Dynagreen(SH:601330)2023-12-04 08:47Group 1: Project Overview - The Haining expansion project is designed for a waste treatment capacity of 2,250 tons/day and sludge treatment capacity of 800 tons/day, with a current operational capacity of 1,500 tons/day for waste and 600 tons/day for sludge [1][2] - The project is equipped with two 750 tons/day waste incinerators and six sludge drying units, achieving a high capacity utilization rate [2] Group 2: Financial Performance - In 2022, the project generated approximately CNY 190 million in revenue and a net profit of around CNY 9 million [2] - The company plans to enhance its cash dividend policy, having increased cash dividends in 2022 compared to 2021, and will continue to do so based on cash flow and business expansion [3] Group 3: Business Development - The company is actively expanding its steam supply business, with eight projects currently engaged in steam supply and heating services [2] - Future capital expenditures will depend on new project expansions and acquisition outcomes, with ongoing discussions for acquisitions in Gansu and Lanzhou [3][5] Group 4: Regulatory and Market Conditions - Some newly launched projects have not yet been included in the national subsidy list and are in the process of application [4] - The company’s VAT refunds are positively correlated with operational income, indicating that higher revenue from electricity generation and waste treatment fees will lead to increased VAT refunds [4]