Grandblue Environment (600323) 申万宏源·2025-02-19 00:21Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company plans to significantly increase its dividend, with a proposed cash dividend of 0.8 yuan per share for 2024, resulting in a dividend payout ratio of 38% and a dividend yield of 4% [8] - The company commits to a 10% annual growth in dividends per share (DPS) from 2024 to 2026, ensuring continuous returns to shareholders [8] - Improved cash flow is anticipated due to a decrease in accounts receivable and capital expenditures (Capex), with a net operating cash flow of 2.738 billion yuan in 2023 and 961 million yuan in the first half of 2024, representing a 138% year-on-year increase [8] - The acquisition of high-quality assets from Yuefeng is progressing well, expected to enhance profits and cash flow, with a projected profit increase of 305 million yuan post-acquisition [8] - The company forecasts net profits of 1.721 billion yuan, 1.759 billion yuan, and 1.902 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 9 [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 12.541 billion yuan, with a slight decline expected in 2024 to 12.287 billion yuan, followed by a further decrease to 12.155 billion yuan in 2025 [6] - The net profit attributable to the parent company is expected to grow from 1.430 billion yuan in 2023 to 1.721 billion yuan in 2024, and reach 1.902 billion yuan by 2026 [6] - The company's gross margin is forecasted to be 28.0% in 2024, slightly decreasing to 27.9% in 2025, and then increasing to 28.7% in 2026 [6]