XREC(SZ:000598)2024-09-11 11:29Group 1: Financial Performance - The company achieved an operating revenue of 40.08 billion yuan in the first half of 2024, reflecting a steady growth [1] - Total profit reached 11.31 billion yuan, marking a year-on-year increase of 11.7% [1] - Net profit attributable to shareholders was 9.56 billion yuan, with a growth rate of 9.11% [1] - The net cash flow from operating activities was 9.77 billion yuan, showing an increase of 11.21% [1] Group 2: Project Operations - The company currently operates and has under construction water supply projects with a scale of approximately 430,000 tons/day [2] - Water treatment projects are scaled at about 480,000 tons/day, with additional projects for sludge disposal and kitchen waste treatment [2] - Key projects under construction include Chengdu Water Plant No. 7 (Phase III) and Chengdu Environmental Power Plant (Phase III), expected to contribute to revenue in the next 1-2 years [2] Group 3: Pricing Mechanisms - The water pricing mechanism allows the company to submit price adjustment requests to government authorities based on national policies and agreements [2] - The sewage treatment service fee is adjusted every 2-3 years, with provisions for temporary adjustments based on significant cost changes [2][3] - The tentative price for sewage treatment in Chengdu's central urban area is set at 2.63 yuan/ton [3] Group 4: Accounts Receivable and Financing - Accounts receivable have increased in line with business growth, with a strong focus on management and collection [3] - The company has maintained an AAA credit rating for several years, ensuring smooth financing channels and low overall financing costs [3] - Future dividend considerations will focus on sustainable development and enhancing shareholder returns while meeting operational funding needs [3]