Events:
Citic Guoan's average price is 19.10 yuan per share to increase the proportion of shares in the company to 5%. From June 13, 2017 to November 20, 2017, Citic Guoan increased its stake in the company by 43.27 million shares, accounting for 5.00% of the company's total share capital, through centralized trading on the stock exchange, and announced that Citic Guoan did not rule out its plan to continue to increase its stake in Wanbangda within 12 months.
Main points of investment:
There are four listed companies in which Citic Guoan holds more than 5% of its shares, all of which are actual controllers. Citic Guoan Group Co., Ltd., which was originally a wholly owned subsidiary of CITIC Group, was originally a wholly owned subsidiary of Citic Group. After the mixed reform of private enterprises in 2014, Citic Group's 100% stake in Guoan Group was reduced to 20.945%. Four of the five private enterprises are mainly related to real estate. Citic Guoan currently holds shares in four listed companies, all of which are actual controllers: Citic Guoan Information Industry Co., Ltd. (000839.SZ, 37.77%); CITIC Guoan Wine Industry Co., Ltd. (600084.SH, 43.89%); Baiyin Nonferrous Group Co., Ltd. (601212.SH, 32.27%); Guoan International Co., Ltd. (0143.HK, 53.22%).
From June 13, 17 to November 20, 17, Citic Guoan increased its holding of 43.27 million shares of Wanbang through centralized trading on the stock exchange, accounting for 5.00% of the company's total share capital. The follow-up company announcement does not rule out the plan to continue to increase its holdings within 12 months.
The dangerous invalid license plate is of high quality, and the production capacity is expected to be improved. The comprehensive disposal license of 42 kinds of wastes in Jinghua radiates all over Heilongjiang Province, and the annual output of hazardous waste in the province will reach 1.04 million tons by 2020. The project is to be divided into two phases, the first phase is under construction, and the annual comprehensive treatment scale of hazardous waste is about 83900 tons, which is expected to be completed and put into production in May 19. It is estimated by the company that the net profit of the hazardous waste project will reach 7099 million yuan / year after reaching production. Jilin solid waste license qualification, a wholly owned subsidiary of the company: physical and chemical 8000 tons, incineration 10, 000 tons (including medical waste), landfill 110000 tons. At the same time, the largest hazardous waste landfill in three northeastern provinces (the only dangerous waste landfill in Jilin Province) is under construction, with a storage capacity of 1.4 million square meters, which is extremely scarce. And in 16 years, the company acquired 51% of the holding shares of Taiyuan Oil, and laid out the market of oil-based drilling cuttings and sludge disposal in advance, which will coordinate with the company's deep petrochemical resources.
Black smelly River governance national key cities 17 at the end of the year assessment, the company layout of the first advantage is obvious. Water pollution Prevention and Control Action Plan
It is proposed that "the built areas of municipalities directly under the Central Government, provincial capitals and cities separately listed on the plan should basically eliminate the black and smelly water body by the end of 2017". According to the estimation of the length of a single black and smelly river and the unit investment of 35 million / km, the 205black and smelly water body was basically completed under the supervision of the key listing in 2017, corresponding to nearly 20 billion of the investment space in a single year in 2017, and about 100 billion of the national market space by the end of 2020. Through the acquisition of beyond science and technology to cut into the black stinky river treatment, the company has the core technology such as biological enzyme treatment, efficient flocculation technology and sediment rapid desilting and drying technology, combined with microbial enzyme technology, can carry out systematic mud-water co-treatment of large-scale river. At present, demonstration projects for the treatment of Heidi River have been carried out in Shanghai, Changshu, Hangzhou and other places with remarkable results. We expect the company to benefit greatly from the approaching Black Stinky River assessment and tighter regulation.
The waste acid disposal business has landed, the market space is sufficient, and the performance has increased obviously. The treatment of waste acid is a rigid demand, and the total amount is huge.
According to the statistics of China Chemical Industry Information Center, China produces more than 100 million tons of industrial waste acid every year. According to the calculation of 20 million tons of waste hydrochloric acid produced by metal processing and pickling every year, the corresponding investment of 3000 tons / day treatment project is 400 million. Assuming that the average unit price is 500 yuan / ton, the corresponding investment demand is 10 billion and the operating space is 10 billion / year. There are nine major scrap processing bases in China, with a scrap capacity of more than 3000 tons per day, which is expected to give priority to the release of demand. The company's resource technology is in line with the trend of environmental protection. In the first three years after the first phase was put into production, the annual net profit was 13.4821 million, and the performance increased significantly.
Holding petrochemical tailing seam market leader, put into production at the end of 2017, for the future performance growth point. When the first phase of Huizhou Ecos project is completed at the end of November 17, it will become the largest C5 separation project in the country (with an annual raw material processing capacity of 300000 tons).
C5 raw materials are scarce. It is estimated that the total amount of C5 raw materials in the country is no more than 1.8 million tons, and Icos's first phase accounts for 300000 tons, accounting for 17%, which is the largest comprehensive utilization project in Asia. And after the completion of the second phase of Ecos, the deep processing capacity of C5/C9 will be formed. the main products are high-end resins such as DCPD hydrogenated resin and C-9 hydrogenated resin, which have a wide range of applications. The company has become the largest shareholder by 45% of Huizhou Ecos in 16 years, and it is expected that the commissioning of the project will greatly improve the company's profit level.
Profit forecast and investment advice: combined with the progress of the project, we maintain the 17-19 net profit forecast of 4.14,6.99,1.083 billion, corresponding to the 17,18-year PE of 43 and 25 times, the performance inflection point is more obvious, and maintain the "buy" rating.
