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天津创业环保(600874)点评:受惠污水处理价格改革

羣益證券(香港) ·  Oct 19, 2015 00:00  · Researches

Summarizing the “Certain Opinions of the State Council of the CPC Central Committee on Promoting the Reform of the Price System”, the State Council of China proposed improving the price policy for environmental services, managing the operation of environmental tax, charging and related service price policies, increasing economic leverage and adjustment, gradually making enterprises bear more expenditure on emissions of various pollutants than the cost of active control, and increasing the aggressiveness of enterprises in proactive pollution control and emission reduction. In accordance with the principles of “pollution costs, fair payment, compensation costs, and reasonable profit,” the sewage treatment fee standard should be raised reasonably. Urban sewage treatment fee standards should not be lower than the cost of sewage treatment and sludge treatment treatment, and explore the establishment of a mechanism to link treatment service costs paid by the government to sewage treatment enterprises and the effects of sewage treatment, and implement an encouraging price policy for the resource utilization of sewage treatment. We anticipate that sewage treatment enterprises will benefit from the above policies. Tianjin Startup Environmental Protection (600874.CH) treated a total of 621.36 million cubic meters of sewage in the first half of 2015, an increase of 13.3% over the previous year. The realized revenue from sewage treatment services was RMB 721.87 million, an increase of 11% year-on-year, and an increase of 11.2% and 26.0% in revenue and net profit during the period. Technology trends and investment strategies were spurred by the above policy news on Friday, and the stock price ended in a slump. However, its stock price is still at a recent low level. As the market atmosphere improves and policy news evolves, expectations will continue to rise. It is recommended to buy at current prices. It is expected that the rebound in August will rise at a high of 12.94 yuan, and a decline below 9.39 yuan may stop before it falls below 9.39 yuan. Looking back on last week's recommendation, the initial shares promoted last week (600376.CH) have recently been trending upward with A-shares. They closed at RMB 11.42 on Friday last week, up about 16.9% from the time of promotion. For the time being, the target price remains at RMB 12.27 and the cessation price at RMB 9.00.

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