Aibulu (301259)
Key investment points
A total of one company made an inquiry in this period. On April 11 (next Monday), the GEM listed company “aibulu” will make an inquiry.
Aibulu (301259): the company is committed to the governance of rural living environment, ecological environment and production environment, and mainly provides whole industry chain system services such as investment and financing, consulting and design, project contracting, equipment manufacturing and sales, production, sales and operation of pharmaceutical and restoration plants. From 2019 to 2021, the company achieved operating revenue of 440 million yuan / 492 million yuan / 522 million yuan respectively, yoy was 41.25% / 11.70% / 6.09%, and the annual compound growth rate of operating revenue in the three years was 18.73%; The net profit attributable to the parent company was 53 million yuan / 59 million yuan / 71 million yuan, yoy was 38.27% / 11.54% / 19.94%, and the compound annual growth rate of the net profit attributable to the parent company in three years was 22.76%. According to the company’s preliminary forecast, the net profit attributable to the parent company in 2022q1 is expected to increase by – 19.63% to 8.25% year-on-year.
Investment highlights: 1. The company focuses its business development on rural environmental governance, forms differentiated competition with most listed companies in the environmental protection industry, and the application scenario has certain scarcity characteristics. The company avoids the urban environmental protection field where large central enterprises and listed enterprises are concentrated, and takes the county environment and even the village environment as the foothold. It is one of the earliest enterprises in China to systematically carry out comprehensive treatment of rural environment. It is also one of the first batch of enterprises in China to carry out comprehensive treatment of rural environment, promote the business of the whole county, and carry out the national pilot project of agricultural non-point source pollution control, rural residential environment treatment and ecological restoration of rural industrial and mining areas earlier, At present, the business scope has gradually expanded from Hunan to Hubei, Jiangxi, Guangxi, Guizhou, Yunnan, Sichuan, Anhui and other places. Relying on independent innovation, the company has formed a whole industry chain system solution in the three fields of rural production environment, living environment and ecological environment protection; Including the company’s development of container type composite sewage treatment integrated equipment for township sewage treatment; For the treatment of abandoned mines and polluted soil, soil stabilizing agents were developed; Aiming at the polluted cultivated land, the soil conditioner that can reduce the activity of heavy metals and ensure the safety of crops and the super enriched plant products and technology combination that adsorb heavy metals in cultivated land have been developed. 2. The company plans to turn the sewage treatment equipment and soil remediation agents originally mainly produced through outsourcing into independent production through the raised investment project, which is expected to improve the production guarantee capacity and gross profit margin of the company. The distribution of outsourcing plants of the company is relatively scattered, and there are great difficulties in the management of procurement and transportation, system integration and production organization, and the management cost continues to increase; With the increasing number of projects started by the company at the same time, the production mode of outsourcing integration can not meet the needs of the company’s operation. According to the outsourcing procurement of the company in 2021, the company purchased 91 sets of integrated sewage treatment equipment and sold 91 sets; The purchase volume of microbial agents is 94.28 tons and the sales volume is 94.28 tons.
Comparison of Listed Companies in the same industry: Listed Companies in the same industry similar to aibulu mainly include Jiangxi Jdl Environmental Protection Co.Ltd(688057) , Cecep Guozhen Environmental Protection Technology Co.Ltd(300388) , Guangxi Bossco Environmental Protection Technology Co.Ltd(300422) , Yonker Environmental Protection Co.Ltd(300187) , Beijing Geoenviron Engineering & Technology Inc(603588) , etc; Among them, because the company is mainly positioned in rural environmental governance, there are differences in customer focus and business structure compared with competitors in the same industry. Assuming that the above companies look at the situation of the same industry, the average revenue scale of Listed Companies in the same industry (the first three quarters) is 2.44 billion yuan, the average gross profit margin is 33.91%, and the average pe-ttm (arithmetic average / excluding high value) is 19.9x. In comparison, the company’s revenue volume is significantly lower than the average level of comparable companies; If Jiangxi Jdl Environmental Protection Co.Ltd(688057) , the gross profit margin of the company is in the median range of the remaining comparable companies.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
