Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) (600008)
Event overview: the company announced that it plans to acquire 100% equity of shouchuang atmosphere with cash of no more than 1.36 billion yuan. As of the benchmark date of June 30, 2021, the total assets of shouchuang atmosphere at the consolidated statement level are 1.97 billion yuan, the net assets are 570 million yuan, the operating revenue from January to June 2021 is 250 million yuan, and the net profit is 52 million yuan.
Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) supplement the short board and improve the capacity. In the first half of the year, the atmospheric revenue was 250 million yuan, a year-on-year increase of 6.12%, and the net profit was 52 million yuan, a year-on-year increase of 68.39%; Before the merger and acquisition of atmosphere, Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) was mainly engaged in water affairs + solid waste. This merger and acquisition of atmosphere enriched Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) 's business chain. From simple water treatment and solid waste treatment to the whole process treatment of the city, its own ability was greatly improved, and it has the ability to comprehensively treat the environmental protection of typical cities. Under the background of the great development of environmental protection in the 14th five year plan, The comprehensive competitiveness has been significantly improved.
Pioneer atmosphere is an eco-environmental Internet of things technology company with environmental protection gene and equipment manufacturing capacity. The first atmosphere is the new third board company. From the development of the company over the years, it can be seen that in the past three years, the company has actively expanded in the fields of urban comprehensive treatment and Industrial Park Comprehensive treatment, and its business has developed rapidly. The company's business has transformed from the sales of products and equipment such as original dust inhibitor and micro fog dust suppression system to urban comprehensive treatment services. The company's main business growth point is to provide integrated comprehensive treatment service solutions around customers' pain points with the smart environmental protection platform as the core. From the perspective of the realization path of the company's business, it has strong equipment manufacturing capacity and is good at building an intelligent platform by using Internet of things technology. Relying on its long-term accumulated customer resources and the synergy brought by Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) industry leaders, it can develop in the future.
Cash acquisition increases the company's performance. The ROE (weighted) of pioneer atmosphere in 2020 is 29.39%, higher than that of Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) . It is a typical asset light company. After being incorporated into Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) , it can further improve the company's asset light capacity. At the same time, the company adopts cash acquisition without diluting the company's EPS, and the EPS of Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) will be further thickened. As a national high-tech enterprise, pioneer atmosphere has certain independent R & D capability and scientific and technological innovation products. The acquisition can bring certain advanced technology to the environmental protection group.
Water leaders + solid waste growth + REITs + atmosphere are connected in series, and the future growth can be expected. The company has a total water treatment capacity of more than 23.44 million tons / day, ranking in the forefront of China's water industry. At the same time, there are more than 70 solid waste reserve projects with an annual treatment capacity of more than 13.72 million tons. This atmospheric M & A will further enhance the company's comprehensive competitiveness in the environmental protection industry. After the M & A, it will play a role of 1 + 1 > 2. At the same time, the REITs project will be gradually implemented, The company's management, liabilities and liquidity will be improved, and the company's performance is expected to be further improved.
Profit forecast and investment suggestions: it is estimated that the net profit of the company from 2021 to 2023 will be RMB 2.167 billion, RMB 2.543 billion and RMB 3.080 billion respectively, and the corresponding EPS will be RMB 0.30/0.35/0.42 respectively, corresponding to pe10.00 98 / 9.35/7.72x. The company's asset structure continues to improve and its performance continues to grow with great potential. Maintain the "buy" investment rating.
Risk warning: the first atmospheric profit is less than the expected risk; Receivables recovery risk.
