质量回报双提升，提高公司核心竞争力

Investment Rating - The report maintains a "Buy" rating for Originwater (300070 SZ) [6] Core Views - Originwater has implemented a "Quality and Return Dual Improvement" action plan to enhance its core competitiveness [6] - The company's water treatment capacity exceeds 20 million tons per day, with an annual addition of over 7 billion tons of high-quality recycled water, ranking 36th in the "Global Water 50" [6] - Originwater focuses on technological innovation, with R&D expenses reaching 209 million yuan in the first three quarters of 2023, surpassing the full-year R&D expenses of 2022 [6] - The company has participated in the compilation of 32 national standards and 22 industry standards [6] - Originwater aims to strengthen its governance structure and improve operational efficiency, leveraging the management experience of its controlling shareholder, China Communications Construction Group [7] - The company has consistently increased its cash dividend payout ratio, raising it from around 10% of net profit in 2019 to over 15% [7] - Forecasted net profits for 2023-2025 are 806 million yuan, 915 million yuan, and 1,103 million yuan, respectively, with corresponding P/E ratios of 22 8x, 20 1x, and 16 7x [7] Financial Summary - Revenue is projected to grow from 10,501 million yuan in 2023 to 13,390 million yuan in 2025 [10] - Gross profit margins are expected to remain stable at around 28-29% from 2023 to 2025 [10] - Net profit attributable to shareholders is forecasted to increase from 806 million yuan in 2023 to 1,103 million yuan in 2025 [10] - EPS is expected to rise from 0 22 yuan in 2023 to 0 30 yuan in 2025 [10] - The company's asset-liability ratio is projected to decrease from 57 7% in 2023 to 56 1% in 2025 [10] Strategic Focus - Originwater is committed to its "12256" development strategy, aiming to become a world-class membrane technology enterprise [6] - The company focuses on five key business areas: wastewater resource utilization, high-quality drinking water, seawater desalination, salt lake lithium extraction, and industrial zero discharge [6] - It is accelerating the layout of strategic emerging industries, including microbial enrichment membranes and protein separation and concentration membranes [6]