首创环保(600008) - 首创环保投资者关系活动记录表(2024年3月)

Group 1: Water Pricing and Management - Water pricing management is a core aspect of the company's urban water business, with a systematic approach to regularly review pricing across various water plants [4] - The overall trend for water prices is upward, with the company maintaining stability in its water pricing over recent years [4] - The company has been involved in price adjustments for several wastewater treatment projects annually [4] Group 2: REIT Expansion and Strategic Development - The company disclosed plans for REIT expansion in September 2022, targeting the acquisition of a sewage treatment project with a total processing capacity of 275,000 tons/day [5] - Public REITs are seen as crucial for enhancing asset turnover efficiency and optimizing asset structure [5] - The company aims to maintain active communication with regulatory bodies regarding REIT developments [5] Group 3: Future Mergers and Acquisitions - The company has established a comprehensive environmental protection platform covering water, solid waste, gas, and energy [6] - Future acquisitions will focus on core businesses in water supply, sewage treatment, and waste-to-energy sectors, emphasizing project quality and financial returns [6] Group 4: Wastewater Collection and Treatment Growth - The current urban sewage treatment rate in China is approximately 98%, with significant room for improvement in collection rates [6] - A government notification aims for urban sewage collection rates to exceed 73% by 2027, presenting growth opportunities for the company's sewage treatment business [6] Group 5: Accounts Receivable Management - As of Q3 2023, the company's accounts receivable amounted to approximately 12 billion CNY, representing about 11% of total assets [7] - The company has implemented measures to reduce accounts receivable, with 70%-80% of receivables being within one year [7] - The focus remains on ensuring cash flow safety through effective accounts receivable management [7] Group 6: Dividend Strategy - The company has maintained a dividend payout ratio of around 30% in recent years, with plans to enhance this in the future [8] - The company aims to balance cash safety while improving investor returns as it transitions from investment-driven to operation-driven growth [8]