辉立证券-2016年业绩强劲增长

页数: 7页
行业: 公用事业
作者: 王彦囡
发布机构: 辉立证券
发布日期: 2017-03-01
機機機機機機 清新環境( 清新環境(002573. 002573.SZ) SZ) 2016 年業績強勁增長 香港 |環保 環保| 環保 公司研報 2 March 2017 增持評級 火電煙氣治理龍頭 清新環境是一家以工業煙氣治理為主業的綜合性服務運營商,目前主要聚焦於燃煤電 廠煙氣脫硫脫硝除塵業務,同時也在推進包括石化、鋼鐵等在內的非電領域的業務拓 展。自上市以來公司業績一直保持穩定高速成長,上市至今營收復合增長率高達 40.1%,凈利復合增長率高達 39.7%,穩坐績優成長股。其優秀的歷史業績主要源 於,在“十二五”時期國家推進電力環保、支援燃煤電廠實現超低排放的背景下,公司 依託一系列自主研發的先進技術奠定了在燃煤電廠煙氣治理領域的領先地位,並據此 承接了大量火電脫硫脫硝項目,從而推動了業績的節節攀升。 現價: RMB 20.52 (現價截至 2 月 28 日) 目標價: RMB 23.40 (14.2%) 公司資料 普通股股東 (百萬股) : 市值 (RMB 百萬元) : 52 周 最高價/最低價 (RMB 元) : 1,073 22,012 20.9/16.07 主要股東, 主要股東, % 北京世紀地和控股有限公司 2016 業績維持高速增長 45.05 股價表現, 股價表現, % 根據 2016 年業績快報, 公司營收及凈利繼續實現高增長,營收同比增長 49.48%至 33.9 億元,歸屬股東凈利潤同比增長 51.1%致 7.66 億元,增速遠超市場預期,業績 的高速增長主要得益於建造項目和運營項目的穩健增長。在業務增長的同時,各項費 1 個月 3.62 1.42 清新環境 上證綜指 3 個月 12.09 13.11 1年 -9.54 -26.21 股價 & 恒生指數 用並未增長過快,其中期間費用率同比下降 0.65 個百分點至 10.0%,成本管控較好。 Revenue and net profit growth(%) 4,000 120 3,500 100 3,000 80 2,500 60 2,000 40 1,500 20 1,000 0 500 0 -20 2011 2012 2013 Revenue Revenue growth Source: Wind, Phillip Secutities(HK)Research Page | 1 | PHILLISECURITIES (HK) RESEARCH 2014 2015 Net profit Net profit growth 2016 -40 Source: Phillip Securities (HK) Research 財務資料 RMBmn Revenue Net Profit P/E,x EPS, RMB P/B, x BVPS, RMB ROE, % FY14 1,277 271 33.9 0.51 6.4 2.71 11.2 FY15 2,268 507 36.0 0.48 5.6 3.09 17.5 FY16E FY17E 3,390 4,457 767 1,040 28.7 21.2 0.71 0.97 5.0 4.1 3.44 4.23 22.2 23.6 Source: Company reports, Phillip Securities Est. 研究分析員 王彥囡 (+ 86 21 51699400-107) wangyannan@phillip.com.cn 清新环境 (002573.SZ) 公司報報 非電領域面臨新機遇 在火電行業除塵脫硫脫硝取得快速發展後,“十三”五時期將進入火電廠超低排 放改造、燃煤鍋爐汙染治理及非電行業(包括鋼鐵、石化、化工、水泥、有 色)除塵脫硫脫硝的階段,因此未來幾年除塵脫硫脫硝行業將持續保持高景氣 度。 首先,在燃煤電廠超低排放市場啟動之初公司就率先率先推出一套高性價比的 解決方案,先發優勢顯著,其中 SPC-3D 技術推出後獲得市場的充分認可和快 速推廣,為公司帶來豐厚盈利。其次,在中電聯統計的 2015 年簽訂合同的煙氣 脫硫技改工程機組容量、2015 年投運的煙氣脫硫新建工程和技改工程機組容量 情況中公司均居行業第一,市占率行業領先。 此外,公司正在加快非電領域的拓展,積極培育新的增長點。繼 2016 年 6 月通 過子公司鋁能清新成功收購中國鋁業旗下 17 億元的環保資產進軍有色行業煙氣 治理市場後,2017 年 1 月公司又以 1.28 億元收購博惠通 80%的股權。博惠通 在石油、化工等非電行業的煙氣治理領域擁有成熟的技術、豐富的項目經驗和 客戶資源,通過此次並購,公司迅速切入石化行業煙氣治理市場,業務協同效 應顯著。 在未來幾年火電領域超低排放改造及非電領域脫硫脫硝需求集中釋放的情形 下,公司將繼續享受行業發展機遇,憑借先進的技術優勢及一體化的競爭實力 獲取更多項目,為未來幾年業績的高速成長打下基礎。 Page | 2 | PHILLISECURITIES (HK) RESEARCH 清新环境 (002573.SZ) 公司報報 除塵脫硫脫硝行業政策回顧 时间 部门 文件 内容 提出在重点控制区的火电、钢铁、石化、水泥、 有色、化工等六大行业以及燃煤锅炉项目执行大 气污染物特别排放限值。 2013.2 环保部 《关于执行大气污染物特别排 放限值的公告》 2013.9 国务院 《大气污染防治行动计划》 提出全国地级以上城市可吸入颗粒物治理目标; 全面整治燃煤中小锅炉;加快重点行业脱硫、脱 硝、除尘改造工程建设等。 2014.3 环保部 《燃煤发电机组环保电价及环 保设施运行监管办法》 对燃煤发电机组新建或改造环保设施给予电 价补贴。 2014.8 环保部 《关于进一步疏导环保电价矛 盾的通知》 对燃煤发电企业达标排放给予脱硝、除尘电价补 贴。 2014.8 环保部 《关于加强废烟气脱硝催化剂 监管工作的通知》 将废烟气脱硝催化剂(钒钛系)纳入危险废物,明 确了废烟气脱硝催化剂的管理范畴。 2014.9 发改委、环保部等 《煤电节能减排升级与改造行 动计划(2014-2020年)》 规定新建及现役煤电机组大气污染物超低排放限 值标准。 2014.10 发改委、环保部等 《燃煤锅炉节能环保综合提升 工程实施方案》 继火电行业大幅提高排放标准后,首次针对非电 行业燃煤工业锅炉的提标改造提出要求。 2014.12 国务院 《关于推行环境污染第三方治 理的意见》 环境污染引入第三方治理;全面落实燃煤发电机 组脱硫、脱硝、除尘等环保电价政策。 2015.4 环保部、质检总局 《再生铜、铝、铅、锌工业污 染物排放标准》 规定再生有色金属工业企业水污染物和大气污染 物排放限值、监测和监控要求。 2015.5 环保部、质检总局 《石油化学工业污染物排放标 准》 《关于实行燃煤电厂超低排放 发改委、环保部等 电价支持政策有关问题的通知 》 《中华人民共和国国民经济和 国务院 社会发展第十三个五年规划纲 要》 2015.12 2016.3 2017.1 环保部 《火电厂污染防治技术政策》 Source: Website, Phillip Secutities(HK)Research 规定石化企业及其生产设施的水污染物和大气污 染物排放限值、监测和监控要求,现有企业自20 17年7月1日起执行本标准。 对符合超低限值要求的燃煤发电企业给予适当的 上网电价支持。 加强大气污染治理,提出对SO2和NOx继续实施 总量控制;提出燃煤锅炉脱硫脱硝除尘改造等。 内容涉及燃煤电厂烟气脱硫、超低排放、大气污 染防治、脱硫脱硝治理;此外还就火电厂水污染 防治、固体废物污染防治、噪声污染防治技术政 策等方面做了规定。 估值評級 憑借在火電領域的競爭優勢及非電領域的先發佈局,未來公司業績有充足動力 維持快速增長。基於此預測 2016~2017 年公司歸屬凈利閏分別達到 7.67/10.4 億元,EPS 分別為 0.71/0.97,現價對應 PE 為 28.7/21.2,給予目標價 23.4 元,為增持評級。(現價截至 2 月 28 日) Page | 3 | PHILLISECURITIES (HK) RESEARCH 清新环境 (002573.SZ) 公司報報 Peer Comparison No. Stock code 4 002573.SZ A shares 1 002310.SZ 2 300266.SZ 3 000820.SZ 5 300197.SZ 6 603568.SH 7 002672.SZ 8 300055.SZ 9 300090.SZ 10 002431.SZ HK 1 0257.HK 2 0895.HK 3 1253.HK 4 1330.HK 5 3989.HK 6 0436.HK 7 1527.HK Stock name Market value PE(TTM) PB(MRQ) 清新环境 22,012 33.8 6.63 东方园林 兴源环境 神雾节能 铁汉生态 伟明环保 东江环保 万邦达 盛运环保 棕榈股份 40,107 26,893 21,966 18,388 17,412 16,208 14,275 13,595 12,723 46.81 140.26 123.99 43.52 53.85 36.11 57.29 18.29 - 5.98 9.02 40.18 3.77 9.43 5.2 2.63 2.58 2.99 45096 2614 4828 1500 3488 2217 289 21.63 28.45 24.74 14.32 81.3 50 7.86 2.59 3.2 7.01 1.3 1.4 3.12 1.43 中国光大国际 东江环保 中国绿地博大绿泽 绿色动力环保 首创环境 新宇环保 天洁环境 Source: Wind, Phillip Secutities(HK)Research 風險提示 非電業務拓展低於預期; 技術更疊帶來的風險; Page | 4 | PHILLISECURITIES (HK) RESEARCH 清新环境 (002573.SZ) 公司報報 財務報告 FYE Valuation Ratios Price Earnings(P/E) FY13 FY14 FY15 FY16E FY17E Price to Book(P/B) 60.4 3.8 40.2 6.4 42.8 5.6 28.7 5.0 21.2 4.1 EPS,Adjusted 0.34 0.51 0.48 0.71 0.97 Per share data(RMB) Book Value Per Share Dividends Per Share 4.54 2.71 3.09 3.44 4.23 0.08 0.10 0.10 0.18 0.20 Revenue 99.6% 66.9% 77.6% 49.5% 35.0% Net profit 72.2% 50.3% 87.5% 51.1% 35.7% Growth & Margins(%) Growth Operating income Margins 74.4% 54.6% 89.6% 48.5% 39.1% Gross profit margin 36.2% 34.0% 39.0% 37.0% 38.0% Net income margin 23.5% 21.2% 22.4% 22.6% 22.7% 8.1% 11.2% 17.5% 22.2% 23.6% Revenue 765 1,277 2,268 3,390 4,577 Gross Income 277 434 884 1,253 1,739 Operating Income 198 306 581 862 1,199 Pretax Income 199 301 587 920 1,217 Net profit 180 271 507 767 1,040 Operating profit margin Key Ratios ROE(%) ROA(%) Income Statement(RMB mn) - Cost of Goods Sold - Operating Expenses - Net Non-Operating Losses (Gains) - Income Tax Expense 25.9% 5.6% 488 75 (1) Source: Company, Phillip Securities (HK) Research Estimates (財務資料截至 2 月 28 日) Page | 5 | PHILLISECURITIES (HK) RESEARCH 20 24.0% 6.4% 843 120 (5) 25 25.6% 8.9% 1,384 259 25.4% 10.0% 2,137 373 (8) (58) 69 118 26.2% 11.3% 2,837 515 (18) 156 清新环境 (002573.SZ) 公公公公 PHILLIP RESEARCH STOCK SELECTION SYSTEMS Total Return >+20% +5% to +20% -5% to +5% -5% to -20% <-20% Recommendation Buy Accumulate Neutral Reduce Sell Rating 1 2 3 4 5 Remarks >20% upside from the current price +5% to +20%upside from the current price Trade within ± 5% from the current price -5% to -20% downside from the current price >20%downside from the current price We do not base our recommendations entirely on the above quantitative return bands. 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For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. © 2017 Phillip Securities (Hong Kong) Limited Contact Information (Regional Member Companies) PHILL 清新环境 (002573.SZ) 公公公公 SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel : (65) 6533 6001 Fax : (65) 6535 6631 Website: www.poems.com.sg MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel (603) 21628841 Fax (603) 21665099 Website: www.poems.com.my HONG KONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway Hong Kong Tel (852) 22776600 Fax (852) 28685307 Websites: www.phillip.com.hk JAPAN PhillipCapital Japan K.K. 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2016年业绩强劲增长
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辉立证券 - 2016年业绩强劲增长
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2016年业绩强劲增长
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