Core ideas:
Profit increased by 41% compared with the same period last year, which was greatly affected by the return on investment.
In the first three quarters, the company achieved operating income of 2.656 billion yuan, an increase of 4.59% over the same period last year, while the net profit belonging to listed companies was 309 million yuan, an increase of 41.38% over the same period last year. The increase in the company's net profit is mainly due to a 174 million increase in investment income (the sale of shares in Southwest Securities). Excluding this effect, net profit in the first three quarters fell by about 18.22% compared with the same period last year.
Net profit doubled in the third quarter, and gross profit margin increased significantly.
In the third quarter alone, the company's operating income was 920 million yuan, an increase of 23% over the same period last year, and the net profit was 87 million yuan, an increase of 99% over the same period last year. Affected by the decline in volume and price in the denitrification catalyst industry, the company's gross profit margin in the first three quarters was 18.01%, down 1.05% from the same period last year; but the gross profit margin in the third quarter was 20.65%, higher than in the past four quarters and 4.8% higher than the same period last year.
The diversification strategy has made steady progress, successively distributing sewage, hazardous waste, intelligent monitoring and other fields.
The company's diversification strategy is being steadily promoted, successively distributing water, hazardous waste, environmental big data and other fields. In terms of sewage disposal, the company has signed contracts for Chaoyang, Lingyuan, Beipiao and other projects, and it is expected that remote expansion will still accelerate; in terms of hazardous waste, on the basis of the existing nuclear waste disposal business, cooperate with Xinzhongtian Environmental Protection to carry out industrial hazardous waste projects through equity; in terms of monitoring, it has jointly established Chongqing Intelligent Environmental Protection Internet of things big data Company with Xuedilong, fresh Environment and other companies to lay out the local smart monitoring market.
CLP Investment's only environmental protection platform, state-owned enterprise reform and business expansion are expected to be strong.
It is estimated that the EPS of the company in 15-17 years is 0.45,0.39,0.49 yuan respectively. The company's original power environmental protection business will maintain steady growth, and as the only environmental protection platform under CLP, especially after the merger of CLP and national nuclear power, it is expected to start to make efforts in nuclear waste disposal, urban sewage and other areas, and the follow-up reform of state-owned enterprises and business expansion are expected to be strong. Give a "buy" rating.
Risk hint
The price of denitrification catalyst fell; the development of new business was lower than expected