核心业务投资回报管理，降低资本开支，提升存量项 目效益。总收益小降源于资本开支相关建造收入减少，建设类资本开支同比降36.9%，由46亿港元降至 29亿港元，预计2025 - 2026财年将降至不超20亿港元。 期内，供水存量项目绩效提升，城市供水经营 收入35.3亿港元，同比升6.5%，利润率32.6%；直饮水收入3.93亿港元，同比升23.7%，利润率36.9%。 受惠项目运作、调价和扩充，环保运营分部收入同比升69.9%至6.4亿港元，利润同比升56.9%至5.6亿港 元，利润率35.3%，实现可持续高质量发展。 公司获长线者青睐，欧力士集团及长城人寿保险分别增持 7.62%和5.04%股份。泰康资产管理战略投资15亿元入股子公司北京银龙，反映长 ...

Core Viewpoint - The document outlines the Chinese government's initiative to strengthen urban infrastructure construction and renovation, emphasizing the need for comprehensive risk assessment and the development of new urban infrastructure models [1] Group 1: Urban Infrastructure Development - The government aims to enhance urban infrastructure by conducting thorough risk assessments of existing facilities [1] - There is a focus on the integrated development and utilization of underground space, including the construction and renovation of underground pipelines and comprehensive utility tunnels [1] - The initiative includes upgrading urban water supply facilities and improving the collection, treatment, and recycling of urban wastewater [1] Group 2: Flood Control and Emergency Response - The plan emphasizes the need for a robust urban flood control and drainage system, including the establishment of a coordinated management model for urban water systems and surrounding water bodies [1] - It aims to accelerate the construction and renovation of drainage and flood prevention facilities to enhance emergency response capabilities [1] Group 3: Waste Management and Fire Safety - The government is pushing for the upgrade of municipal solid waste treatment facilities and the enhancement of public fire safety infrastructure [1] - There is a call for proactive construction of disaster prevention projects to ensure urban safety [1] Group 4: Transportation Infrastructure - The initiative includes improving urban transportation infrastructure by developing rapid transit lines, community transport systems, and green transportation options [1] - It also focuses on optimizing urban freight network planning and establishing a tiered distribution facility system [1] Group 5: Technological Integration - The plan promotes the application of Building Information Modeling (BIM) technology in urban infrastructure projects [1] - It includes the implementation of safety engineering for urban infrastructure lifelines [1]