Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Soochow Securities Co.Ltd(601555) : steady growth + undervalued value + high dividend + comprehensive recommendation of low-carbon environmental protection assets for the new track
Carbon neutralization investment framework and environmental protection industry mapping: build an investment framework from front-end energy substitution, middle-end energy conservation and emission reduction and back-end recycling, and provide effective institutional support for carbon trading. From the perspective of environmental protection, 1) energy substitution: adjust the front-end energy structure, and pay attention to the substitution demand of sanitation new energy equipment and renewable energy (waste incineration, etc.). 2) Energy conservation and emission reduction: promote industrial transformation in the middle end and pay attention to energy conservation management & Application of emission reduction equipment. 3) Recycling: promote the recycling of renewable resources such as waste classification, waste household appliances / cars and hazardous waste recycling. 4) Environmental consultation: the improvement of environmental management promotes the expansion of the demand for environmental consultation. 5) Carbon trading: encourage the development of CCER projects such as renewable energy (waste incineration / biomass utilization), methane utilization (sewage treatment / biogas utilization), forestry carbon sequestration, etc.
Steady growth + undervalued value + high dividend + new track, fully recommend low-carbon environmental protection assets: 1) environmental asset value + Growth Logic 2.0: a) steady growth + new tools + new fields, from single dimension to combination. ① Policy +: double carbon macro policy, strengthening and increasing infrastructure investment; ② Mode +: REITs improves the return on assets and opens the growth ceiling; ③ Space +: the second growth curve. B) The value of cash flow driven by marketization is further highlighted: policy tools such as CCER green power, waste incineration bidding and marketization of water price enhance the certainty of return and improve cash flow. 2) Under the new logic, the valuation anchor has been significantly improved: undervalued + low position + growth, improved model and cash flow, and improved valuation. 3) Suggestions: a) steady growth / high dividend / REITs: waste incineration [ Dynagreen Environmental Protection Group Co.Ltd(601330) ], water + pipe network [ Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) ] [ Jiangxi Hongcheng Environment Co.Ltd(600461) ], water supply price increase + direct drinking water [China water]. B) new track: 1. Renewable resources: the most economical carbon premium + resource price increase: hazardous waste [ Beijing Geoenviron Engineering & Technology Inc(603588) ], liquor Baijiu [ Road Environment Technology Co.Ltd(688156) ], power battery reuse [ Miracle Automation Engineering Co.Ltd(002009) ], recycled plastic [ Shandong Intco Recycling Resources Co.Ltd(688087) ][ Beijing Sanlian Hope Shin-Gosentechnical Service Co.Ltd(300384) ]; ② Hydrogen energy: [ Jiangxi Jovo Energy Co.Ltd(605090) ]; ③ High nickel matte: [ Zhejiang Weiming Environment Protection Co.Ltd(603568) ]. []
Capital Securities: infrastructure investment is an important way, and environmental infrastructure investment will become an important field of steady growth
The four ministries and commissions jointly issued the guiding opinions on accelerating the construction of urban environmental infrastructure. Moderately advance investment and construction, and clarify future development goals. The opinion points out that the overall planning of urban infrastructure and the promotion of supply capacity should be carried out in advance. In terms of sewage treatment, the layout and scale of sewage treatment facilities should be optimized as a whole. Large and medium-sized cities can promote construction in accordance with the principle of moderate advance, and appropriate development space should be reserved for established towns. In terms of domestic waste, the construction of waste incineration facilities will be accelerated in areas with a daily domestic waste removal volume of more than 300 tons in urban built-up areas. At the same time, the "opinions" clearly defined the development objectives of the 14th five year plan and the 15th five year plan.
In the context of steady growth, infrastructure investment is an important way, and environmental infrastructure investment will also become an important field of steady growth. Environmental protection enterprises in the fields of sewage treatment, domestic waste treatment, solid and hazardous waste treatment and recycling will usher in more business opportunities. At the same time, the improvement of the price charging system in the field of environmental protection is expected to further improve the profitability of environmental protection enterprises. We maintain a "optimistic" investment rating for the industry and suggest focusing on Beijing Geoenviron Engineering & Technology Inc(603588) , Grandblue Environment Co.Ltd(600323) and other companies. []
Dongguan Securities: relevant policies continue to be promoted! It is suggested to pay attention to related subjects of solid and hazardous waste treatment
Recently, the development and Reform Commission issued the guiding opinions on accelerating the construction of urban environmental infrastructure. By 2025, the supply capacity and level of urban environmental infrastructure will be significantly improved, the weaknesses in key areas and areas will be supplemented, and the sewage, garbage, solid waste, hazardous waste An environmental infrastructure system integrating medical waste treatment and disposal facilities and monitoring and supervision capacity. In addition, the Ministry of industry and information technology issued the implementation plan on accelerating the comprehensive utilization of industrial resources, which made it clear that by 2025, the production intensity of industrial solid waste in key industries such as iron and steel, nonferrous metals and chemical industry will decrease, the comprehensive utilization level of bulk industrial solid waste will be significantly improved, the renewable resources industry will develop continuously and healthily, and the comprehensive utilization efficiency of industrial resources will be significantly improved. Policies related to the harmless and recycling of solid and hazardous wastes continue to be promoted. It is suggested to pay attention to Zhefu Holding Group Co.Ltd(002266) , Beijing Geoenviron Engineering & Technology Inc(603588) , Jiangsu Huahong Technology Co.Ltd(002645) related targets of solid and hazardous waste treatment. []
Guosheng Securities: bottom valuation! Focus on stable operating assets and companies with reversed fundamentals
Valuation bottomed out, focusing on stable operating assets and companies with reversed fundamentals. Over the past three years, the performance of the environmental protection sector has been sluggish, and the valuation and positions are still low. The introduction of environmental protection REITs provides new equity financing tools. Pollution control operations such as urban sewage and waste treatment, solid waste and hazardous waste treatment are key industries. Enterprises with strong technical advantages and high wall barrier are favored. 1. Waste incineration companies with strong growth and certainty, Focus on Zhejiang Weiming Environment Protection Co.Ltd(603568) (ROE industry-leading and sufficient orders), Grandblue Environment Co.Ltd(600323) (steady growth and obvious valuation advantages); 2. Hazardous waste disposal companies with rich projects in hand, strong technology and high barriers pay attention to Zhefu Holding Group Co.Ltd(002266) (new leader of hazardous waste and layout of the whole industrial chain), Beijing Geoenviron Engineering & Technology Inc(603588) (leader of soil remediation benefiting from financing improvement); 3. Water companies whose value is expected to be revalued pay attention to Hongcheng water industry (Jiangxi sewage market has great potential, and the valuation and dividend rate are attractive). []
Guotai Junan Securities Co.Ltd(601211) : the valuation of water operation sector has been at the bottom of history for a long time, and the industry is expected to usher in the opportunity of value revaluation
The valuation of water operation sector has been at the bottom of history for a long time. With the steady growth of the performance of water companies, the overall dividend return has improved. At present, some water companies with undervalued and high dividend yield have entered the allocation range again, waiting for the potential high yield brought by valuation repair.
In the long run, the nature of rigid demand in the industry is significant, and the marketization of water price brings value revaluation opportunities. ① The urbanization process promotes the continuous growth of water consumption population and water consumption, which is less affected by the fluctuation of economic situation, and the characteristics of high-quality operating assets are significant. ② The newly revised Measures for the administration of urban water supply prices and the measures for the supervision and examination of urban water supply pricing costs will come into force on October 1, 2021.
The price adjustment mechanism of water companies is clearer, and the water price is expected to increase. The low water price and other factors that originally suppressed the valuation of water companies have been marginally improved, and the industry is expected to usher in the opportunity of value revaluation. Chongqing Water Group Co.Ltd(601158) , Jiangxi Hongcheng Environment Co.Ltd(600461) , Chengdu Xingrong Environment Co.Ltd(000598) , Central Plains Environment Protection Co.Ltd(000544) , Zhongshan Public Utilities Group Co.Ltd(000685) are the beneficiary objects.
Huachuang Securities: the certainty of strong public utility attribute sectors such as sewage treatment and resource utilization was further improved
Recently, the national development and Reform Commission, the Ministry of ecological environment, the Ministry of housing and urban rural development and the National Health Commission issued the guiding opinions on accelerating the construction of urban environmental infrastructure. Instead of landfill, waste incineration has become the mainstream way of urban waste treatment. The guidance proposes that by 2025, the incineration capacity of urban domestic waste will reach about 800000 tons / day (at present, the treatment capacity is about 660000 tons / day), and the incineration capacity of urban domestic waste will account for about 65% of the harmless treatment capacity (at present, it is about 54%). Although the waste incineration industry has passed the stage of rapid expansion and entered the mature stage, there is still space for incineration to replace landfill, with strong development certainty. At the same time, due to the inherent emission reduction attribute of waste incineration, the double carbon policy will open up new development space for it.
Domestic waste classification, collection and transportation expand market space for the environmental sanitation industry. The guiding opinions put forward that the classified collection and transportation capacity of domestic waste should reach about 700000 tons / day by 2025, and the domestic waste charging system should be fully implemented. We believe that the further promotion and implementation of waste classification policy is expected to significantly promote the demand for waste transfer stations, recycling outlets, supervision and transportation services, and expand the new market space of about 32.1 billion yuan for the sanitation industry.
The certainty of strong public utility attribute sectors such as sewage treatment and resource utilization was further improved. The guidance requires that by 2025, the sewage treatment capacity will be increased by 20 million cubic meters / day, the sewage collection pipe network will be increased and reconstructed by 80000 kilometers, the production capacity of reclaimed water will be no less than 15 million cubic meters / day, the sewage treatment rate of the county will reach more than 95%, the utilization rate of sewage resources in cities with water shortage at and above the prefecture level will exceed 25%, and the harmless disposal rate of urban sludge will reach 90%.
In terms of investment opinions, it is recommended to recommend Grandblue Environment Co.Ltd(600323) high-quality enterprises integrating waste incineration + water and gas business and having rich experience in the construction of vein Industrial Park, and Infore Environment Technology Group Co.Ltd(000967) with both wings of sanitation services and sanitation equipment; It is suggested to pay attention to the leading Beijing Geoenviron Engineering & Technology Inc(603588) of hazardous waste resource utilization and Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) , Jiangxi Hongcheng Environment Co.Ltd(600461) of water environment treatment enterprises.
Anxin Securities: under the background of steady growth, the construction process of sewage treatment, waste incineration, hazardous waste disposal and other sectors is expected to accelerate
Accelerate the construction of environmental protection infrastructure: Recently, the national development and Reform Commission and other departments issued the guiding opinions on accelerating the construction of urban environmental infrastructure, which proposed to significantly improve the supply capacity and level of urban environmental infrastructure by 2025, and build a collection of sewage, garbage, solid waste, hazardous waste An environmental infrastructure system integrating medical waste treatment and disposal facilities and monitoring and supervision capacity. In terms of sewage treatment, it is required to increase the sewage treatment capacity by 20 million m3 / day by 2025, the sewage treatment rate of the county will reach more than 95%, and the sewage resource utilization rate of water deficient cities at and above the prefecture level will exceed 25%. In terms of domestic waste treatment, it is required that by 2025, the classified collection and transportation capacity of domestic waste will reach 700000 tons / day and the incineration capacity will reach 800000 tons / day. Under the background of steady growth of environmental protection infrastructure, the construction process of sewage treatment, waste incineration, hazardous waste disposal and other sectors is expected to accelerate. It is recommended to continue to enter the new energy lithium battery recycling, open up the performance growth space [ Wangneng Environment Co.Ltd(002034) ] and actively transform the layout of distiller's grains recycling [ Road Environment Technology Co.Ltd(688156) ].
Deepen the development goal of environmental protection equipment manufacturing industry: Recently, the Ministry of industry and information technology, the Ministry of science and technology and the Ministry of ecological environment jointly issued the action plan for high-quality development of environmental protection equipment manufacturing industry (2022-2025), which requires to focus on the demand for environmental protection equipment in the in-depth fight against pollution, take overcoming key core technologies as a breakthrough and strengthen the support of scientific and technological innovation, Improve the supply capacity of high-end equipment. Pay attention to the leading enterprise [ Qingdao Guolin Environmental Technology Co.Ltd(300786) ] of ozone generator that is expected to realize domestic replacement of semiconductor cleaning, and it is suggested to focus on the leading enterprise of civil centrifugal pump [ Guangdong Lingxiao Pump Industry Co.Ltd(002884) ].
Boc International (China) Co.Ltd(601696) : smart water and smart pipe network documents have been issued successively, and the policy environment has been continuously strengthened
Smart water and smart pipe network documents have been issued one after another, and the policy environment has been continuously strengthened. In October 2021, the national development and Reform Commission and other five departments issued the "14th five year plan" for the construction of water-saving society, which clearly proposed to implement the leakage control project of urban water supply network; In January 2022, the Ministry of water resources issued the guiding opinions on vigorously promoting the construction of intelligent water conservancy, proposing to complete the construction of digital twin watershed and "2 + n" intelligent water conservancy business application system by 2025; In February 2022, the notice on strengthening the leakage control of public water supply network was issued to clarify the construction tasks of various water supply networks. Recently, many departments have intensively issued policies to promote the construction of smart water and pipe network, and the expectation of industry acceleration is becoming more and more obvious. []
