自来水涨价概念股，赚钱稳，分红壕！江西水务龙头洪城环境：独占地方9成市场，资本开支是核心关注点

Revenue Growth - From 2018 to 2023, Hongcheng Environment's net profit increased from 418 million to 1.083 billion, with a CAGR of approximately 21%[8] - In 2023, total revenue reached 8.048 billion, a year-on-year growth of 3.4%[21] - In Q1 2024, total revenue was 2.151 billion, showing a year-on-year increase of 3.9%[22] Market Position - Hongcheng Environment holds a market share of 84% in the water supply business in Nanchang and 88% in the sewage treatment business in Jiangxi Province[79] - The company has a significant presence in the local market, controlling approximately 90% of the water supply market[10] Pricing and Profitability - A 0.3 yuan increase in water price could lead to a profit increase of about 100 million, translating to less than a 10% growth in net profit[85] - The average water price in Nanchang as of March 2024 was 2.35 yuan per ton, reflecting a 2.2% increase since 2020[73] Financial Stability - The company maintained a dividend payout ratio of around 50%, with a dividend amount of 542 million in 2023, resulting in a dividend yield of approximately 4% based on a market capitalization of about 13.7 billion[93] - Operating cash flow from 2018 to 2023 ranged between 1 billion to 2 billion, significantly exceeding net profit, providing a solid foundation for dividends[95] Capital Expenditure - Hongcheng Environment has experienced a decline in capital expenditure since 2022, which has improved free cash flow conditions[99] - The company has a high interest-bearing debt ratio of 32.8%, with approximately 6.5 billion in loans on its balance sheet[99]