SYEP(300867)2023-12-14 09:35Group 1: Company Operations - The total processing capacity of the company's waste incineration power plants is 15,000 tons per day, primarily located in Fujian, Shandong, Jiangsu, Anhui, and Gansu provinces, with Fujian and Shandong accounting for approximately 6,500 tons and 5,600 tons per day, respectively [2][3] - In 2022, the total waste received by the company was 5.645 million tons, with an incineration volume of approximately 4.92 million tons, generating an average power output of 18.99 billion kWh, equating to about 385 kWh per ton of waste incinerated [3][4] Group 2: Economic Impact and Financials - The overall economic downturn has slightly affected the company's waste processing volume, but the impact is minimal [3][4] - The company's main clients are government entities and state-owned power companies, and the economic situation has had some effect on the government's financial payment capabilities. The average collection period for waste processing fees is approximately six months, with some plants experiencing longer periods [3][4] Group 3: Future Plans and Projects - The company has six distributed photovoltaic projects under construction at its waste incineration plants to reduce operational costs and improve efficiency [4] - Following the implementation of waste classification policies, the company is expanding its business to include the treatment of kitchen waste, with a total capacity of 800 tons per day established in Quanzhou and Putian [4][5] Group 4: Profitability and Dividends - The company's profits have declined in recent years due to factors such as insufficient initial capacity release from new projects, increased industry competition, and changes in national subsidy income recognition [4] - The dividend policy will be determined based on shareholder returns, profitability, cash flow status, and funding needs for development, with announcements made in accordance with regulations when conditions are met [5]