Main points of investment:
Company announcement: Beijing Tiandi Renren Environmental Protection Technology Co., Ltd. (hereinafter referred to as "Heaven and Man"), a wholly-owned subsidiary of the company, recently signed with the Management Committee of Inner Mongolia Darat Economic Development Zone (hereinafter referred to as "Daqi Economic Development Zone Management Committee"). Inner Mongolia Darat Economic Development Zone concentrated brine treatment project (concentrated brine treatment facilities and two high-salt drying ponds) franchise agreement and its supplementary agreement The management committee of Daqi Economic Development Zone granted Tiandi people the exclusive right to finance, design, construct, operate and maintain the concentrated salt water treatment facilities in the project during the franchise period, entrusted with the management and operation of two high-salt drying ponds and charged for water treatment services.
Sign the first order for industrial high concentration wastewater treatment. According to this agreement, the concentrated brine treatment facilities invested, built, operated and maintained by Tiandi people have a capacity of 6000 cubic meters per day, and the two high-salt drying ponds entrusted with operation have a receiving and processing capacity of 3000 cubic meters per day and 2100 cubic meters per day, respectively. Among them, the income of concentrated salt water treatment mainly comes from recycled water (4.30 yuan / cubic meter) and government subsidy. The water volume of high salt drying pond treatment is 3000 cubic meters per day, and the unit price of tons of water is 8 yuan. The corresponding annual income is 8.76 million yuan, and the operating income at full load is about 15 million yuan.
According to the supplementary announcement, Jingkai District has the right to choose the repurchase mode of BT+O. It has been confirmed that the total cost of the project is 48.22 million yuan and the return on investment is 9%. This agreement is the first important breakthrough in the treatment of high concentration wastewater from Tiantian Industry.
The landing of the Tiandi Man concentrated Salt Water Project is a milestone in industrial water treatment. As the leader of landfill leachate treatment, its technical advantages of dish reverse osmosis enable it to enter the basic reserve for industrial wastewater treatment with high difficulty and high salinity. The landing of this concentrated salt water project is a milestone for the company to enter the industrial water treatment industry. It is expected to lead many other reserve industrial water treatment projects to land and formally enter the broad market of industrial water treatment. The launch of the Water Ten Action Plan in the fourth quarter is a high probability event. In addition to its leading advantage in the field of rural water affairs, the company has also achieved a breakthrough in the industrial water treatment industry. The benefits will be very obvious in the future, opening up a new imagination.
Maintain the "overweight" rating. We have recently emphasized that the company (1) order catalysis (2) the transformation of environmental protection platform companies (3) further motivate the three catalysts after the equity is straightened out. At present, order catalysis has begun to be fulfilled, maintaining 2014-2015 earnings per share of 0.15 yuan 0.21 yuan, corresponding to 43 PE for 2014-2015. It should be emphasized that if the future rural water projects are put in place, the company's performance will be adjusted upward with great flexibility. Temporarily maintain the "overweight" rating.
