Base on our own advantages, insist on independent innovation and expand foreign markets. The company is based on the comprehensive management of the industrial environment, with industrial smoke control as the core, the layout of energy saving, comprehensive utilization of resources, solid waste and dangerous waste, intelligent environment and other business sectors, with technological innovation-driven policy support to bring enterprise income growth. Based on the domestic market, the company actively participates in global environmental governance and participates in the construction of "Green Belt and Road Initiative". Vigorously expand overseas environmental governance business in India, Brazil, Pakistan, Turkey, South Korea and other countries to achieve a number of project cooperation performance.
Open up the environmental territory and build a comprehensive environmental service provider. Through a capital increase of 76.9677 million, the company has acquired an 11% stake in Tianshengyuan Environmental Protection. After the completion of the capital increase, Qingxin Environment will hold a 60% stake in Tianshengyuan Environmental Protection. The company is mainly engaged in environmental monitoring / testing, soil environmental investigation, assessment and remediation, intelligent environmental protection and other business, is the leading enterprise in the field of environmental protection in southwest China, and was selected into the "National third soil Survey Laboratory list" (the first batch) in 2022. The company has set up a new second-class subsidiary of Smart Environment, Beijing Qingxin Wisdom Environmental Technology Co., Ltd., which regards the field of intelligent environmental protection as the business direction of the company.
The company's revenue is growing steadily, and the diversified business sectors go hand in hand. In 2021, the company realized operating income / return net profit of 68.80 million yuan, 568 million yuan, respectively, compared with the same period last year, + 46.34% Universe 66.70%. The operating income / homing net profit of 2022Q1 was 1.819 billion yuan respectively, which was 1.68% compared with the same period last year. The total amount of new orders signed by the company in 2021 totaled 5.975 billion yuan, including 814 million yuan for electric power business contracts, 1.689 billion yuan for non-electric business contracts, 2.084 billion yuan for new energy engineering contracts (including winning the bid for the consortium), and 1.388 billion yuan for water consulting, transportation and management contracts. 1.413 billion yuan was invested in new projects, including 113 million yuan for power business BOT projects, 380 million yuan for non-electric business BOT projects, 266 million yuan for water supply and drainage projects, and 654 million yuan for energy-saving EMC projects.
Profit forecast: cover for the first time, give "increase" rating, target price 6.32 yuan. We estimate that the operating income of the company from 2022 to 2024 will be 77.165,585 million yuan, respectively, and the net profit of returning to the mother will be 8.07 million yuan, 1.045, 1.91 billion yuan, respectively, and the corresponding PE will be 10.05, 7.77 and 6.81x respectively.
Risk tips: policy promotion is not as expected; company projects are not as expected; epidemic control is not as expected; profit forecasting and valuation models are not as expected