Workflow
环境卫生服务
icon
Search documents
城发环境(000885):固废产能高效释放 应收账款回款加快
Xin Lang Cai Jing· 2025-08-13 08:29
盈利预测与投资建议。预计公司2025-2027 年归母净利润分别为14.6 亿元(+27.86%)、16.3亿元 (+11.88%)、18.2亿元(+11.61%),EPS 分别为2.27 元、2.54 元、2.84 元,对应动态PE 分别为6 倍、6 倍、5 倍。我们认为公司垃圾焚烧业务后续规模稳定,高速公路整体经营稳健,维持"买入"评 级。 新兴增长动能持续释放。再生资源回收体系建设加速,"嘚嗒回收"已完成省内22 个县市64 家门店布 局,郑州中原区分拣中心、许昌鄢陵产业园顺利运营,形成三级网络雏形;全省供排水一体化业务借政 策红利稳步推进,当前供排水规模达184.89 万吨,已接收信阳市64 万吨供排水资产,长垣、息县相关 项目先后落地;海外战略小步快跑,聚焦"优势产业、重点国别、高位对接"出海方向,扩大中亚、中 东、中东欧等"陆上丝绸之路"区域项目储备,匈牙利项目即将开工。 优质路网铸就现金流压舱石。公司管理运营许昌至平顶山至南阳高速公路、安阳至林州高速公路、林州 至长治(省界)高速公路,运营里程255.36 公里,为公司日常经营提供了持续稳健现金流。上半年受多 式联运分流影响,日均车流量同比下降4 ...
城发环境:城市服务市占率居河南头部 将前瞻性布局产业融合新赛道
Core Insights - The company reported a revenue of 6.611 billion yuan for 2024, a year-on-year increase of 1.36%, with a net profit of 1.229 billion yuan, up 4.16% from the previous year [1] - In Q1 2025, the company achieved a total profit of 379 million yuan, a 21.16% increase year-on-year, and a net profit of 297 million yuan, up 19.08% [2] - The acquisition of 85% of Aolande Environment for 477 million yuan is expected to enhance the company's market position and operational capabilities [2][3] Financial Performance - For 2024, the company's main business revenue was 6.39 billion yuan, accounting for 96.66% of total revenue, with a net profit attributable to shareholders of 1.141 billion yuan [1] - The total assets of the company reached 30.708 billion yuan by the end of 2024, reflecting a 5.42% year-on-year increase, while the asset-liability ratio was 68.88% [1] - In Q1 2025, the company reported an operating income of 1.536 billion yuan, a 13.19% increase year-on-year, with a gross margin of 39.57% [2] Strategic Initiatives - The acquisition of Aolande Environment is seen as a significant step for the company to strengthen its position in the sanitation market, providing new growth opportunities and enhancing operational synergy [3] - The company plans to develop an integrated "big solid waste" industry ecosystem, focusing on waste disposal, heating, and medical waste projects [4] - Future business development will focus on expanding core businesses, developing growth areas, and optimizing existing business layouts [3][4] Market Expansion - The company aims to address fragmented water supply and drainage issues in Henan Province, with plans to integrate water supply and sewage projects [4] - The sanitation business has seen significant growth, with revenue and profits doubling over the past three years, and the acquisition of Aolande is expected to further increase market share [4] - The company is exploring new business avenues such as environmental equipment manufacturing and carbon trading, with a focus on innovative technologies and business models [5]
城发环境(000885) - 2025年5月15日投资者关系活动记录表
2025-05-15 23:38
Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 6.611 billion, a year-on-year increase of 1.36% [1] - Main business revenue reached CNY 6.390 billion, up 2.39%, accounting for 96.66% of total revenue [2] - Net profit was CNY 1.229 billion, an increase of 4.16% year-on-year [2] - Total assets amounted to CNY 30.708 billion, up 5.42% year-on-year, with a debt-to-asset ratio of 68.88%, down 2 percentage points [2] Group 2: Strategic Goals and Initiatives - The company aims to become an internationally renowned environmental technology group, focusing on "优新提存" to optimize its environmental industry layout [2] - Emphasis on "三基一稳一突破" to strengthen foundational work and promote innovative breakthroughs [2] - Plans to enhance core capabilities in technology innovation, digital intelligence, and capital operations [2] Group 3: Business Growth and Development - In Q1 2025, total profit reached CNY 0.379 billion, a year-on-year increase of 21.16% [3] - Revenue for Q1 2025 was CNY 1.536 billion, up 13.19% year-on-year, with a gross margin of 39.57% [3] - The company is focusing on solid waste management, water treatment, and environmental sanitation as key growth areas [8][19] Group 4: Asset Management and Financial Strategies - The company is enhancing stock asset management through improved production budget management and cost control [5][6] - Measures to recover accounts receivable include establishing a cloud platform and leveraging national debt relief policies [6][17] - The company aims to lower its debt costs and optimize its financial structure through diversified financing strategies [6] Group 5: Market Expansion and Innovation - The company is actively pursuing integration in the water supply and drainage sector, with successful pilot projects in Xinyang [8][19] - Plans to develop a recycling platform and enhance resource recovery through smart logistics and detailed sorting [10][19] - The acquisition of Aolande is expected to strengthen market presence and operational capabilities in the sanitation sector [15][16] Group 6: Future Business Layout - The company plans to expand its core solid waste business and develop growth areas such as water services and overseas markets [19] - Focus on nurturing exploratory businesses in environmental equipment manufacturing and carbon trading [19] - Continuous optimization of existing business layout to enhance overall operational efficiency [19]