\u3000\u3000 Beijing Spc Environment Protection Tech Co.Ltd(002573) (002573)
The company's performance forecast was released and grew rapidly. Recently, the company issued a performance forecast for 2021. It is expected to realize a net profit of 560 ~ 600 million yuan attributable to shareholders of Listed Companies in 2021, an increase of 166.6% ~ 185.7% over the same period last year (before adjustment); It is estimated that the net profit after deducting non recurring profits and losses will be 500 ~ 540 million yuan, an increase of 196.8 ~ 220.5% over the same period last year (before adjustment).
Pay attention to technological innovation, and the status of flue gas treatment is stable. The company started from thermal power flue gas treatment and has accumulated rich experience in the field of industrial flue gas treatment. At the same time, the company pays attention to technological innovation. In the process of development, the company has gradually established a powerful technology R & D team, which provides a solid technical guarantee for enterprise technological innovation, and has built an industrialized innovation system covering the whole life cycle of theoretical research, R & D demonstration, pilot test and engineering application.
Backed by state-owned assets, the business territory continues to expand. In 2019, the company introduced Sichuan development (holding) Co., Ltd. as the controlling shareholder. As a state-owned mixed ownership listed company under Sichuan development, the company has both the standardized management of state-owned enterprises and the platform advantages of listed companies. With the support of shareholder's credit, capital, resources and other platform capabilities, the company's business continues to expand to the fields of energy conservation, water affairs, solid and hazardous wastes and resource utilization.
Relying on the park, realize the coordinated development of environmental services and energy services. The Industrial Park gathers a large number of industrial enterprises, which is a key area of concern for the environmental protection industry. With the expansion of the company in the field of new energy construction and energy conservation, under the development trend of distributed energy such as photovoltaic and wind power and incremental distribution network, it is expected to take the lead in opening up the three links of energy supply, energy conservation and environmental protection, so as to realize the coordinated development of energy supply, energy conservation, pollution reduction and carbon reduction.
In line with the trend, the development can be expected. With industrial flue gas treatment as the core, the company has gradually grown into a comprehensive environmental service provider. In the short term, soil and water environment treatment, solid and hazardous wastes and other businesses are an important direction of China's current steady growth policy, which is expected to drive the rapid growth of the company's performance; In the long run, the company's comprehensive utilization of resources, energy conservation and new energy construction businesses are in line with the general direction of China's low-carbon, green and energy transformation, with broad development space. The short-term and long-term are in line with the development trend, and the future development of the company can be expected.
Profit forecast and investment rating: it is predicted that from 2021 to 2023, the company's revenue will be 62.9 billion yuan and 8.26 billion yuan and 10.15 billion yuan respectively, with a year-on-year increase of 52.5% / 31.3% / 22.9%; The net profit attributable to the parent company was 580 / 710 / 870 million yuan respectively, with a year-on-year growth rate of 176.6% / 23.1% / 21.3% respectively; EPS is 0.41/0.51/0.62 yuan / share respectively. Based on today's closing price, PE is 18.5 / 15.1 / 12.4 times respectively, which gives the company a buy rating for the first time.
Risk tip: the implementation of steady growth policy is less than expected; The company's order is less than expected; The development of hazardous waste business is not as expected.
