We recommend that Wandes reference valuation range of 30% between 35% of the quartiles, corresponding to a price of 25.50 yuan-25.88 yuan, and it is recommended to apply for it as soon as possible.
Wandes predicts that the 19-year homing net profit corresponds to a PE of 17.29-23 times, and the average monthly price-to-earnings ratio of the CSI in the same industry is 21.32 times, so the valuation is reasonable. Taking into account the recent scientific and technological board inquiry returned to the narrow range of the chip game, in view of the previous inquiry of 800 million time and space the actual inquiry center has dropped to 34% color 35% quartile, according to the quantile decline logic, tomorrow's inquiry Wandes quotation will be considered downward at 35% quantile. Taking into account the current market sentiment and quotation logic, it is expected that tomorrow's Wandes inquiry range will be between 30% Mel 35% quartile, corresponding to a price of 25.50 yuan-25.88 yuan.
Wandes is one of the domestic enterprises specializing in garbage pollution treatment and water pollution treatment, and its main business mainly comes from overall environmental solutions, including garbage pollution reduction (37.08%), garbage pollution remediation (9.43%), and difficult sewage treatment (43.27%). At the same time, the company also provides operation and maintenance services for garbage pollution and water pollution control facilities according to customer requirements (accounting for 10.02%). The business of the company is mainly undertaken by public bidding (accounting for 70.44%), and individual projects are cooperated through invitation bidding (16.60%) and competitive negotiation (10.30%). The garbage pollution and water pollution treatment industries are relatively scattered. At present, the company has a market share of about 2.75% in the field of waste pollution reduction, 0.75% in the field of garbage pollution remediation, and less than 1% in the field of difficult wastewater treatment. However, benefiting from the advantages of brand effect and scale effect, the company accelerates business expansion, and the compound growth rate of operating income is as high as 83.45% in the past three years. By 2018, the company has realized the integrated capacity of 8000 tons / day garbage pollution reduction equipment and 60000 tons / day difficult wastewater treatment equipment in the site and the integration center. The new integrated capacity of 7500 tons / day garbage pollution reduction treatment unit and 60000 tons / day difficult wastewater treatment capacity is expected to be put into production in July 2021. According to the current capacity digestion of the company and the development trend of garbage pollution reduction and difficult wastewater treatment industry, the new capacity is expected to have better digestion capacity.
Risk hints: (1) at present, the market quotation has entered the game of information validity, and be cautious about the risk that the quotation will be removed from the high price due to the rapid change in market information; (2) although Science and Technology Innovation Board's market has improved, but the persistence of the opening board increase remains to be observed, and the new income may not be as good as expected.
