Pioneering Environmental Protection (600008): 1H21's performance slightly exceeded expectations and was optimistic about the coordinated development of solid waste water.

中金公司 · Aug 30, 2021 00:00

　　1H21业绩略超我们预期

　　公司公布1H21业绩：收入86.26亿元，同比增长24.0%，归母净利润14.29亿元，同比增长235.3%，扣非归母净利润7.62亿元，同比增长96.4%，略超我们预期。我们认为业绩增长主要系公司环保主业稳健发展，各板块收入均稳健提升所致，其中归母净利润增幅高于扣非归母净利润，主要由于投资收益增幅较大，其中公司处置子公司股权及合营企业通用首创将持有股权转让等事项合计影响利润6.62亿元。

　　聚焦环保主业，各项业务均衡稳健增长。1H21公司城镇水务运营业务收入同比增长24.9%，营业利润同比增长46.3%；固废板块营业收入同比增长22.7%，营业利润同比增长35.2%；水环境综合治理/城镇水务建造收入同比增长19.3%/21.4%。

　　期间费用进一步优化，1H21公司销售/管理财务费用率同比下降0.01/1.32/0.27ppt至0.15%/10.15%/9.25%，运营管理质量提升；经营性现金流充沛，1H21公司经营性现金流净额17.04亿元，同比增长19.0%发展趋势

　　储备产能陆续投放，增长动力充足。1H21公司新增投产水处理能力约39.74万吨/日，其中供水新增约2.70万吨/旧，污水新增约37.04万吨/日，新增焚烧建设转运营规模3200吨/日。1H21公司轻资产转型不断深化，同时固废板块持续推进，水务、污泥业务新增签约项目4个，其中轻资产项目3个，固废新增签约焚烧规模1400吨/旧，新增环卫签约项目3个。我们认为公司储备产能陆续投放有望保障未来业绩增长，且进一步完善公司“水务固废”治理业务协同发展。

　　REITS顺利发行盘活存量资产，运营管理优势进一步强化。1H21富国首创水务REIT上市，我们认为公司污水处理项目作为首批REITs之一成功发行，彰显公司底层资产优质。我们认为REITs有助于公司盘活存量资产，拓宽融资渠道，同时由于其对项目运营管理及现金流质量要求更高，我们认为有望突出公司竞争优势，助力长期高质量发展。

　　盈利预测与估值

　　由于公司主营业务发展持续向好且投资收益影响较大，我们上调2021/2022年净利润45.4%/22.4%至23.60亿元/21.22亿元。当前股价对应2021/2022年11.0倍/12.2倍市盈率。维持中性评级，但考虑到投资收益可持续性较弱，我们上调目标价13.5%至4.20元对应13.1倍2021年市盈率和14.5倍2022年市盈率，较当前股价有18.6%的上行空间。

　　风险

　　项目推进不及预期，盈利能力下滑风险。

1H21's performance slightly exceeded our expectations.

The company announced 1H21 results: revenue of 8.626 billion yuan, an increase of 24.0% over the same period last year, and net profit of 1.429 billion yuan, an increase of 235.3% over the same period last year, deducting 762 million yuan of non-return net profit, an increase of 96.4% over the same period last year, slightly exceeding our expectations. We believe that the growth in performance is mainly due to the steady development of the company's main business of environmental protection, and the steady increase in income in all sectors, of which the increase in net profit is higher than that in deducting non-return net profit, mainly due to a large increase in investment income. among them, the company's disposal of shares in subsidiaries and the transfer of shares held by GM in the joint venture have a combined impact on profits of 662 million yuan.

Focus on the main business of environmental protection, the balanced and steady growth of all businesses. 1H21's urban water operation business income increased by 24.9% over the same period last year, and operating profit increased by 46.3% compared with the same period last year; solid waste plate business income increased by 22.7%, and operating profit increased by 35.2% over the same period last year; and water environment comprehensive treatment / urban water construction income increased by 19.3% and 21.4% over the same period last year.

During the period, the cost was further optimized, and the sales / management financial expense rate of 1H21 decreased from 0.01/1.32/0.27ppt to 0.15%, 10.15%, 9.25%, and the quality of operation and management improved; the operating cash flow was abundant, and the net operating cash flow of 1H21 was 1.704 billion yuan, an increase of 19.0% over the same period last year.

The reserve capacity has been put into operation one after another, and the growth momentum is sufficient. 1H21 increased its water treatment capacity by about 397400 tons per day, of which water supply increased by about 27000 tons per day, sewage increased by about 370400 tons per day, and incineration construction changed to operation scale of 3200 tons per day. The transformation of 1H21's light assets has been continuously deepened, while the solid waste sector has continued to push forward. Four new projects have been signed for water and sludge business, including 3 light asset projects, 1400 tons / old solid waste incineration, and 3 new sanitation projects. We believe that the company's reserve capacity is expected to ensure future performance growth, and further improve the company's "water solid waste" management business coordinated development.

REITS successfully issued and invigorated the existing assets, and the advantages of operation and management were further strengthened. 1H21 Wells Fargo pioneered the listing of water REIT, and we believe that the company's sewage treatment project has been successfully issued as one of the first REITs, demonstrating the quality of the underlying assets of the company. We believe that REITs will help the company invigorate its existing assets and broaden its financing channels. at the same time, because of its higher requirements for project operation management and cash flow quality, we believe that it is expected to highlight the company's competitive advantage and promote long-term high-quality development.

Profit forecast and valuation

Due to the continuous improvement in the development of the company's main business and the greater impact on investment income, we have raised the net profit of 2021 / 2022 by 45.4% to 2.36 billion yuan / 2.122 billion yuan. The current share price corresponds to 11.0 times 2021 / 2022 / 12.2 times earnings. Maintain a neutral rating, but taking into account the weak sustainability of investment income, we raise the target price by 13.5% to 4.20 yuan corresponding to 13.1 times 2021 price-to-earnings ratio and 14.5 times 2022 price-to-earnings ratio, which has 18.6% upward space compared with the current stock price.

Risk

Project progress is not as expected, profitability decline risk.

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首创环保(600008)：1H21业绩略超预期 看好固废水务协同发展

Pioneering Environmental Protection (600008): 1H21's performance slightly exceeded expectations and was optimistic about the coordinated development of solid waste water.

Risk Disclaimer

Statement

首创环保(600008)：1H21业绩略超预期看好固废水务协同发展