This report is read as follows:
The company has continuously signed two strategic cooperation agreements on biomass gasification coupling power generation and biomass gasification hydrogen extraction, with Gaoyou Linyuan as the core, strong combination and complementary advantages to promote the extension of the company's business to the new energy industry chain.
Main points of investment:
Conclusion: the company has successively signed two strategic cooperation agreements: biomass gasification coupling power generation and biomass gasification hydrogen extraction to promote the extension of the company's business to the new energy industry chain. Taking into account the changes of Shanghai transportation and energy consolidation and total equity, the EPS in 2018-20 is adjusted to 0.45yuan (+ 0.01yuan) / 0.73 (+ 0.01yuan) / 0.93 (- 0.04yuan) respectively. Considering the downward valuation of the market as a whole, the target price is lowered to 15 yuan. Maintain the overweight rating.
With Gaoyou Linyuan as the core, the agro-ecological industrial park has been promoted to the whole country. On August 7, ①, the company signed a strategic cooperation agreement with China Science and Technology Industrial Group in the field of distributed energy to actively promote the construction and operation experience of Gaoyou Lin Yuan biomass gasification power generation project. Combined with China Science and Technology Industry's investment, construction and operation experience in garbage power generation, carry out biomass and garbage gasification coupled distributed power generation project. On August 1, ②, Gaoyou Linyuan, a wholly owned subsidiary of the company, signed a "Technical Cooperation Agreement on industrialization of hydrogen extraction from Biomass Gasification" with East China University of Science and Technology and Changzhou Lanbo, aiming to build the first set of 20 million m 3 hydrogen extraction from straw gasification in China, complete with high concentration hydrogen purification and liquefaction process. The two ③ framework agreements are carried out with Gaoyou Linyuan as the core, indicating that the biomass gasification power generation project has entered a mature operation stage and is ready for national promotion.
The combination of strong and strong forces, complementary advantages, and open up cooperation in the field of new energy. ① Gaoyou Linyuan currently has a capacity of 16000 m / h (including hydrogen content of 20-30%), coupled with biomass purification system and 10MW power generation system, which is in the forefront of the world in biomass gasification, purification efficiency, conversion rate and stability. ② Jin Tongling has profound experience in the construction and operation of energy projects such as high-end equipment manufacturing, biomass power generation and waste heat utilization. The signing of the ③ framework agreement for the company, on the one hand, can promote the development of biomass gasification technology, business extension to the new energy industry chain, and agro-ecological industrial park project promotion, on the other hand, it also promotes the R & D and manufacturing of high-end equipment.
Catalyst: agricultural eco-industrial park project landed. Risk factors: the execution of the project order is not as expected.
