share_log

启迪桑德(000826)2018年报点评:费用和减值拖累业绩 看好启迪和雄安双大股东带来积极变化

國信證券 ·  Apr 22, 2019 16:00  · Researches

Performance fell short of expectations, and sharp cost increases and impairment devoured profits. The company achieved revenue of 10.99 billion yuan, +17.48% year-on-year; realized imputed net profit of 644 million yuan, -48.5% year-on-year, lower than expected. Sharp cost increases and impairments eat up profits: management expenses were affected by the increase in personnel costs for the relocation of headquarters, +49% year on year, financial expenses +44% year on year, sales expenses +66% year on year, and the total cost ratio increased by 2.8ptc to 17.98%. The balance of accounts receivable at the end of the period was 5.99 billion yuan, +55% over the same period, mainly from renewable resources and sanitation business. Affected by this, the company accrued asset impairment of 265 million yuan in 2018. The reduction of engineering business, sanitation growth is impressive, and waste-to-energy generation is accelerating. Looking at the sector where operations account for more than half, the sanitation business maintained rapid growth, +88% year-on-year, accounts receivable increased rapidly, and gross margin increased, but net profit margin was still low, with annual contracts in hand reaching 4.1 billion yuan. The next step is mainly to absorb ongoing contracts to improve project profitability; 15 projects have been put into operation. Fifteen projects have been put into operation. The total treatment scale has reached 10,700 tons/day, revenue +130%, and the gross profit margin is 13.4%; Assets increase development efforts and income +42.6%, merger and acquisition of Puhua Environmental Protection, with a total scale of 2,685,000 tons/day, and the establishment of Xiong'an Puhua Water Company as a water platform; renewable resources business revenue was +15.1%, gross margin increased, and accounts receivable issues were still big, but it is expected to improve this year; municipal engineering business actively reduced, -24% year on year, strictly managed PPP projects, but will actively participate in watershed management and ecological environment improvement in the Xiong'an region. Operating business revenue (sanitation+recycling+solid waste+water) accounted for 58% in total, and continued to rise steadily. The company's operating business has taken shape, become an operating company, and is operating more steadily. Driven by the twin engines of Enlightenment and Xiongan, the company entered a new stage of development. The company changed its name to Enlightenment Environment. At the same time, the chairman and general manager were replaced. Enlightenment strengthened its leadership over the company. In the future, it will use Tsinghua's technological resources to increase the transformation of scientific and technological achievements, from being investment-driven to technology-driven. Furthermore, Xiongan Group will join the majority shareholder, and Xiongan Group will support the company to participate in various construction projects such as scientific and technological innovation and environmental protection in Xiong'an New Area. The company will use this as an opportunity to enter a new stage of development. In 19 years, the profit forecasting and investment rating company focused on improving quality and efficiency, digesting existing orders and projects, and achieving more stable development. We expect the company's profit forecast for 19-20 to reach 12.0/16.0/2.19 billion yuan, corresponding to PE 16/12/9 times. The company has a complete solid waste disposal industry chain layout, and operating business is the main body. We have long been optimistic about the resources that Enlightenment and Xiongan Group will bring to the company. The company will return to its leading position in environmental protection and maintain its purchasing rating. Risk indicates that the project is progressing or falls short of expectations

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Comment Comment · Views 310

Recommended

Write a comment

Statement

This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.