Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Views - The company's net profit attributable to shareholders decreased by 12% year-on-year in H1 2024, primarily due to a decline in capital expenditure and construction revenue [4]. - Free cash flow has turned positive for the first time in recent years, with a mid-year cash dividend payout ratio increased to 35% [4][5]. - The company reported a revenue of HKD 15.612 billion in H1 2024, a 4% decline year-on-year, with construction revenue dropping 13% to HKD 3.584 billion [5]. - Operational revenue remained stable at HKD 9.459 billion, with operational and financial income accounting for 77% of total revenue, indicating improved earnings quality [5]. Summary by Sections Financial Performance - The company slightly adjusted its net profit forecasts for 2024-2026 to HKD 4.200 billion (previously HKD 4.467 billion), HKD 4.321 billion (previously HKD 4.541 billion), and HKD 4.456 billion (previously HKD 4.620 billion), respectively, with corresponding EPS of HKD 0.68, HKD 0.70, and HKD 0.73 [5]. - The company achieved a free cash flow of HKD 970 million in H1 2024, marking its first positive free cash flow [5]. Operational Highlights - The company launched a new waste incineration project with a capacity of 3,700 tons in H1 2024, bringing the total operational capacity to 138,000 tons, with 5,700 tons under construction [5]. - The amount of municipal waste processed reached approximately 25.98 million tons, a 9% increase year-on-year, while heating and steam supply increased by 60% [5]. - The average power generation efficiency of waste-to-energy projects was approximately 446 kWh per ton of waste [5]. Dividend Policy - The company plans to distribute a mid-term dividend of HKD 0.14 per share, corresponding to a cash dividend payout ratio of 35%, an increase from 31% in the previous year [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （於香港註冊成立之有限公司） （股份代號：257） 截至二零二四年六月三十日止六個月 中期業績公告 摘要 • 收益為港幣15,612,133,000元（二零二三年：港幣16,297,167,000元），較去年同期 減少4% • 除利息、稅項、折舊及攤銷前盈利為港幣6,550,295,000元（二零二三年：港幣 7,376,488,000元），較去年同期減少11% • 除稅前盈利為港幣3,883,226,000元（二零二三年：港幣4,505,649,000元），較去年 同期減少14% • 本公司權益持有人應佔盈利為港幣2,453,917,000元（ 二 零 二 三 年：港 幣 2,784,923,000元），較去年同期減少12% • 中期股息每股14.0港仙（二零二三年：每股14.0港仙） ...

2024 年 08 月 14 日 公司研究 评级：增持(首次覆盖) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 王宁S0350522010001 | | | wangn02@ghzq.com.cn | | 证券分析师： | 张婉姝S0350522010003 | | | zhangws@ghzq.com.cn | [Table_Title] 现金流拐点已至，分红率持续高位 ——光大环境（00257）深度报告 投资要点: 最近一年走势 相对恒生指数表现 2024/08/13 表现 1M 3M 12M 光大环境 -1.3% 1.9% 34.3% 恒生指数 -6.1% -10.2% -10.0% 市场数据 2024/08/13 当前价格（港元） 3.70 52 周价格区间（港元） 2.33-4.08 总市值（百万港元） 22,729.01 流通市值（百万港元） 22,729.01 总股本（万股） 614,297.53 流通股本（万股） 614,297.53 日均成交额（百万港元） 42.06 近一月换手（%） 7.07 ...

证券研究报告 公用事业|电力 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 联系人 市场表现: -30% -20% -10% 0% 10% 20% 30% 40% 光大环境 恒生中国企业指数 2024 年 07 月 23 日 光大环境(0257.HK) 买入(维持) ——自由现金流有望迎来转正,建议关注低协方差行情扩散 下的固废投资机会 投资要点: 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com ➢ 事件:公司近期股价波动较大。 ➢ 在建项目持续减少,垃圾发电行业进入存量运营期,公司 2023 年运营服务收入占比超过 50%。随着过 去 20 年以光大环境为首的垃圾发电集团持续扩张产能,我国大中城市的垃圾焚烧能力趋近饱和,大型优 质新建项目持续减少,根据北极星固废网统计,2024 年上半年垃圾焚烧发电特许经营累计开标 10 个, 与 2023 年同期开标 27 个项目相比,数量下滑 63%,建设规模下滑 77%。十四 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company's operational business remains stable, with a continuous improvement in revenue structure. The construction revenue has decreased by 42% to approximately 7.7 billion HKD in 2023, accounting for about 24% of total revenue. It is expected that capital expenditures will further decline in 2024, which may impact revenue and profit but will lead to a more stable performance [5][6]. - The company has achieved positive cash flow expectations for the year, bolstered by the recovery of biomass national subsidies, with a total of approximately 1.534 billion RMB received from the State Grid Corporation for renewable energy price subsidies [5]. - The debt structure is continuously optimized, with a projected decrease in funding costs for the year. The proportion of RMB loans increased by 17 percentage points to 87% by the end of 2023, and the capitalized borrowing cost has decreased from 3.9%-4.8% in 2022 to 2.7%-3.5% in 2023 [5][6]. - The trend of multiple solid waste collaborative disposal is emerging, and the transformation of waste incineration projects into heating supply will also contribute to performance growth [5]. Summary by Sections Revenue and Profitability - The company’s construction revenue has decreased significantly, leading to a shift in revenue structure towards more stable operational income. The expected decline in capital expenditures in 2024 will further enhance this stability [5][6]. Cash Flow and Financial Health - The company is expected to achieve positive cash flow for the year, supported by the recovery of biomass subsidies, which will improve asset credit status and potentially increase dividends [5]. Debt Management - The company is actively optimizing its financing structure, resulting in a lower overall debt ratio and reduced borrowing costs, which is expected to continue in the future [5][6]. Market Trends - The company is positioned to benefit from the increasing trend of collaborative solid waste disposal and the potential for additional revenue from heating supply transformations [5].

港股通 越南顺化项目竣工,签约安阳污水项目 | 华泰研究 更新报告 | | 投资评级 (维持): | 买入 | |---------------------------------------|----------|---------------------|--------| | 2024 年 7 月 03 日│中国香港 | 废物管理 | 目标价(港币 ): | 5.10 | 上调目标价至 5.10 港币,维持"买入"评级 由于在建工程规模下降,运营产能持续提升,我们预计光大环境有望进入自 由现金流转正周期。根据项目建设进度,我们下调建造收入预测,预计 24-26 年归母净利 41.48/42.82/43.91 亿港币,给予公司 7.5 倍 2024 年预测 PE(可 比公司 Wind 一致预期均值:7.5 倍),目标价为 5.10 港币(前值:4.43 港 币,基于 5.9 倍 2024E PE),维持"买入"评级。 越南顺化垃圾发电项目竣工 4 月 6 日,光大环境在越南承天顺化省投资建设运营的顺化垃圾发电项目竣 工。顺化项目是光大环境在越投资建成的第二个综合型环境治理设施,该项 目位于承天顺化省香水市 ...

股 票 研 究 [Table_industryInfo] 其他公用事业 [ Table_Main[光I Tnaf 大bol]e 环_Ti境tle]（ 0257） [评Tab级le_：Inv est] 增持 当前价格（港元）： 3.40 固废龙头现金流拐点将至，价值重估可期 2024.05.08 海 [ 交Ta易bl数e_M据a rket] 外 徐强(分析师) 邵潇(分析师) 于歆(分析师) 52周内股价区间（港元） 2.35-3.53 当前股本（百万股） 6,143 公 010-83939805 0755-23976520 021-38038345 当前市值（百万港元） 20,886 司 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 证书编号 S0880517040002 S0880517070004 S0880523050005 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2024 年资本开支计划明确缩减，在不考虑国补加速回收情况下，2024年将看到公司 光大环境 恒生指数 香 自由现金流转正。现金 ...

Company Overview - China Everbright Environment Group Limited is the largest environmental enterprise in China and a leading player in Asia's environmental protection industry, focusing on solid waste, water-related business, and clean energy [2]. - The company operates in over 225 locations across 26 provinces and has expanded its business to international markets including Germany, Poland, Vietnam, and Mauritius [3]. - Everbright Environment has been ranked first among the "Top Ten Influential Solid Waste Treatment Enterprises in China" for 13 consecutive years and has been included in the MSCI China Index for 11 consecutive years [4]. - The company aims to create investment value while undertaking social responsibility, reflecting its commitment to sustainability [4]. - Everbright Environment's corporate mission is "Devoted to Ecology and Environment for a Beautiful China," emphasizing its focus on ecological and environmental protection [4]. Sustainability and Recognition - The company has received the Achievement of Net-Zero Certificate and was recognized as a Pioneering Organisation in Net-Zero Contribution by the Hong Kong Quality Assurance Agency in 2022 [4]. - Everbright Environment has been a constituent member of the Dow Jones Sustainability Indices for 8 years and the Hang Seng Corporate Sustainability Benchmark Index for 13 years [4]. - The company has been recognized multiple times in S&P Global's Sustainability Yearbook, highlighting its commitment to sustainable practices [4]. - The Group received first place in the "2023 Top 50 Environmental Enterprises in China" for the fifth consecutive year and first place in the "Top Ten Influential Solid Waste Treatment Enterprises in China" for the thirteenth consecutive year [99]. Financial Performance - Revenue for 2023 decreased by 14% to HK$32,090,207, compared to HK$37,321,229 in 2022 [17]. - Profit attributable to equity holders of the Company decreased by 4% to HK$4,429,160 in 2023 from HK$4,601,939 in 2022 [17]. - Total assets decreased by 1% to HK$189,182,824 in 2023, down from HK$190,597,798 in 2022 [17]. - Equity attributable to equity holders increased by 2% to HK$48,140,888 in 2023, compared to HK$47,374,108 in 2022 [17]. - Gearing ratio improved to 65% in 2023 from 67% in 2022, a decrease of 2 percentage points [17]. - Current ratio increased to 114% in 2023, up from 107% in 2022, an increase of 7 percentage points [17]. Project Developments - The Group completed the construction of the Hainan Boao Zero-Carbon Demonstration Zone Project in the first quarter of 2023 [30]. - The Sichuan Yibin Second Household Waste-to-energy Project was secured, marking the Group's first implementation of an asset-light business model in the second quarter of 2023 [33]. - The Group entered the Yunnan waste-to-energy market through the acquisition of the Yunnan Zhaotong Waste-to-energy Project in the third quarter of 2023 [35]. - The Group established a strategic partnership with China Construction Bank to enhance cooperation on integrated financial services solutions in the fourth quarter of 2023 [37]. - The Group solidified its traditional business advantages and made breakthroughs in county-level markets and overseas markets, achieving a more diversified business portfolio [47]. Operational Efficiency and Innovation - The Group established a shared ecosystem for technological innovation, focusing on digitalizing business management and fostering scientific research [50]. - The management system was further refined to promote standardized organizational work and enhance efficiency through centralized management measures [50]. - The Group's strategic focus includes promoting innovation and transformation to drive high-quality development and operational competitiveness [169]. - The Group's procurement efficiency was boosted through optimized systems and training, further reducing procurement costs [88]. - The Automatic Combustion Control (ACC) system has been implemented in nearly 40 environmental protection projects, enhancing operational efficiency [161]. Environmental Impact - The Group processed 52,440,000 tonnes of household waste, generating 25,865,000,000 kWh of green electricity, equivalent to the annual electricity consumption of 21,554,000 households, while avoiding 13,948,000 tonnes of CO2 emissions [92]. - The Group treated 1,749,000,000 m³ of wastewater, reducing Chemical Oxygen Demand (COD) discharge by 850,000 tonnes during the year [92]. - The Group's cumulative processing of household waste reached 270,365,000 tonnes, providing 131,351,000,000 kWh of green electricity and avoiding 113,015,000 tonnes of CO2 emissions since 2005 [94]. - The environmental energy sector increased waste intake and electricity generation compared to 2022, contributing to enhanced profitability and efficiency [84]. Strategic Partnerships and Collaborations - The Group has a strategic partnership with the International Coalition for Green Development on the Belt and Road initiative [4]. - The Group's strategic partnerships with major financial institutions and construction companies aim to deepen cooperation in comprehensive financial services and environmental projects [39]. - The Group signed a project cooperation agreement with Jiangsu King's Luck Brewery to develop a zero-carbon park, focusing on rooftop solar energy and user-side energy storage [138]. Future Outlook - The Group aims to become "a World-Class Integrated Environmental Service Provider with Chinese Characteristics" while focusing on high-quality development [51]. - The Group plans to deepen its major responsibilities and consolidate its leading position in solid waste, water-related business, and clean energy sectors [169]. - The Group's proactive "going global" strategy continued to enhance its collaborative ecosystems and business landscape [57].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [1][3]. Core Insights - The company's green environmental performance has declined, with a 33.7% year-on-year decrease in EBITDA to 1.48 billion HKD in 2023, down from 2.23 billion HKD in 2022. However, the acceleration of national subsidies for biomass projects in 2024 is expected to improve cash flow [1]. - The profit forecast has been adjusted upwards, with the expected net profit for 2024 and 2025 revised to 4.573 billion HKD and 4.715 billion HKD, respectively. A new forecast for 2026 has been added at 4.840 billion HKD. The current price-to-earnings (PE) ratios are 4.1, 4.0, and 3.9 for the years 2024, 2025, and 2026, respectively, indicating that the company's valuation is over 50% lower than comparable companies [1][3]. - The company has seen a shift in revenue structure, with operational income increasing as construction revenue declines. In 2023, operational and financial income accounted for 76% of total revenue, up 11 percentage points from 2022 [3]. - The company is expected to achieve positive free cash flow in 2024, with capital expenditures projected to continue decreasing. The dividend payout ratio is around 30%, with potential for an increase as free cash flow improves [3]. - The company maintains its leading position in the waste-to-energy industry, with a waste processing capacity of 158,900 tons per day as of the end of 2023, remaining the largest global operator in this sector [3]. - The water services segment has shown steady profit growth, with a 13.58% year-on-year increase in EBITDA to 2.475 billion HKD in 2023 [3]. Summary by Sections Market Performance - The company reported a total revenue of 32.09 billion HKD in 2023, a 14% decrease year-on-year, while net profit was 4.429 billion HKD, down 4% from the previous year [3][4]. Financial Forecasts - Revenue projections for 2024 and 2025 are 35.622 billion HKD and 36.272 billion HKD, respectively, with expected growth rates of 11% and 2% [4]. - The forecasted net profit for 2024, 2025, and 2026 is 4.573 billion HKD, 4.715 billion HKD, and 4.840 billion HKD, respectively [4]. Operational Insights - The operational income has increased, with a significant rise in the share of operational and financial income in total revenue, indicating a transition to a more sustainable revenue model [3]. - The company has reduced capital expenditures significantly, leading to an improvement in free cash flow, which is expected to turn positive in 2024 [3].

公用事业|环保 公司深度 2024年03月25日 光大环境 (0257.HK) 买入 ——全球最大垃圾发电运营商 高股息彰显投资价值 （首次覆盖） 投资要点： 证券分析师 ➢ 光大集团旗下环保平台，全球最大的垃圾发电投资运营商。公司于1993 年成立，2003年正式进入环保 刘晓宁 S1350523120003 领域，经过二十余年的发展，形成了环保能源、环保水务及新能源三大业务板块。在三大业务板块中，环 liuxiaoning@huayuanstock.com 保能源是公司最主要的营收和利润贡献来源,2022年实现营收373.21亿港元，其中环保能源占比59%。 联系人 ➢ 运营收入占比过半，资本开支下降，公司有望正式进入运营收获期。受 BOT业务的会计计量规则影响， 刘晓宁 在过去垃圾处理规模快速增长时期，公司拥有占比较高的建造收入，进入2022年以来，公司资本开支减 S1350523120003 少，建造收入下降，存量项目的运营收入成为公司收入的主要来源（2022 年运营收入占比 49%，2023 liuxiaoning@huayuanstock.com 年上半年运营收入占比57%），公司有望正式进入运营 ...