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康达环保(6136.HK):PPP项目加快推进 业绩静待释放

Kangda Environmental Protection (6136.HK): PPP projects accelerate performance and wait for release

輝立證券(香港) ·  Nov 28, 2016 00:00  · Researches

In the first half of 2016, Kangda earned 902 million yuan in environmental protection records, an increase of about 15 percent from 785 million in the same period last year. Specifically, construction revenue offset the main increase. Due to the increase in the number of BOT projects, its revenue increased by 116 million to 433 million compared with the same period last year, followed by an annual increase of 0.36 million to 250 million in financial income, while housing income decreased by 0.35 million yuan to 263 million yuan over the same period last year, offsetting some of the increase. Profit growth was also lower than expected, falling by 13.76% year-on-year to 122 million, while earnings per share fell by 17.9% to 5.46 points per year, mainly due to the decline in gross profit margin and the rapid increase in expenses during the period.

In terms of profitability, gross profit margin fell 5 percentage points to 42% compared with the same period last year, mainly affected by reform and increase. In terms of expenditure, administrative expenditure increased by 25.8% to 150 million yuan year-on-year, and expenditure expenditure increased by 10% to 130 million yuan. Worst of all, the interest rate fell 4.5 percentage points year-on-year to 13.52%.

The processing capacity of the company's traditional water projects increased again in 2016. by the end of October, the company's total daily water processing capacity was 296.9 million tons, an increase of about 16.3% over the same period last year, with an additional processing capacity of 1.92 million tons per day. The daily processing capacity of sewage was 230.9 tons, an increase of about 9.1% over the same period last year. In addition, the company is further involved in the mud treatment industry. at present, the daily processing volume of the mud treatment project is 400 tons, and it is expected that more identical responses will be achieved with the waste water treatment project, so as to enhance the competitiveness of the company.

The translation is provided by third-party software.


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