Central Environmental Protection (300692): the growth rate of return net profit in the first quarter is as high as 135%. It is expected that the company will continue to grow at a high rate.

華西證券 · Apr 26, 2021 00:00

事件概述

2021 年4 月26 日，公司披露2021 年一季度报告，报告期内实现营业收入1.80 亿元，同比增长76.27%；实现归母净利润0.32 亿元，同比增长134.65%；实现基本每股收益0.14 元。

分析判断：

新增订单亮眼，一季度利润同比翻倍。

2021 年一季度，公司实现营业收入1.80 亿元，同比增长76.27%；实现归属于上市公司股东的净利润0.32 亿元，同比增长134.65%，业绩表现亮眼。公司营业收入大幅增长主要系本期工程业务规模增长以及新增污水处理、垃圾焚烧发电运营项目所致。公司市场订单开辟同样优秀，支持公司业绩大增。其中新增EPC 订单4 个，合计金额1.07 亿元，同比去年增长5585%，确认收入订单金额0.84 亿元，同比去年增长99.71%；期末在手订单7.15 亿元，同比去年增长79.57%。新增节能环保特许经营类订单5.86 亿元，同比去年增长72.96%；处于运营期订单收入0.92 亿元，同比去年增长54.34%。未来随着公司各类运营项目规模稳步提升，产能利用率逐步爬坡，各类存量订单执行有序推行，市场新增订单获取稳定，业绩有望维持高增长。

固废业务收购进展顺利，双主业助力公司高速成长。

2021 年2 月5 日，公司签署了《安徽中环环保科技股份有限公司与上海泷蝶新能源科技有限公司全体股东关于买卖上海泷蝶新能源科技有限公司100%股权之股权转让协议》，分两次收购转让方持有的上海泷蝶新能源科技有限公司100%股权。截至一季报期末公司已完成上海泷蝶新能源科技有限公司股权第一次股权收购事宜并已完成工商变更登记。泷蝶新能源下属项目公司拥有石家庄生活垃圾环保发电项目30 年特许经营权，设计总处理能力为1,200 吨/日，自2020 年5 月起，两条生产线均达产运行，入厂垃圾焚烧处理 1100～1500 t/d。根据公司2020年12 月29 日披露补充公告，在石家庄生活垃圾环保发电项目的特许经营期限内，预计可实现营业收入约10000万元/年-14000 万元/年，净利润约4000 万元/年-7000 万元/年，给公司带来积极利润贡献。2020 年公司固废业务收入占比5.03%，毛利率达到50.75%，随着公司固废业务逐步壮大，公司双主业同时发力，后续高增长可期。

运营效率提升现金流改善，财务结构优秀。

2021 年一季度，公司实现综合毛利率39.05%，环比2020 年末的32.60%，增长6.45pct，我们判断毛利率环比增长可能是固废业务比重上升，2020 年固废业务毛利率50.75%，高于公司综合毛利率水平，日后公司固废业务占比逐步增加，公司毛利率仍有改进空间。2021 年一季度，公司实现经营性现金净额-0.33 亿元，较2020年一季度的-0.87 亿元大幅改善，主要系本期收款增长所致。收款增长得益于公司运营类项目规模提升，经营效率显著加强，其中经营活动现金流入达2.47 亿元，同比去年增长122.01%。此外，公司积极推动资本运作，改善公司财务状况，提升抗风险能力。一季度公司筹资活动净现金流2.51 亿元，同比增长3584.65%，主要系季报期内借款增长所致。即便公司借款增多，但公司资产负债率仍维持在安全范围，2021 年一季度末公司资本负债率53.46%，较去年同期减少6.78pct。公司优秀的财务状况，有助于公司推动项目有序建设，尽快投产实现运营收入，待公司运营项目形成规模效应，大量现金回流，有利于公司长久可持续发展。

投资建议

公司已形成“污水+垃圾”双翼发展格局，污水处理业务和垃圾焚烧业务齐头并进，助力公司业绩高速增长。公司收购石家庄生活垃圾环保发电项目，进一步增加固废运营规模，增强固废业务实力，提升公司业绩。公司非公开发行股票完成和可转债全部转股，利于公司推进募投项目和缓解财务压力。根据目前公司在建项目投建进度和新增订单情况，维持之前盈利预测不变，2021-2023 年营业收入分别为14.40 亿元、19.78 亿元、26.45 亿元，分别同比增长51.56%/37.32%/33.75%；2021-2023 年归母净利润分别为2.39/3.27/4.31 亿元，分别增长51.3%/36.8%/31.9%；对应EPS 为1.07 元、1.46 元、1.93 元；PE 为16/12/9 倍，维持“买入”评级。

风险提示

1）新增订单获取不及预期；

2）在手订单推进不及预期；

3）新建垃圾焚烧项目产能爬坡速度不及预期。

Event Overview

On April 26, 2021, the company disclosed the first quarter report of 2021, which showed that during the reporting period, operating income reached 180 million yuan, an increase of 76.27 percent over the same period last year; net profit returned to the home was 32 million yuan, an increase of 134.65 percent over the same period last year; and basic earnings per share was 0.14 yuan.

Analysis and judgment:

New orders are eye-catching, with profits doubling in the first quarter compared with the same period last year.

In the first quarter of 2021, the company achieved operating income of 180 million yuan, an increase of 76.27% over the same period last year, and the net profit attributed to shareholders of listed companies was 32 million yuan, an increase of 134.65% over the same period last year. The substantial increase in the company's operating income is mainly due to the growth of the business scale of the current phase of the project and the new sewage treatment and waste incineration power generation projects. The company's market order development is also excellent, supporting the company's performance growth. Among them, four new EPC orders were added, with a total amount of 107 million yuan, an increase of 5585 percent over the same period last year. Confirmed revenue orders totaled 84 million yuan, an increase of 99.71 percent over the same period last year; and orders on hand at the end of the period totaled 715 million yuan, up 79.57 percent over the same period last year. New franchise orders for energy conservation and environmental protection totaled 586 million yuan, an increase of 72.96 percent over the same period last year, while revenue from operating orders totaled 92 million yuan, an increase of 54.34 percent over the same period last year. In the future, with the steady increase in the scale of all kinds of operating projects, the gradual climbing of capacity utilization, the orderly implementation of all kinds of stock orders, the stable acquisition of new orders in the market, and the performance is expected to maintain high growth.

The acquisition of solid waste business is progressing smoothly, and the dual main business has contributed to the rapid growth of the company.

On February 5, 2021, the company signed the "Equity transfer Agreement between Anhui Central Environmental Protection Technology Co., Ltd. and all shareholders of Shanghai Die New Energy Technology Co., Ltd." to acquire the transferor's 100% equity interest in Shanghai Butterfly New Energy Technology Co., Ltd. By the end of the first quarterly report, the company has completed the first equity acquisition of Shanghai Die New Energy Technology Co., Ltd. and has completed the registration of industrial and commercial changes. The project company of Butterfly New Energy has a 30-year franchise for the environmental protection power generation project of domestic waste in Shijiazhuang, with a total design capacity of 1200 tons per day. Since May 2020, the two production lines have reached production capacity. 1100mm 1500t / d for waste incineration. According to the supplementary announcement disclosed by the company on December 29, 2020, during the franchise period of the Shijiazhuang municipal solid waste environmental protection power generation project, it is estimated that the operating income will be about 100 million yuan / year to 14000 yuan / year, and the net profit will be about 4000 yuan / year to 7000 yuan / year, which will bring positive profit contribution to the company. In 2020, the company's solid waste business income accounted for 5.03%, and the gross profit margin reached 50.75%. With the gradual growth of the company's solid waste business, the company's two main businesses are working at the same time, and the follow-up high growth is expected.

Improved operational efficiency, improved cash flow, excellent financial structure.

In the first quarter of 2021, the company achieved a comprehensive gross profit margin of 39.05%, an increase of 6.45 pct compared with 32.60% at the end of 2020. We judge that the month-on-month increase in gross profit margin may be due to an increase in the proportion of solid waste business. In 2020, the gross profit margin of solid waste business is 50.75%, which is higher than the company's comprehensive gross profit margin. In the future, the proportion of the company's solid waste business will gradually increase, and the company's gross profit margin still has room for improvement. In the first quarter of 2021, the company achieved net operating cash of-33 million yuan, a significant improvement from-87 million yuan in the first quarter of 2020, mainly due to the increase in receipts in the current period. The increase in collection benefited from the increase in the scale of the company's operating projects and the significant improvement in operating efficiency, of which the cash inflow from operating activities reached 247 million yuan, an increase of 122.01% over the same period last year. In addition, the company actively promotes capital operation, improves the company's financial position and enhances its anti-risk ability. The net cash flow of the company's fund-raising activities in the first quarter was 251 million yuan, an increase of 3584.65% over the same period last year, mainly due to the increase in borrowing during the quarterly reporting period. Even with the increase in corporate borrowing, the company's asset-liability ratio remained within a safe range, with a debt-to-capital ratio of 53.46% at the end of the first quarter of 2021, a decrease of 6.78pct compared with the same period last year. The company's excellent financial situation will help the company to promote the orderly construction of the project, put into production as soon as possible to achieve operating income, wait for the company's operating project to form a scale effect, a large amount of cash return, which is conducive to the company's long-term sustainable development.

Investment suggestion

The company has formed a "sewage + garbage" two-wing development pattern, sewage treatment business and garbage incineration business go hand in hand, helping the company's performance to grow at a high speed. The company acquires the environmental protection power generation project of domestic waste in Shijiazhuang to further increase the scale of solid waste operation, enhance the strength of solid waste business, and improve the performance of the company. The completion of the company's non-public offering of shares and the conversion of convertible bonds into shares will help the company to promote investment projects and ease financial pressure. According to the current construction progress and new orders of the company's projects under construction, the previous profit forecast remained unchanged. The operating income from 2021 to 2023 was 1.44 billion yuan, 1.978 billion yuan and 2.645 billion yuan, respectively. The year-on-year increase of 51.56%, 37.32% and 33.75%, respectively, compared with the same period last year, the net profit of homing in 2021-2023 was 239,327,431 million yuan, an increase of 51.3%, 36.8% and 31.9%, respectively. The corresponding EPS is 1.07,1.46,1.93 yuan; the PE is 16-12-9 times, maintaining the "buy" rating.

Risk hint

1) the acquisition of new orders is not as expected.

2) the advance of on-hand orders is not as expected.

3) the slope climbing speed of the newly built MSW incineration project is not as fast as expected.

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中环环保(300692)：一季度归母净利增速高达135% 公司持续高增长可期

Central Environmental Protection (300692): the growth rate of return net profit in the first quarter is as high as 135%. It is expected that the company will continue to grow at a high rate.

Risk Disclaimer

Statement