中信证券股份有限公司 关于浙江东望时代科技股份有限公司 2024 年年度报告的 信息披露监管问询函回复的核查意见 上海证券交易所： 根据贵所《关于浙江东望时代科技股份有限公司 2024 年年度报告的信息披 露监管问询函》（上证公函【2025】0665 号，以下简称"问询函"）的要求， 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为浙江 东望时代科技股份有限公司（以下简称"公司"或"上市公司"）2022 年收购 汇贤优策 100%股权聘请的独立财务顾问，对问询函中需独立财务顾问发表意见 的事项进行了审慎核查，并出具核查意见如下。 购浙江正蓝节能科技股份有限公司（以下简称正蓝节能或标的公司）96.13%股权、 重庆汇贤优策科技有限公司（以下简称汇贤优策或标的公司）100%股权，并以 扣非前后净利润孰低值为业绩承诺指标。2022 年至 2024 年，正蓝节能三年业绩 完成率分别为 79.41%、88.24%、102.75%，累积实现率 91.55%，其中 2023 年、 系统建设交付、持续运营维护等。公司 2024 年前五名客户与 2023 年完全不同， （1） 其中国网重庆综合能源服务有限公司 ...

德龙汇能集团股份有限公司 | 投资者关系活动类别 | ☐特定对象调研 | ☐分析师会议 | | --- | --- | --- | | | ☐媒体采访 | 业绩说明会 | | | ☐新闻发布会 | ☐路演活动 | | | ☐现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | 参与单位名称及人员 | 线上参与公司2024年年度报告暨2025年一季度报告业绩说明会的全体投 | | | 姓名 资者 | | | | 时间 | 2025年06月06日 15:30-17:00 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 董事、总裁朱明 | | | 上市公司接待人员 | 董事、财务总监秦亮 | | | 姓名 | 董事会秘书、副总裁郑蜀闽 | | | | 独立董事罗楠 | | | | 1.公司在2024年城市燃气业务收入增长主要得益于哪些市场拓展措 施？未来在城市燃气业务方面，公司还有哪些新的市场布局计划？ | | | 投资者关系活动主要 | 答：尊敬的投资者：您好！2024年公司实现营业收入173,658.72万元， | | | | 同 ...

Core Viewpoint - Zhongshan Public Utility Group Co., Ltd. reported a significant increase in revenue and net profit for the fiscal year 2024, indicating strong financial performance and growth potential in its core business areas [1][3]. Financial Performance - The total operating revenue for 2024 reached 5.678 billion yuan, a year-on-year increase of 9.22% [2][4]. - The net profit attributable to shareholders was 1.199 billion yuan, reflecting a 24.02% increase compared to the previous year [2][3]. - The net profit after deducting non-recurring gains and losses was 1.188 billion yuan, up 30.06% year-on-year [3][4]. - Basic and diluted earnings per share both stood at 0.82 yuan, a 24.02% increase from 0.66 yuan in 2023 [2][4]. Business Segments - The water service segment generated 1.438 billion yuan, accounting for 25.32% of total revenue, with a growth of 7.43% [4]. - The solid waste segment saw a revenue increase of 32.00%, reaching 762.81 million yuan [4]. - The engineering segment contributed 3.008 billion yuan, representing 52.98% of total revenue, with a growth of 9.49% [4]. - The renewable energy segment experienced a substantial growth of 77.13%, generating 10.42 million yuan [4]. Profitability and Ratios - The company's net profit margin improved from 19.10% to 21.33%, while the gross profit margin decreased to 18.90% [5]. - The weighted average return on equity was reported at 7.08%, showing an improvement in profitability [6]. - The debt-to-asset ratio increased to 45.01%, indicating a rise in leverage [6]. Cash Flow and Shareholder Returns - Cash acquisition capability declined, with the cash collection rate dropping from 78.22% to 72.45% [8]. - The company announced its first special dividend plan, proposing a distribution of 514 million yuan to shareholders, reinforcing its commitment to investor returns [8].

Core Viewpoint - The company reported a revenue of 8.227 billion yuan for 2024, reflecting a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.190 billion yuan, up 9.89% year-on-year, slightly exceeding expectations [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.584 billion yuan, representing a year-on-year increase of 10.64% and a quarter-on-quarter increase of 52.22% [1] - The net profit for Q4 was 268 million yuan, showing a year-on-year increase of 37.51% but a quarter-on-quarter decrease of 15.48% [1] - Operating cash flow increased by 14.19% year-on-year, reaching 1.974 billion yuan, with accounts receivable rising by 42.13% to 2.534 billion yuan [2] Business Segments - Water sales and sewage treatment showed steady growth, with water sales revenue increasing by 2.7% and sewage treatment revenue by 4.2% year-on-year [1] - Gas sales and gas engineering installation revenues declined by 0.8% and 10.4% year-on-year, respectively [1] - The company sold 416 million tons of water (up 5.07% year-on-year) and treated 1.253 billion tons of sewage (up 7.90% year-on-year) in 2024 [1] Dividend Policy - The company aims to maintain a dividend payout ratio of no less than 50% for eight consecutive years, with a dividend per share (DPS) of 0.464 yuan for 2024 [2] - The company has consistently maintained a dividend payout ratio above 50% since 2019, reflecting strong asset quality and commitment to shareholder returns [2] Valuation - The target price for the company is set at 14.90 yuan, maintaining a "buy" rating, with expected net profits for 2025-2027 projected at 1.253 billion, 1.315 billion, and 1.363 billion yuan, respectively [3] - The company is assigned a 15.2 times price-to-earnings (PE) ratio for 2025, reflecting a 20% premium over the average PE of comparable companies [3]

大家好欢迎参加东武环保公用新澳能源深度汇报被低估的城市燃气龙头电话会议下面开始播报名字声明声明播报完毕后主持人可直接开始发言本次电话会议仅面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均为经合法授权 严禁录音 准核配合 谢谢各位投资者大家晚上好 我是袁里非常感谢大家的时间今天我们一起来聊一聊新鲜出炉的消耗能源的深度报告但是相信如果对我们的研究这些比较有长期跟踪的投资人应该能看到我们从去年开始就一直在搞水汽 固定市场化的研究包括今天晚上还有一场深圳找水带的这个电话会因为我们一直对行业的市场化是很关注的然后燃气行业呢其实如果我们做个梳理也能看到我们其实是在前一段时间啊就是今年以来底部一直在推荐燃气板块为什么呢就是一方面我们会看到剩价的推进确实比较符合预期另外一方面就最最重要的关键变量是行业的呃这个成本侧预期是见底了的 就是我们可以看到这分为两块一块是海气海气价格从高点开始往下有所松动了海外的供应格局在中期会去宽松我们也是一直都是基于这一点认为供给侧的宽松会对整个板块的成长性就是顺价和成长都会有帮助所谓的成长就是指气价在价形的过程中间随着供应侧的宽装尤其是海气资源丰富的公司在成本侧 ...