機構股票研究
瀚藍環境 (600323.SH)
並購推動業績高速增長
香港 |環保
環保|
環保 公司研報
27 January 2017
業績維持高增長
買入評級
通過近幾年的加速並購擴張,瀚藍環境形成了覆蓋供水、污水治理、固廢處理、燃氣
供應四大板塊的業務結構,目前供水能力達到 161 萬立方米/日,餐廚垃圾處理規模達
到 850 噸/日,並擁有 19 個總規模爲 15350 噸/日的垃圾焚燒發電專案,21 個總規模爲
60 萬噸/日的汙水處理專案,而且還與國際危廢處理巨頭-德國瑞曼迪斯成立合資公司
首次涉足危廢處理市場。
目前固廢處理業務是公司的核心盈利來源,2016 上半年貢獻了 41.78%的稅前淨利潤,
其毛利率高達 44.19%,遠高於 34.02%的整體毛利率。2016 前三季度公司實現整體收
入 27.08 億,完成全年收入指引 37 億的 73.2%,歸屬淨利潤 4.33 億元,同比增長
35.4%,成本費用率下降 3.1 個百分點至 80.69%,符合低於 85%的目標,成本管控良
好。淨利率大幅上升 3.4 個百分點至 17.5%,盈利能力提升顯著。
現價: RMB 14.56
(現價截至 1 月 25 日)
目標價: RMB 18.20 (25%)
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) :
主要股東,
主要股東, %
1 個月
2.41
1.76
60
瀚藍環境
上證綜指
50
40
17.98
佛山市南海供水集团有限公司
股價表現,
股價表現, %
跪珛昢禱瞳薹(%)
跪珛昢禱瞳薹
766
11,080
16.25/11.01
3 個月
-5.38
-6.63
1年
14.16
9.24
股價 & 恒生指數
30
20
10
0
2011-12-31
2012-12-31
嘐煙揭燴珛昢
拹阨揭燴珛昢
2013-12-31
珛昢
淕极禱瞳薹
2014-12-31
2015-12-31
鼎阨珛昢
Source:Wind,Phillip Secutities(HK)Research
固廢處理業務持續發力
2014 年對創冠中國 100%股權的收購,使得公司在垃圾處理領域的産能躋身行業前
列,並初步完成了全國業務佈局。截止目前創冠中國轄下共有 16 個專案,總處理規模
爲 11350 噸/日,其中黃石二期專案及大連專案預計於 2017 年初投産,福清二期待調
試完成後預計將很快投入運營,預期 2017 年將新增投産産能 1700 噸/日。
綠電公司轄下南海産業園擁有 2 個合計 3000 噸/日的垃圾焚燒處理專案,目前均已滿
負荷運行。此外,2 月份新收購了漳州中雁 70%股權,新增處理規模 1000 噸/日,9 月
底中標順控環投增資擴股專案,雙方將合作運營順德固廢産業園專案,垃圾處理規模
達 3000 噸/日。我們預期,公司將以固廢處理爲發力點持續加大資本支出,加快業務
擴張與市場開拓,繼續完善在全國的業務佈局。
Page | 1 | PHILLISECURITIES (HK) RESEARCH
Source: Phillip Securities (HK) Research
財務資料
RMB mn
Revenue
Net Profit
P/E,x
EPS,RMB
P/B, x
BVPS, RMB
ROE, %
FY14
2,435
309
29.7
0.49
3.1
4.64
9.3
FY15
3,357
403
27.5
0.53
2.5
5.73
9.2
FY16E FY17E
3,775 4,308
535
653
20.8 17.1
0.70 0.85
2.3
2.1
6.34 7.05
11.0 12.1
Source: Company reports, Phillip Securities Est.
研究分析員
王彥囡
(+ 86 21 51699400-107)
wangyannan@phillip.com.cn
瀚蓝环境(000035.SZ)
公司報告
瀚蓝环境
公司報告
2015爛茠珛彶賦凳
5%
22%
嘐煙揭燴珛昢
31%
珛昢
鼎阨珛昢
拹阨揭燴珛昢
42%
Source:Wind,Phillip Secutities(HK)Research
財務概況
2016 年 3 季度末公司擁有貨幣資金 9.64 億,較 15 年底減少 30%,應收賬款賬
面淨額較 15 年底增加 7200 萬元,主要因固廢業務規模擴大、政府結算進度延
後等導致。資産負債率爲 57.41%,流動比率和速動比率分別爲 0.56、0.50,反
映其快速擴張中較高的資本開支需求。10 月份公司發行了票面利率爲 3.05%的
10 億元公司債券(共 20 億,分期發行),預期將爲公司提供充裕流動資金,推
動業務快速發展,同時也有助於優化債務結構,增強資金實力。
笙昢煤蚚薹(%)
笙昢煤蚚薹
12
10
8
6
4
2
0
2 011-12 -31
2012-12-3 1
2013-12-31
2014 -12-31
2 015-12 -31
2016-09-3 0
Source:Wind,Phillip Secutities(HK)Research
估值評級
整體而言,公司水務、燃氣、固廢各業務板塊盈利穩定,現金流獲取能力較
強,而且在固廢領域擁有完整産業鏈,競爭優勢顯著,在固廢領域的拓展及並
購值得重點關注。我們預測公司 2016-2017 年收入將分別達到 37.75 億元、
43.08 億元,淨利潤分別爲 5.35 億元、6.53 億元,EPS 分別爲 0.70 元、0.85 元,給予
目標價 18.2 元,爲“買入”評級。(現價截至 1 月 25 日)
Page | 2 | PHILLISECURITIES (HK) RESEARCH
瀚蓝环境(000035.SZ)
公司報告
瀚蓝环境
公司報告
Source:Wind,Phillip Secutities(HK)Research
Pe er Comparison(PE-TTM)
50
45
40
35
30
25
20
15
10
5
0
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
ٛ
Source:Wind,Phillip Secutities(HK)Research
風險提示
市場競爭激烈;
專案拓展不及預期;
稅收及行業政策變化;
燃氣及汙水處理價格下降;
Page | 3 | PHILLISECURITIES (HK) RESEARCH
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瀚蓝环境(000035.SZ)
公司報告
瀚蓝环境
公司報告
財務報告
FYE
FY13
Valuation Ratios
Price Earnings(P/E)
36.4
Price to Book(P/B)
3.5
Per share data(RMB)
EPS,Adjusted
0.40
Book Value Per Share
4.22
Dividends Per Share
0.10
Growth & Margins(%)
Growth
Revenue
13.1%
Operating income
18.8%
Net profit
22.9%
Margins
Gross profit margin
38.5%
Operating profit margin
26.5%
Net income margin
23.4%
Key Ratios
ROE(%)
9.6%
ROA(%)
4.7%
Income Statement(RMB mn)
1,001
Revenue
- Cost of Goods Sold
616
386
Gross Income
- Operating Expenses
159
266
Operating Income
- Net Non-Operating Losses (Gains) (61)
Pretax Income
277
- Income Tax Expense
42
Net profit
234
FY14
Page | 4 | PHILLISECURITIES (HK) RESEARCH
FY16E
FY17E
29.7
3.1
27.5
2.5
20.8
2.3
17.1
2.1
0.49
4.64
0.11
0.53
5.73
0.10
0.70
6.34
0.14
0.85
7.05
0.17
143.2%
70.9%
32.0%
37.8%
9.6%
30.5%
12.5%
31.8%
32.8%
14.1%
21.9%
22.0%
31.1%
18.6%
12.7%
31.5%
14.8%
12.0%
33.2%
17.4%
14.2%
33.8%
18.6%
15.2%
9.3%
4.3%
9.2%
3.8%
11.0%
4.4%
12.1%
5.1%
2,435
1,678
758
287
454
(16)
467
116
309
3,357
2,300
1,057
539
498
(83)
576
130
403
3,775
2,522
1,253
570
656
(100)
756
178
535
4,308
2,852
1,456
625
800
(110)
910
214
653
Source: Company, Phillip Securities (HK) Research Estimates
(財務資料截至 1 月 25 日)
FY15
瀚蓝环境(600323.SH
公司報告
瀚蓝环境
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. We consider qualitative factors like (but not limited to) a
stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative
undertones surrounding the stock, before making our final recommendation
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© 2017 Phillip Securities (Hong Kong) Limited
PHILL
瀚蓝环境(600323.SH
公司報告
瀚蓝环境
Contact Information (Regional Member Companies)
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.
Nagata-cho Bldg.,
8F, 2-4-3 Nagata-cho,
Chiyoda-ku, Tokyo 100-0014
Tel (81-3) 35953631
Fax (81-3) 35953630
Website:www.phillip.co.jp
INDONESIA
PT Phillip Securities Indonesia
ANZ Tower Level 23B,
Jl Jend Sudirman Kav 33A
Jakarta 10220 – Indonesia
Tel (62-21) 57900800
Fax (62-21) 57900809
Website:www.phillip.co.id
CHINA
Phillip Financial Advisory (Shanghai) Co. Ltd
No 436 Hengfeng Road,
Greentech Unit 604,
Postal code 200070
Tel (86-21) 51699400
Fax (86-21) 63532643
Website: www.phillip.com.cn
THAILAND
Phillip Securities (Thailand) Public Co. Ltd
15th Floor, Vorawat Building,
849 Silom Road, Silom, Bangrak,
Bangkok 10500 Thailand
Tel (66-2) 6351700 / 22680999
Fax (66-2) 22680921
Websitewww.phillip.co.th
FRANCE
King & Shaxson Capital Limited
3rd Floor, 35 Rue de la Bienfaisance 75008
Paris France
Tel (33-1) 45633100
Fax (33-1) 45636017
Website: www.kingandshaxson.com
UNITED KINGDOM
King & Shaxson Capital Limited
6th Floor, Candlewick House,
120 Cannon Street,
London, EC4N 6AS
Tel (44-20) 7426 5950
Fax (44-20) 7626 1757
Website: www.kingandshaxson.com
UNITED STATES
Phillip Futures Inc
141 W Jackson Blvd Ste 3050
The Chicago Board of Trade Building
Chicago, IL 60604 USA
Tel +1.312.356.9000
Fax +1.312.356.9005
AUSTRALIA
PhillipCapital Australia
Level 12, 15 William Street,
Melbourne, Victoria 3000, Australia
Tel (613) 96188238
Fax (613) 92002272
Website: www.phillipcapital.com.au
PHILL
辉立证券 - 并购推动业绩高速增长
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