Dynagreen(601330)2024-12-24 10:33Revenue and Financial Performance - The construction revenue for 2022 and 2023 was 1.747 billion CNY and 0.815 billion CNY respectively, with a significant decrease in revenue leading to a decline in operating income and net profit [2] - The company's accounts receivable consists mainly of waste treatment fees (approximately 47%) and national subsidies (approximately 39%) [2] - About 60% of accounts receivable is aged within one year, and 80% within two years [2] Operational Insights - The main sources of operational income are waste treatment fees and electricity fees, with a stable proportion [3] - Capital expenditure for the first three quarters of 2024 is approximately 0.4 billion CNY, expected to decrease further if no new projects or acquisitions occur [3] - The company has signed steam supply agreements for 10 projects, expanding its steam supply business [4] Debt and Financial Strategy - The company does not currently plan to deliberately reduce its debt ratio, as it expects a natural decline in debt ratio due to reduced capital expenditure [3] - The company is exploring various strategies to enhance efficiency, including expanding waste sources and improving capacity utilization [4] Future Plans and Market Strategy - The company is focused on enhancing its market value through improved performance, increased dividend ratios, and stable dividend expectations [5] - The company is actively seeking mergers and acquisitions in the waste incineration power generation sector to strengthen its core business [5] - There are plans to participate in overseas markets, including bidding for a waste incineration power project in Malaysia [5]