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【私募调研记录】景林资产调研盐湖股份、绿色动力
证券之星· 2025-04-03 00:07
Group 1 - Recently, Jinglin Asset conducted research on two listed companies: Yanhai Co. and Green Power [1][2] - Yanhai Co. focuses on producing lithium resources for electric vehicle batteries, supporting the development of the new energy vehicle sector [1] - Green Power has implemented various measures to enhance performance and profitability, including centralized procurement and refined management, leading to a decrease in environmental protection fees [2] Group 2 - Green Power anticipates a continued decline in financial expenses due to long-term loan repayments and falling market interest rates [2] - The company expects a national subsidy repayment of 372 million yuan in 2024, which is better than in 2023, with three new projects added to the subsidy list [2] - By the end of 2024, national subsidies are projected to account for 34% of revenue, while waste treatment fees will represent 55% [2] Group 3 - Green Power plans to reduce capital expenditures to 500 million yuan in 2024 and will continue to lower future capital expenditures [2] - The company maintains a dividend payout ratio of 71%, with future dividends to be determined based on operational performance [2] - Green Power is exploring collaboration with central enterprises for an EPC project bid in Malaysia and is actively seeking acquisitions of quality projects [2]
绿色动力(601330) - 2025年第一季度可转债转股结果暨股份变动公告
2025-04-01 09:03
2025 年第一季度可转债转股结果暨股份变动公告 | | | 本公司董事会及全体董事除刘曙光外,保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 董事刘曙光因无法取得联系,对公告相关内容未出具意见。 绿色动力环保集团股份有限公司 重要内容提示: 一、可转债发行上市概况 经中国证监会《关于核准绿色动力环保集团股份有限公司公开发行可转换 公司债券的批复》(证监许可[2022]132号)核准,绿色动力环保集团股份有限 公司(以下简称"公司")于2022年2月25日公开发行2,360万张可转债,每张 面值人民币100元,发行总额23.60亿元,票面利率:第一年0.20%、第二年 累计转股情况:截至 2025 年 3 月 31 日,累计已有 126,000 元"绿动转债" 转换成公司 A 股普通股,累计转股数为 12,937 股,占可转换公司债券(以 下简称"可转债")转股前公司已发行股份总额的 0.0009%。 未转股可转债情况:截至 2025 年 3 月 31 日,尚未转股的可转债金额为 2,359,874,000 元,占可转债发行总量的 99.9947% ...
绿色动力(601330):公司点评报告:核心经营数据稳步增长,分红提升、股权激励彰显信心
方正证券· 2025-03-31 12:13
Investment Rating - The report gives a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [2][18]. Core Viewpoints - The company's core business remains strong, with operational revenue of 2.964 billion RMB, a year-on-year increase of 8.02%, despite a significant decline in construction revenue by 95.42% due to fewer construction projects [5]. - The company has successfully launched the Jingxi project, increasing its operational capacity to over 40,000 tons per day, and processed 14.38 million tons of municipal waste in 2024, a 6.96% increase year-on-year [5]. - The company is expanding its green energy trading and collaborative business efforts, achieving notable results in projects like mobile energy storage heating and biogas purification [6]. - A dividend plan has been announced, with a cash dividend of 0.1 RMB per share for the interim and a proposed annual dividend of 0.20 RMB per share, reflecting the company's confidence in its future [7]. Financial Performance - In 2024, the company reported total revenue of 3.399 billion RMB, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 585 million RMB, down 7% year-on-year [4][10]. - The company expects revenue growth in the coming years, projecting revenues of 3.542 billion RMB, 3.704 billion RMB, and 3.880 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 668 million RMB, 714 million RMB, and 768 million RMB [8][10]. - The company's gross margin improved to 45.44%, an increase of 6.92 percentage points year-on-year, due to optimized revenue structure and cost control [5]. Comparative Analysis - The company's 2025 PE ratio is lower than the average of comparable companies in the waste treatment sector, indicating potential for valuation recovery [11].
绿色动力(601330):高股息价值凸显,上调A/H股目标价
华泰证券· 2025-03-31 09:49
Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [6][7]. Core Views - The company reported a revenue of 3.399 billion RMB for 2024, a year-on-year decrease of 14.08%, and a net profit attributable to shareholders of 585 million RMB, down 7.02% year-on-year [1]. - The company has a strong free cash flow, with a significant increase to 1.068 billion RMB in 2024 from 256 million RMB in 2023, indicating robust operational efficiency [3]. - The target prices for the A and H shares have been raised to 8.62 RMB and 4.61 HKD respectively, reflecting an upward revision in profit forecasts [4]. Revenue and Profitability - The company's solid waste treatment operational revenue for 2024 is projected at 3.361 billion RMB, representing a year-on-year growth of 7.04% [2]. - The gross profit margin is expected to be 45.85%, a slight decrease of 0.54 percentage points year-on-year [2]. - The company aims for a dividend per share (DPS) of 0.3 RMB for 2024, with a payout ratio of 71.5% [3]. Financial Projections - The forecasted net profit for 2025 is 684 million RMB, with expected growth rates of 16.93% in 2025, 7.19% in 2026, and 5.57% in 2027 [5]. - The report anticipates a steady increase in the company's performance metrics, including a projected PE ratio of 17.6 for 2025 [4]. Market Position - The company is actively embracing digital transformation, collaborating with Alibaba Cloud to enhance operational efficiency through the application of artificial intelligence in waste incineration [2]. - The current dividend yields for A and H shares are 4.6% and 10.0% respectively, highlighting the company's attractive dividend policy [3].
绿色动力(601330):危废减值拖累业绩,高分红超预期
申万宏源证券· 2025-03-31 07:46
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 was impacted by impairment losses in hazardous waste business, with total revenue of 3.399 billion yuan, down 14% year-on-year, and net profit attributable to shareholders of 585 million yuan, down 7% year-on-year [6] - Excluding the impairment losses, the company's core business showed stable profit growth, with a significant increase in operational metrics [6] - The company significantly increased its dividend payout ratio to 71.45%, with a cash dividend total of 418 million yuan, resulting in an A-share dividend yield of 4.55% and a H-share yield of approximately 9.85% [6] - The company has launched a stock incentive plan, indicating confidence in long-term growth, with performance targets set for net profit and return on equity [6] - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards due to the impairment, but the outlook remains positive with expected steady profit growth and improved free cash flow [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.460 billion yuan, with a year-on-year growth rate of 1.8% [2] - Net profit attributable to shareholders for 2025 is projected at 734 million yuan, representing a year-on-year increase of 25.5% [2] - The company’s gross margin is expected to be 45.8% in 2025, with a return on equity (ROE) of 9.0% [2] - The price-to-earnings (PE) ratio is projected to be 13 for 2025, decreasing to 11 by 2027 [2] Market Data - As of March 28, 2025, the closing price of the stock was 6.59 yuan, with a market capitalization of 6.518 billion yuan [3] - The stock has a price-to-book ratio of 1.2 and a dividend yield of 3.79% [3]
绿色动力(601330):核心经营数据稳步增长 分红提升、股权激励彰显信心
新浪财经· 2025-03-31 06:31
事件:公司发布2024 年年报,2024 年,公司营业收入33.99 亿元,同比下降14%;归母净利润5.85 亿 元,同比下降7%。 核心观点: 发布分红规划和股权激励计划,彰显发展信心。公司2024 年已派发中期利润分配,向全体股东每股派 发现金红利0.1 元(含税),拟派发年度年度分红,向全体股东每股派发现金股利0.20 元(税前),中 期及年度利润分配合计派发现金红利4.18 亿元(含税)。2024 年8 月,公司发布《未来三年股东分红回 报规划(2024 年-2026 年)》,明确了公司未来三年每年以现金方式分配的利润分别不低于当年实现的 可分配利润的40%、45%、50%。2024 年12 月,公司发布股票激励计划草案,限制性股票的首次授予价 格为每股3.25 元,本激励计划的解除限售考核年度为2026-2028年三个会计年度,业绩考核目标值为 2026-2028 年净利润分别不低于7.11/7.42/7.73 亿元,净资产收益率均不低于8.2%,经营活动现金流量净 额分别不低于11.44/11.93/12.42 亿元。 盈利预测:我们预计公司2025-2027 年实现营业收入分别为35.42/3 ...
绿色动力:2024年报点评:自由现金流大增,分红比例提至71.45%-20250331
东吴证券· 2025-03-31 01:05
2024 年报点评:自由现金流大增,分红比例 提至 71.45% 买入(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3956 | 3399 | 3593 | 3765 | 3910 | | 同比(%) | (13.39) | (14.08) | 5.71 | 4.79 | 3.85 | | 归母净利润(百万元) | 629.28 | 585.08 | 649.61 | 717.62 | 760.30 | | 同比(%) | (15.51) | (7.02) | 11.03 | 10.47 | 5.95 | | EPS-最新摊薄(元/股) | 0.45 | 0.42 | 0.47 | 0.51 | 0.55 | | P/E(现价&最新摊薄) | 14.59 | 15.69 | 14.14 | 12.80 | 12.08 | [Table_Tag] [投资要点 Table_Summary] 2025 年 03 月 30 ...
绿色动力:2024 年业绩亮眼 分红超 4 亿
和讯网· 2025-03-30 07:12
【3 月 28 日晚,绿色动力发布 2024 年年报】公司营业总收入为 33.99 亿元,归母净利润为 5.85 亿元, 拟向全体股东每 10 股派发现金红利 2.00 元(含税)。截至年报发布日,公司总股本 13.93 亿股,本次 合计拟派发的现金红利为 2.79 亿元(含税)。2024 年 11 月 19 日,公司曾实施半年度权益分派,向全 体股东每 10 股派发现金红利 1.00 元(含税),实际派发现金红利 1.39 亿元(含税),中期及年度利润 分配合计派发现金红利约 4.18 亿元(含税),占 2024 年度归母净利润比例的 71.45%,分红比例位居 A 股上市公司前列。绿色动力是中国最早从事生活垃圾焚烧发电的企业之一,主要以特许经营方式从事 相关业务。截至 2024 年 12 月 31 日,公司在该领域运营项目 37 个,总装机容量 857MW,项目数量和 垃圾处理能力均居行业前列。自上市以来,公司已累计派发现金红利约 14.45 亿元,约占融资额的三分 之一。业内人士指出,行业已进入稳定发展期,公司现金流日益改善。绿色动力董事长乔德卫称,2024 年公司围绕集团"十四五"发展目标,运营处理能 ...
绿色动力2024年分红比例达到70%以上 位居A股上市公司前列
证券时报网· 2025-03-30 06:23
"2024年公司围绕集团'十四五'发展目标,聚焦垃圾焚烧发电主业,全体员工团结协作、锐意进取,在 创新发展中迈出了新步伐,在提质增效中实现了新突破。"绿色动力董事长乔德卫表示,2024年,公司 运营处理能力突破4万吨/日,生活垃圾处理量、上网电量以及供汽量均创历史新高。 乔德卫表示,"我国经济社会发展进入加快绿色化、低碳化的高质量发展阶段,经济发展绿色转型成为 必然趋势。垃圾焚烧发电作为具备环保和能源双重属性的交叉行业,是实现垃圾减量化、资源化、无害 化处理的重要保障,是推进降碳减污扩绿增长的重要力量,行业持续发展虽然面临不少挑战,但前景依 旧光明。" "未来,公司将继续秉持创造美好生活环境的企业使命,矢志不渝深耕垃圾焚烧发电主业,聚焦精细化 运营,强化提质增效,深化技术创新,不断提升集团核心竞争力,为股东创造更大价值,为社会可持续 发展贡献更大力量。"乔德卫说道。 3月28日晚,绿色动力(601330.SH)发布2024年年报,公司营业总收入为33.99亿元,归母净利润为 5.85亿元,拟向全体股东每10股派发现金红利2.00元(含税)。截至年报发布日,该公司总股本13.93亿 股。以此计算,绿色动力本次合 ...
绿色动力2024年财报:营收净利双降,数字化转型能否扭转颓势
金融界· 2025-03-28 14:28
Core Viewpoint - The company reported a decline in both revenue and net profit for the year 2024, indicating significant challenges despite advancements in technology and digital transformation efforts [1][4][6] Group 1: Financial Performance - The company achieved an operating revenue of 3.399 billion yuan, a year-on-year decrease of 14.08% [1][4] - The net profit attributable to shareholders was 585 million yuan, down 7.02% year-on-year [1][4] - This marks the second consecutive year of declining revenue and profit for the company [4] Group 2: Project and Operational Insights - A reduction in construction projects was identified as the primary reason for the revenue decline [4] - The company’s gross profit was 1.544 billion yuan, with a slight increase of 1.31%, and the gross margin improved to 45.42% [4] - The operational projects showed stable growth, with the company processing 14.3824 million tons of municipal waste, a year-on-year increase of 6.96% [5] - The electricity generated reached 4.2609 billion kWh, up 9.42% year-on-year, and steam supply increased by 31.49% to 563,600 tons [5] Group 3: Technological Advancements - The company continued to push for technological innovation and digital transformation, achieving notable results [6] - Collaboration with Alibaba Cloud led to the application of AI technology in waste incineration, significantly enhancing operational efficiency [6] - The company has obtained a total of 80 authorized patents, including 19 invention patents, showcasing strong R&D capabilities [6] - However, the financial impact of these technological advancements has yet to be fully realized, indicating a need for time to translate these innovations into revenue and profit [6]