Sinopec Energy Saving Co., Ltd. is a professional energy-saving company engaged in comprehensive utilization of waste heat and waste pressure under Sinopec. Its main core technology is low-temperature waste heat power generation, and it is a leading omni-directional service provider of waste heat power generation in the industry.
The state vigorously advocates energy conservation and emission reduction, and the prospect of waste heat power generation industry is considerable.
As a "energy saving and emission reduction" industry strongly advocated by the state, the waste heat power generation engineering and technical service industry has been encouraged, supported and highly valued by the national industrial policy, which is in line with the national principles and policies on resource conservation, environmental protection and sustainable development.
It is estimated that by 2015, the domestic cement industry will have about 720 production lines to install waste heat power plants, and the whole market size is about 28.5 billion yuan. Based on the overall carrying capacity of existing waste heat power generation engineering service companies, the domestic cement industry's waste heat power generation market is expected to have more than 5 years of development space.
Sinopec Energy Saving: the leading position of the industry is stable, and the business is expanded in many directions.
As of 2012, according to the number of cement production lines equipped with waste heat power generation, the company's market share was 22.95%, ranking first in the industry.
The company provides a variety of business models, including E, EP, EPC, BOOT, EMC and so on, which have good income both at home and abroad. At the same time, the company not only serves the cement industry, but also successfully applies waste heat power generation technology to iron and steel, chemical industry, metallurgy, glass and other building materials industries.
The company's performance declined in 2012 and 2013, mainly due to the downstream cement, steel and other basic industries affected by national macroeconomic factors, as well as the poor development of overseas business in Turkey and Libya. As contracts signed in 2013 are executed in 2014 and generate revenue, the company's performance is expected to rise. At the same time, the company plans to make full use of this offering to raise funds to invest in innovative business models such as EMC and BOOT, which is expected to provide a strong guarantee for the sustained growth of the company's profits.
Profit forecast
We expect the company's revenue from 2014 to 2016 to be 11.08,11.67 and 1.234 billion yuan, up 4.51%, 5.38% and 5.71% over the same period last year. The net profit attributed to the parent company was 1.21,1.37 and 145.7 million yuan, up 33.3%, 12.9% and 5.7% over the same period last year. Comparable companies were valued at an average of 28 times in 2014.
Driving factors
The introduction of national policies on energy conservation and emission reduction has brought about an increase in installed orders in downstream industries.
Risk hint
Dependence risk on downstream industries, such as cement, glass, steel, etc. L BOOT/EMC business model operational risk, overseas business risk