Sort out the main points
Strong shareholder background:
Beijing Capital Entrepreneurship Group Co., Ltd., the controlling shareholder of the pioneering environment, is a large state-owned enterprise owned by Beijing SASAC. The Capital Group has built four core industries: environmental protection industry, infrastructure, real estate and financial services, and the influence of the cultural and creative industry has initially taken shape. Based in Beijing, the layout of the country, overseas, with 5 listed companies. By the end of 2018, Capital Group has total assets of more than 330 billion yuan and has been among the top 500 companies for many years in a row. The environmental protection industry, as the main force of the pioneering group "41st" industry, has two listed companies (the first shares, the first environment), a new third board listed company (the first atmosphere), as well as New Zealand's largest solid waste treatment company (WM) and Singapore's leading hazardous waste treatment company (ECO). By the end of 2018, the environmental protection industry of Shouchuang Group had an income of 13 billion yuan and assets of nearly 70 billion yuan.
Business covers the whole industry chain of solid waste:
At present, the company has formed the front-end, middle-end and back-end integrated disposal core business of domestic waste cleaning, collection and transportation, landfill, incineration and power generation, and the simultaneous development of anaerobic treatment business and hazardous waste disposal business as branch line business. electronic waste disassembly, informal landfill treatment and construction waste resource disposal business as auxiliary business coordination, has a perfect solid waste whole industry chain layout.
Domestic project reserves are rich:
The company has a total reserve of 63 projects in China (including 20 waste power generation projects, 7 landfill projects, 7 anaerobic treatment projects, 17 garbage collection, storage and transportation projects, 6 hazardous waste comprehensive treatment projects, 2 waste electrical disassembly projects and 4 biomass power generation projects), the total investment is about 15.8 billion yuan. The total design scale is that the annual garbage disposal capacity is about 13.65 million tons and the annual disassembly of electrical and electronic equipment is about 3.2 million pieces. As of December 31, 2018, a total of 44 domestic projects have entered the construction and operation period.
New Zealand projects contribute stable profits:
The company completed the acquisition of a 51% stake in BCG NZ Investment Holding Limited in September 2016. With a continuous operating history of more than 100 years, BCG NZ Group is the largest waste management service provider in New Zealand, with a market share of more than 30%, and has established a national network of vertically integrated local waste systems. At present, the New Zealand project is more mature and can contribute stable profits and cash flow to the company every year.
Investment suggestion: the company's business covers the whole solid waste industry chain. as of December 31, 2018, the company has a total of 63 projects in China, including 32 operating projects, 12 projects under construction and 19 projects to be built. It is expected that the company will increase its waste disposal capacity by no less than 7000 tons per day in 2019. In addition, the New Zealand project in which the company has a 51% stake can contribute stable profits and cash flow every year, and the company is expected to grow in the future.