The market is one of the five large-scale national financial development centers in China, and the only platform for the development of energy conservation industry in Datang China. Taking advantage of the company's leading responsibility bureau in China to comprehensively cover the entire production capacity of coal-fired power generation and power generation, it provides a convenient solution for customers such as coal-fired power generation enterprises. According to Sullivan's report, according to the cumulative capacity calculation by the end of 2015, the company's sulfur and nitrates are 21.6% and 38.2% respectively, ranking first in the country. According to the 2015 output calculation, the company is the largest flat plate nitrate catalytic producer in the world, accounting for 30.7% of the country's total flat nitrate catalysis market, ranking first in the country.
We suggest a small note to confirm the stock market.
The company is in charge of
(1) the company is the leader and leader in the field of investment protection and energy protection of China Electric Power Bank. Focusing on the field of insurance and energy, it has a strong history and increasingly stable cash flow, which lays a solid foundation for future business development. (2) the market prospect of the industry is good. The favorable policy environment and market prospects provide a huge guarantee for the company's business development space and growth. (3) it has a comprehensive integrated operating capacity, which can provide an one-off solution for the whole production capacity of coal-fired coal-fired power plants, and implement the equivalent response among business operations, so as to create a continuous operating value for customers. (4) the company's strong technological research and development strength, strong technical strength and strong research and development, design and product development capabilities have improved the company's market competitiveness, which is a strong guarantee to maintain its leading position in the industry.
Overview of the industry
In view of the increasing attention paid to the environment in recent years, China has constantly increased its support and investment in the industry of energy protection and energy conservation. The environmental protection and energy industry, which includes most of the environmental protection industry and energy industry, is growing rapidly in China. From 2010 to 2015, the output value of China's energy insurance industry increased from 2.0 billion yuan to 4.6 billion yuan. According to the Sullivan report, it is expected that China's insurance industry will continue to maintain its digit percentage growth in the future, and the overall industry's output value will increase at a complex annual growth rate of 14.9% to 920 billion yuan by 2020.
China's energy budget determines its energy consumption structure and power source structure.
According to the Sullivan report, China has rich coal resources. by the end of 2015, China's saleable coal resources were about 114.5 billion tons, accounting for 12.8 percent of the world's coal reserves. China's coal output in 2015 was 3.8 billion tons, about half of the world's annual output. According to Sullivan, coal consumption accounted for 64% of China's major energy consumption in 2015. China's main energy consumption structure determines the leading position and fundamental role of coal-fired generation in the development industry.
In view of China's increasing attention to environmental protection in recent years, the importance attached to pollution control in major cities has greatly increased, and over the past few years, the implementation of even more stringent emission standards for coal-fired power plants has been gradually enforced, which has greatly promoted the development of the market for coal-fired environmental protection projects.
In addition, the legal system of the State Council promulgated the Environmental Protection Law (draft draft) in June 2015, which proposes to levy double protection for pollutants that exceed the emission limit or total emissions. With the increasing clarity of relevant policies, China's investment in environmental protection is growing rapidly. It is estimated that by 2020, China's investment in environmental pollution control will reach 200 billion yuan, accounting for 2.1 percent of the country's total domestic product. According to Sullivan's report, at present, the focus of China's environmental pollution control is still industrial pollution, and it is expected that industrial pollution control will continue to be the focus of environmental pollution control for a long time.
Profit ability and duty number
Based on the past three years' records, the income of the market has increased from 5688.0 million in 2013 to 8609.6 in 2015, with a combined annual growth rate of 23.0%. The annual growth rate of economic benefits has increased from 496.4 million in 2013 to 750.3 million in 2015, with a combined annual growth rate of 22.9%. The aggregate gross profit margin remained basically stable from 2013 to 2015, with 17.4%, 16.3% and 16.3% for the years ended December 31, 2013, 2014 and 2015, respectively.
16.0%. The overall gross profit margins for the six months ended June 30, 2015 and 2016 were 23.5% and 22.8%, respectively. The overall gross profit margin in 2015 and the first half of 2016 was higher than the full-year level during the crisis period, mainly due to the high proportion of collective operating expenses to total revenue in 2015 and the first half of 2016.
Collection purpose
HK $2141.5 of the proceeds from this collection (based on HK $4.15 per share in sales) will be used for the following purposes: about 60 per cent will be used for part of the capital required for the recharging of sulphur and nitrification. About 15% will be spent on future service expansion to foster new growth in company revenue and profits, including, but not limited to, coal-fired power generation EMC services, water services, and providing customers with integrated solutions for ultra-low emissions; about 10% will be spent on some of the existing operating expenses to reduce operating costs and improve the liability ratio; and about 10% will be spent on financial capital and other general corporate purposes. About 5% will be spent on research and development. Valuation Datang Environment held a roadshow in December last year, but the most popular listing plan is now back to earth. Last year, Morgan Stanley and the Citic Voucher Unit were the guarantors. Now, only CITIC Voucher is in charge.
People change into business exams and have confidence and relationship with investors.
The market is based on a historical price-to-earnings ratio of about 12.1 to 16.2 times and a price-to-market ratio of about 2.13 to 2.52 times. its valuation is within the average value of the industry, but as a leader of the industry, the company is certainly more prominent than the environmental protection enterprises currently listed in Hong Kong. Should enjoy more generous treatment. At present, there is a huge space for the development of the environmental protection industry in China. The company's capacity management has achieved rapid growth and extremely high profits in the past three years, and it is expected that the environmental protection industry will continue to be a catalyst for future growth. The basic factors of the Datang environment are good, the profitability is in the forefront of the industry, and the decision is reasonable. The only worry is that the current financial market order was mixed up earlier.
Based on the above-mentioned tests, we have made a small bet on the stock market.
Negative factor
(1) the development of the insurance industry relies heavily on the Chinese government's policy on pollution prevention and control; (2) all kinds of transactions have been conducted with China's Datang Collection in the past, and the company will continue to negotiate transactions with it in the future. For the years ended December 31, 2013, 2014 and 2015, and for the six months ended June 30, 2016, the total value of products and services (excluding franchise) provided by the collection to China Datang Collection is 3633 million yuan, 3839 million yuan, 5861 million yuan and 1613 million yuan, respectively, accounting for about 639 percent, 591 percent, 61.1 percent and 51.3 percent of the total income of this collection in each phase, respectively. (3) if China's coal-fired power generation increases and expands, the growth of the company's obligations may be affected; (4) the unfinished contract refers to the estimated total value of the completed contract for which the project has not been completed at a certain date (assuming that the project has been completed under the terms of the contract). The uncompleted contract is not a quantity item defined in the international reporting standards, nor is it an indication of future experience. (5) the increase in business depends on the company's search for profitable projects, the further development of the company's existing services, and its ability to expand to new jobs or markets. If the company fails to do so, the company's responsibilities and prospects may be adversely affected.