CITIC SEC maintains "buy" rating on CEB GREENTECH (01257) with a target price of 0.9 Hong Kong dollars.

CITIC Securities released a research report stating that they maintain a "buy" rating for CEB GREENTECH (01257), but have lowered the company's EPS forecast for 2024-2026 to -0.24/-0.05/0.02 Hong Kong dollars (previously -0.11/0.01/0.08 Hong Kong dollars). Based on a 2025 PB ratio of 0.18, the target price for the company is set at 0.9 Hong Kong dollars. The company's announcement predicts that the net profit attributable to shareholders for 2024 will expand by 66%-69%, attributed to the continued intense competition in the hazardous waste industry. The company's revenue structure has been improving since 2024, with better government subsidies recovery compared to previous years, and a significant improvement expected in cash flow. Looking ahead to 2025, the bank believes that the company is poised to stabilize its hazardous waste disposal business with its scale advantages, while also achieving a rebound in performance through the expansion of heat supply.