High Energy Environment (603588) In-Depth Research Report: Leading Soil Remediation Leader Enjoys High-Growth Market

High Energy Environment (603588) In-Depth Research Report: Leading Soil Remediation Leader Enjoys High-Growth Market
Key points of investment: Comprehensive solid waste service platform The company is a comprehensive solid waste service platform with environmental restoration, hazardous waste treatment and disposal, and domestic 武汉夜网论坛 waste disposal as its core business. The three major business revenues in 2018 were 34%, 31%, 25%. Leaders in soil remediation, benefiting from the heavy market potential for billions of soil remediation space to be released, and increased through the relocation of industrial enterprises, the remediation is even more urgent. With the introduction of the “Ten Ten Articles” related policies in 2016, the soil remediation market has been rapidly released in recent years, and the market has increased from 62 in 2016.The order of US $ 8.5 billion increased to US $ 13.5 billion in 18 years. The soil pollution control law officially implemented in 19 and a series of detailed soil investigations are expected to gradually promote the release of the market.The company has been awarded as the “Leadership Enterprise in Soil Remediation” for 4 consecutive years, with 20 new orders in 18 years.USD 7.9 billion, with an annual growth rate of 99% and a market share of 15%. In the past four years, the business revenue compound diameter has been 68%. It is expected to significantly increase the market volume in the future. The waste incineration construction is accelerating, and the project is gradually put into operation to provide cash flow. The scale of the waste incineration project in hand has reached 8800 tons / day, 300 tons / day has been put into operation, and 4500 tons / day is under construction.The 3,300 ton / day project has entered the construction period, and the company’s operating scale in 19 years will reach 4,000 ton / day. Successive projects are expected to gradually provide cash flow support. Hazardous waste revenue is higher, and future production capacity increase is expected to bring about performance improvement. After years of acquisition and self-built layout, the company has formed an approved operating scale of 50 cases / year. In 18 years, the net profit of hazardous waste business has replaced the company by about 1/3.At present, the company has reserved 5 projects to be built with an operating scale of more than 3 billion US dollars / year. It is expected to gradually improve the company’s performance in the future. The “Recommended” rating is given to the company’s net profit attributable to the parent in the years 19-21 of 4, respectively.21 billion, 5.32 billion and 6.USD 9.5 billion, corresponding to PE of 17x, 13x, and 10x respectively. Compared with comparable companies in the same industry, it is estimated that it 杭州桑拿网 has advantages. At the same time, the company’s environmental repair business has reduced capital investment, has a broad prospect, and its operating business proportion has gradually increased. It is expected to achieve sustainable growth in the future., Give “recommended” rating. Risk warning: the policy is weaker than expected; the project progress is lower than expected; the financing progress is lower than expected; the profitability of hazardous waste is lower than expected; the goodwill is impaired.


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