洪城环境（600461）：降本增效推动利润提升，持续高分红股息亮眼

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has shown significant cost reduction and efficiency improvements, leading to profit growth and a notable dividend yield of approximately 4.53% for 2024 [6] - The company reported a revenue of 8.227 billion yuan for 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 1.19 billion yuan, up 9.9% year-on-year [6] - The company has committed to a dividend payout ratio of no less than 50% for the years 2024-2026, with a cash dividend of 4.64 yuan per share for 2024 [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 8,671 million yuan in 2025, 8,955 million yuan in 2026, and 9,257 million yuan in 2027, with respective growth rates of 5.4%, 3.3%, and 3.4% [5][8] - The net profit attributable to shareholders is forecasted to be 1,268 million yuan in 2025, 1,343 million yuan in 2026, and 1,423 million yuan in 2027, with growth rates of 6.5%, 5.9%, and 6.0% respectively [5][8] - The company’s gross margin is expected to remain stable around 31% over the forecast period, with a return on equity (ROE) projected to be around 12.6% in 2025 [5][8]