Grandblue Environment (600323) 长江证券·2025-02-24 02:00Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to significantly increase its dividend payout ratio for 2024, with a proposed cash dividend of 0.80 yuan per share, resulting in a dividend yield of approximately 3.94% based on the current stock price [2][6]. - The dividend payout ratio is projected to rise from 27.4% in 2023 to 39.6% in 2024, based on an estimated net profit of 1.65 billion yuan attributable to the parent company [2][11]. - The company is anticipated to enhance its earnings per share (EPS) through the acquisition of Yuefeng Environmental, which is expected to be completed soon, potentially increasing the net profit attributable to the parent company by 389 million yuan [11]. - The company has a robust pipeline of waste incineration projects, with a total order size of 35,750 tons per day, contributing to stable revenue growth [11]. - The company is also expanding into overseas markets, with projects in Thailand expected to further boost investment returns [11]. Summary by Sections Dividend Proposal - The controlling shareholder, Nankong Group, has proposed a cash dividend of 0.80 yuan per share for 2024, which translates to a total dividend payout of approximately 652 million yuan [2][6]. Financial Performance - The estimated net profits for 2024, 2025, and 2026 are projected to be 1.65 billion yuan, 1.99 billion yuan, and 2.32 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 10.6x, 8.8x, and 7.5x [11]. Project Development - The company has successfully launched several waste incineration projects, with ongoing projects expected to commence operations in the near future, contributing to operational profit [11]. - The acquisition of Yuefeng Environmental is progressing well, with several preconditions already met, indicating a smooth transaction process [11].