Comments in Huaneng Science and Technology (300425): Sitong also reported that it promotes revenue increase by 43% and waits for a greater breakthrough in water environment control.

光大證券 · Sep 6, 2017 00:00 · Researches

事件:公司17年上半年营收3.38亿元,同比增43.13%;归母净利润3760万元,同比增11.81%,扣非后净利3763万元,同比增12.93%。

下游回暖提振对离心机需求,四通并表,营收增长43%。期内,公司受益于下游冶金和煤炭行业回暖,其离心机及配套业务营收增长13.12%至0.99亿元,毛利率35.38%(+3.14PP);收购的四通环境65%股权于16年12月1日并表,期内运营服务营收增21%至0.75亿元。受益于黑臭水体治理的高增长,期内水处理成套设备营收增55%至1.35亿,毛利率达46.4%(-14.65PP)。 “应收账款计提增加+期间费用率提升”,拖累净利增速。期内净利同比增11.8%,低于营收43%的增速,归因于1)运营服务受部分项目进水量减少,药剂、人工成本上升等因素影响,毛利率降14.65 个百分点至39.97%,拖累综合毛利率下降0.5 个百分点至41.99%。2)四通并表导致管理(+31.45)和财务费用的增加(+661%)。3)期内应收账款增加导致计提减值损失增加65%至1786万元。

在手订单合计6.49亿,后续增长还看市场开拓力度。期内,公司新增订单1.47亿,截止报告期末,合计在手订单达6.49亿(其中水处理设备2.56亿,运营服务1.94亿,离心机1.13亿,污水运营0.85亿)。公司紧紧抓住离心机市场回暖及黑臭水体历史机遇,加大市场开拓,通过整合四通环境和道源环境在工程咨询设计、投资运营的实力,提升综合拿单能力。

股权激励绑定高管利益,大股东增持彰显对公司发展信心。公司2017年3月发布限制性股权激励计划,向总经理、财务总监等148 名激励对象授予406.3万股限制性股票,价格为13.99元/股,解禁条件设定为2017-2019年扣非净利润增速不低于30%、70%、110%,将公司发展和团队利益结合,有利于公司经营稳定。大股东于17年5月31日至7月28日期间在二级市场增持212.7万股,增持价9.59元,彰显对公司发展信心。

维持“买入”评级:由于公司市场拓展及项目投建带来管理及财务费用提升,故分别下调17-19年的净利润23%、29%、31%至1.01、1.54 和2.15亿元,三年复合增速为45.4%,对应EPS 为0.27、0.41 和0.57元。

同步下调目标价至14.35,对应18年35 倍PE,维持“买入”评级。

风险提示:PPP 项目进展低于预期、并购整合磨合期过长。

Event: the company's revenue in the first half of 17 years was 338 million yuan, an increase of 43.13% over the same period last year; the net profit returned to its mother was 37.6 million yuan, up 11.81% from the same period last year; and the net profit after deducting non-profit was 37.63 million yuan, an increase of 12.93% over the same period last year.

Downstream warming boosted the demand for centrifuges, four links and tables, and revenue increased by 43%. During the period, the company benefited from the recovery of the downstream metallurgical and coal industries, and its revenue from its centrifuge and ancillary business increased by 13.12% to 99 million yuan, with a gross profit margin of 35.38% (+ 3.14PP). The acquired 65% stake in Sitong Environment was consolidated on December 1, 16, and operating services revenue increased by 21% to 75 million yuan during the period. Benefiting from the high growth in the treatment of black and smelly water bodies, the revenue of complete sets of water treatment equipment increased by 55% to 135 million during the period, with a gross profit margin of 46.4% (- 14.65PP). "the increase of accounts receivable plus the increase of expense rate during the period" is a drag on the growth of net profit. Net profit during the period increased by 11.8% compared with the same period last year, which was lower than the 43% growth rate of revenue, due to 1) operating services were affected by factors such as reduced water intake of some projects, rising pharmaceutical and labor costs, and gross profit margin decreased by 14.65 percentage points to 39.97%, dragging down the comprehensive gross profit margin by 0.5 percentage points to 41.99%. 2) the consolidation of the four links leads to an increase in management (+ 31.45) and financial costs (+ 661%). 3) the increase in accounts receivable during the period resulted in an increase of 65% to 17.86 million yuan in the impairment loss.

The total number of orders on hand is 649 million, and the follow-up growth depends on the strength of market development. During the period, the company added 147 million new orders, and by the end of the reporting period, the total on-hand orders reached 649 million (including 256 million of water treatment equipment, 194 million of operational services, 113 million of centrifuges, 85 million of sewage operations). The company firmly seizes the historical opportunity of the warming of the centrifuge market and the black and smelly water body, increases the market development, and enhances the comprehensive order-taking capacity by integrating the strength of Sitong environment and Daoyuan environment in engineering consulting design, investment and operation.

Equity incentive binds the interests of senior executives, and the increase of major shareholders shows confidence in the development of the company. The company issued a restricted equity incentive plan in March 2017, granting 4.063 million restricted shares to the general manager, chief financial officer and other incentives at a price of 13.99 yuan per share. the lifting condition is that the growth rate of deducting non-net profit from 2017 to 2019 is not less than 30%, 70% and 110%, which is conducive to the stability of the company by combining the development of the company with the interests of the team. During the period from May 31 to July 28, 17, major shareholders increased their holdings in the secondary market by 2.127 million shares at a price of 9.59 yuan, demonstrating their confidence in the development of the company.

Maintain the "buy" rating: due to the increase in management and financial costs brought about by the company's market expansion and project construction, the 17-19 net profit was reduced by 23%, 29%, 31% to 1.01,1.54 and 215 million yuan respectively, with a three-year compound growth rate of 45.4%, corresponding to 0.27,0.41 and 0.57 yuan EPS.

Simultaneously lowered the target price to 14.35, corresponding to 18 years 35 times PE, maintaining the "buy" rating.

Risk hint: the progress of PPP project is lower than expected, and the integration run-in period of M & An is too long.

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环能科技(300425)中报点评：四通并表促营收增43% 静待水环境治理有更大突破

Comments in Huaneng Science and Technology (300425): Sitong also reported that it promotes revenue increase by 43% and waits for a greater breakthrough in water environment control.

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