智通财经APP获悉，建银国际发布研报称，维持光大环境(00257)“跑赢大盘”评级，目标价由3.9港元升至4.1港元。公司2024年净利润同比下降24%，至34亿元，与该行的预期一致。排除减值和其他一次性项目，该行估计核心利润同比小幅下降10%至50亿元。
该行认为，核心利润的减少主要是由于建筑活动的减少。环境能源增长5%，环境水业务下降9%，而绿色科技营业收入同比持平。综合毛利率同比下滑4.9个百分点至38.1%，因为水和HWT营运利润率收缩。经永久性工具调整后的净负债率在2024年同比下降2个百分点，至152%，因为资本支出减少，经营现金流达到创纪录的89亿元。
尽管公司盈利下降，每股派息仍好于预期，同比增长5%。这意味着派息比率同比提高11个百分点至42%。在假设中反映了更高的垃圾焚烧发电(WTE)毛利率和更低的有效税率后，将2025至2027财年的盈利预测上调10至11%。
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