Summary:

Beijing Wanbangda Environmental Protection Technology Co., Ltd. is a leading comprehensive environmental service provider in China, specializing in providing multi-professional and comprehensive engineering construction services for petrochemical, coal chemical and power industries, and has a complete industrial chain in the environmental protection industry. it is the first listed company of environmental protection in the field of industrial water treatment.

"Water of all nations, reach to clear source", the company faces the challenge of water resources faced by industrial enterprises, firmly believes in the importance of water resources and energy to the survival and development of mankind, and is committed to the research and development of water resources utilization and water treatment technology for a long time. Hundreds of projects have been successfully developed in China, such as industrial sewage reuse, industrial wastewater treatment, circulating cooling water treatment, condensate refining, water purification, desalination treatment, management and operation, energy recycling, and so on. it has made outstanding contributions to the optimization of water treatment systems in China's energy enterprises.

The company has newly signed a letter of intent for domestic waste power generation projects in Thailand. The company will work with five local Thai companies to build five domestic waste incineration plants with a total of 2200 tons per day. After the project is completed and put into operation, the annual income of a single project is 75 million yuan, the net profit is 35 million yuan, and the total net profit contribution of the five projects is more than 150 million. The equity of the company accounts for 80%, and the net profit can be confirmed by 120 million. The project is expected to be fully put into operation by the end of 2019.

Profit forecast: we expect the company's operating income in 2017, 2018 and 2019 to be 2.19 billion yuan, 2.584 billion yuan and 2.972 billion yuan respectively, with net profit of 402 million yuan, 476 million yuan and 546 million yuan respectively, and earnings per share of 0.46 yuan, 0.55 yuan and 0.63 yuan.

Risk analysis: 1) the project progress is lower than expected; 2) market competition risk; 3) other irresistible risks.