Main points of investment.
The new policy of ultra-low emissions of thermal power has accelerated the landing of the project, which will enter a period of order explosion in the next two years.
The promulgation of the Action Plan 2014-2020 for Energy Saving, Emission reduction and Transformation of Coal Power first proposes to complete the goal of ultra-low emission transformation of 150 million kilowatts in 2020, and the country has tried it for 14 years. The quantitative implementation of the policy shows that 15 years will become a big year for the transformation of ultra-low emission of coal power, reaching a comprehensive peak in 16 years, driving about 50 billion new ultra-low emission flue gas treatment market for thermal power plants in the future. The company relies on the core technology of wet electrostatic precipitator to quickly enter the market in Jiangsu and Zhejiang, and has completed a number of demonstration projects with a market share of more than 50% in the transformation of subdivided dedusting and ultra-low emission. It is expected that the company's 15-year thermal power ultra-low emission order will not be less than 2 billion, 16-year orders will enter the full outbreak period will exceed 3 billion, contributing net profit will exceed 150 million. Thermal power ultra-low emission business will drive the rapid growth of the company's traditional flue gas treatment business and become the company's main profit growth point.
Juhua is in charge of building a comprehensive environmental protection platform, injecting assets and quadrupling its profits in three years.
Juhua Group contributed 1.2 billion to participate in the company to become a controlling shareholder, 1 times the injection of PB into its solid waste disposal, sewage treatment and other assets to create a "three wastes" treatment platform for environmental protection. In the future, the company relies on Zhejiang SASAC to start the process of integrating environmental protection business in the province, and Quzhou green industry agglomeration area is upgraded to a national park with great potential to attract investment and expand capacity. Qingtai, a subsidiary of Juhua, expects the annual hazardous waste treatment capacity to grow rapidly on the basis of the existing 3000 tons, and is expected to reach more than 10000 tons in the next few years to meet Quzhou's current hazardous waste discharge level, and sewage sludge treatment capacity is also expected to grow rapidly. It is estimated that Jutai and Qingtai will contribute a total of 18.7 million net profit in 14 years. 15-16 will achieve a rapid net profit growth of 31.6 million and 75.5 million by improving processing capacity, with a compound growth of more than 200%.
Profit forecast and valuation.
The company's energy-saving and environmental protection industry is in a golden period, and there is a huge space for the future. Since last year, the financial pressure of the company has eased, and the acceptance of orders has been accelerated. According to the 15-year IPO and table estimates, the company's EPS in 2015, 2014 and 2016 was 0.20,0.30,0.52 yuan per share, an increase of 99.52%, 50.00% and 73.33% over the same period last year.
Cover for the first time, giving a "buy" rating.