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 ...

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 | ...

5月27日晚间，华新水泥发布2023—2025年核心员工持股计划之第三期(2025年)核心员工持股计划。该 计划此前两期，共累计买入公司股票494.02万股，成交总额超5800万元。 值得一提的是，根据同日华新水泥发布的2024年年度股东会决议公告，公司审议通过了2024年度利润分 配方案。此次分红，华新水泥10派4.6元(含税)，共计派现9.56亿元。 这是华新水泥自1994年上市以来第28次分红，截至目前分红总额已达136亿元，期间还4次以资本公积金 转增股本。 近年来，水泥行业整体承压，但华新水泥凭借"海外多业务发展、国内一体化协同、碳减排及增值创 新、数字化AI驱动"发展战略，加快绿色化、智能化、国际化转型，发展成效显著。2025年一季度，公 司实现营业收入71.62亿元，归母净利润2.34亿元，分别同比增长1.1%和31.8%。 前两期持股计划买入620万股 据了解，华新水泥本次员工持股计划分3期实施，在2023—2025年的3年内，设立各期独立存续的员工持 股计划，单期计划存续期不超过60个月。资金来源于公司计提的员工年度长期激励薪酬或员工其它合法 薪酬、自筹资金等，3期总规模不超过2.235亿元 ...

Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795) with a target price of 6.12 CNY over the next six months [1]. Core Views - The profitability of thermal power is improving, while the company is awaiting the commissioning of hydropower projects [1]. - The report highlights a decrease in revenue for 2024, but a significant increase in net profit, indicating a strong recovery in profitability [7]. - The company is expected to see growth in its various segments, particularly in thermal and hydropower, with a focus on increasing installed capacity in renewable energy [11]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A revenue is projected at 179.18 billion CNY, with a decrease of 1.0% year-on-year. The net profit attributable to the parent company is expected to be 9.83 billion CNY, an increase of 75.3% year-on-year [7]. - For 2025E, revenue is expected to rise to 192.20 billion CNY, with a growth rate of 7.26%, while net profit is forecasted to decrease to 7.57 billion CNY, a decline of 23.01% [2][9]. - **Segment Performance**: - Thermal power is projected to generate a net profit of 100.5 billion CNY in 2024, with a net profit margin of 2.9 cents per kWh, showing a year-on-year increase [7]. - The hydropower segment is expected to face challenges due to impairment losses, with a projected net profit of 19.9 billion CNY, down 33.3% year-on-year [7]. - The wind and solar segments are anticipated to grow significantly, with net profits of 19.2 billion CNY and 13.8 billion CNY, respectively, despite facing price pressures [7]. - **Valuation Metrics**: - The report assigns a price-to-book (PB) ratio of 1.2 for thermal power, 20.0 for hydropower, and 16.0 for wind and solar, leading to a total market value estimate of 1,091 billion CNY for the company [11][10]. Key Financial Ratios - The report provides key financial ratios, including: - Earnings per Share (EPS) for 2024A is projected at 0.55 CNY, decreasing to 0.42 CNY in 2025E [2]. - Return on Equity (ROE) is expected to decline from 12.67% in 2024A to 11.29% in 2025E [2]. - Price-to-Earnings (PE) ratio is forecasted to be 8.3 for 2024A, increasing to 10.8 for 2025E [2].