2024 年公司计提应收账款坏账损失9280 万，拖累利润。垃圾焚烧经营稳健，运营保持行业顶尖水平。 国际业务积极开拓，海外订单充足。分红逐步提升。 投资要点： 维持"增持" 评级。根据财务数据，我们下调对于公司 2025-2026、新增2027 年预测净利润分别为12.20 （原值13.72）、12.74（原值14.98）、13.20 亿元，对应EPS 分别为0.73、0.76、0.79 元。参考科比公司 估值，考虑到公司固废业务经营稳健，积极开拓开外，伴随资本开支下降，自由现金流改善，分红有望 逐步提升，给予公司2025 年15 倍PE，下调目标价至10.95 元，维持"增持"。 本报告导读： 业绩基本符合预期，信用减值拖累利润。1）2024 年公司实现收入59.91 亿元，同比下滑0.6%；归属净 利润11.68 亿元，同比增长0.2%；扣非归属净利润11.55 亿元，同比增长1.5%。剔除2023、2024 年一次 性影响因素后，2024 年营业收入同口径增长0.3%，归母净利润同口径增长7.1%。2024Q4 单季实现收入 14.73 亿元，环比增长6.3%；归属净利润1.58 亿元，环比下滑54. ...

Core Viewpoint - Sanfeng Environment reported a steady growth in revenue and net profit for the year 2024, highlighting its strong position in the waste management industry and ongoing international expansion efforts [1][2] Financial Performance - The company achieved an operating revenue of 5.991 billion yuan and a net profit attributable to shareholders of 1.168 billion yuan, with a year-on-year growth of 0.30% in revenue and 7.08% in net profit after excluding one-time factors from 2023 and 2024 [1] - Basic earnings per share were reported at 0.7 yuan, with a proposed cash dividend of 2.45 yuan per 10 shares (tax included) [1] Operational Highlights - Sanfeng Environment operates 54 waste incineration projects, with steady increases in total waste processed, total power generation, grid-connected electricity, and steam sales [1] - The average power generation from waste processed reached 428.8 kWh/ton, with an average plant electricity consumption rate of 11.99% [1] - The company processed approximately 226,200 tons of kitchen waste, marking an 88.33% year-on-year increase, and treated about 132,100 tons of sludge, a 13.09% increase [1] Strategic Development - The company is advancing a dual-market development strategy focusing on both domestic and international markets, aiming to deepen its core waste incineration business and expand its industrial chain [1] - In the international market, a new international division has been established to leverage core technologies and collaborate with multinational companies, successfully signing contracts for projects in India, Thailand, and Vietnam, with a total contract value exceeding 800 million yuan [2] Research and Innovation - Sanfeng Environment is actively promoting an AI smart incineration system for municipal waste, with ongoing upgrades to existing projects, aiming for full smart incineration coverage by 2025 [2] - The company launched the "Spark Plan" during its technology innovation conference, focusing on collaboration in research, standard setting, talent development, smart incineration, and low carbon emissions [2] - A Green Development Innovation Research Institute was established to enhance the company's research capabilities in environmental protection and waste management [2]