存量项目推进+新项目不断获取，1H23 业绩同比增长公司2022 年度合同签约额创历史新高，2023 年上半年项目中标总额较去年同期也实现较大增长，存量项目的持续推进加上新项目的不断获得，公司1H23 业绩同比增长。公司持续深化战略南移工作，重要项目获取方面：中标了苏州市桃源富乡污水处理有限公司改造项目，在安徽芜湖获得了繁昌区犁山河水环境生态修复项目，在湖北区域公司获得了 609-3 项目废水处理站安装工程总承包项目，实现了公司在湖北区域业务的重大突破。成熟区域也持续中标新项目：1H23 公司获得了涉县清漳污水处理厂增容扩建项目一标段项目，实现了公司业务在河北省所有地级市的全覆盖。The net profit of 2Q23 is + 102.05% compared with the same period last year, but the accounts receivable are under pressure. The operating income / net profit of 1H23 is RMB 61.00 million, and the operating income / net profit of 2Q23 is RMB 429max, which is RMB 102.05% compared with the same period of last year.
The year-on-year growth of 1H23's performance is mainly due to the record high amount of contracts signed in 2022, and the total amount of winning bids for 1H23 projects has also achieved a large increase compared with the same period last year. However, the company's accounts receivable by the end of June 2023 increased significantly by 427 million yuan to 1.097 billion yuan compared with the same period last year, and the operating net cash flow was under pressure. Considering the rapid recovery of the company's Q2 performance, we have raised the company's 23-25 net return profit to RMB 1.78 million RMB 2.03 trillion (previous value:
The corresponding EPS of 23-25 years is 0.70 Universe 0.79 Plus 0.94 yuan. With reference to the company's 23-year PE Wind consensus forecast of 14.3x, optimistic about the company's strategy to move south, give the company a 23-year target PE19.5x, corresponding to the target price of 13.63 yuan (previous value: 11.29 yuan), buy.
With the promotion of stock projects and the continuous acquisition of new projects, the year-on-year growth of 1H23 performance the company's contract signing reached a record high in 2022, and the total amount of projects awarded in the first half of 2023 also increased significantly compared with the same period last year. With the continuous promotion of stock projects and the continuous acquisition of new projects, the company's 1H23 performance increased year-on-year. The company continues to deepen the strategic southward shift, and the acquisition of important projects: it won the bid for the transformation project of Suzhou Taoyuan Fuxiang sewage treatment Co., Ltd., and obtained the ecological restoration project of Lishan river environment in Fanchang District, Anhui Province. Hubei Regional Company won the 609-3 project wastewater treatment station installation project general contract project, achieving a major breakthrough in the company's regional business in Hubei. Mature areas also continue to win new projects: 1H23 has won the first section of the capacity expansion project of Qingzhang sewage treatment Plant in Shexian County, realizing the full coverage of the company's business in all prefecture-level cities in Hebei Province.
1H23 accounts receivable increased significantly compared with the same period last year, and the operating net cash flow pressured the company's main business toG. In recent years, the company's operation and engineering projects have been delayed to varying degrees under the disturbance of the external environment. By the end of June 2023, the company's accounts receivable increased significantly by 427 million yuan to 1.097 billion yuan compared with the same period last year, resulting in a year-on-year decline in 1H23 operating net cash flow of 123 million yuan to-145 million yuan. To this end, the company's bad debt provision has also increased significantly, 1H23 company credit impairment is-4.29 million yuan, loss provision increased by 9.08 million yuan compared with the same period last year. Expenses: 1) year-on-year + 19.72% of 1H23 financial expenses are mainly due to the increase in overall financing scale, and individual projects have been put into production, and project loan interest has been converted into expense; 2) 1H23 sales expenses compared with the same period last year + 44.52%, mainly due to the reduction of business development costs affected by the large environment in the same period last year, with a low base.
Target price 13.63 yuan, maintain the "buy" rating
We expect the company to have a 23-25 EPS0.70/0.79/0.94, give the company a 23-year target PE19.5x, with a target price of 13.63 yuan, and maintain a "buy" rating.
Risk hint: project progress / newly signed orders / policy implementation is not as strong as expected.
