\u3000\u3 China Vanke Co.Ltd(000002) 573 Beijing Spc Environment Protection Tech Co.Ltd(002573) )
Event: Beijing Spc Environment Protection Tech Co.Ltd(002573) issued an announcement that according to the needs of the company’s business development, it plans to increase its own capital of 769677 million yuan to the joint-stock company Sichuan tianshengyuan environmental protection Co., Ltd., and obtain its 11% equity. After the capital increase is completed, Beijing Spc Environment Protection Tech Co.Ltd(002573) holds 60% equity of tianshengyuan, and tianshengyuan becomes a holding subsidiary of Beijing Spc Environment Protection Tech Co.Ltd(002573) and is included in the scope of consolidated statements.
Comments:
Broaden the environmental industry chain and lay out the field of ecological restoration. Tianshengyuan is mainly engaged in environmental monitoring and testing, soil environmental investigation, assessment and remediation, intelligent environmental protection and other businesses. It is the head enterprise of environmental monitoring in Southwest China. At the same time, it was selected into the “list of laboratories for the third national soil survey” (the first batch) in 2022. The company’s capital increase of tianshengyuan can absorb a group of industry experts and technicians and improve the company’s overall intelligent operation ability; At the same time, with the help of tianshengyuan platform, we will help protect the ecology of the source of the two rivers, expand the fields of soil, mine, groundwater and watershed restoration in the southwest and even the whole country, further broaden the environmental industry chain and improve the profitability in the future.
Based on its advantages, adjust its strategy and expand its territory. Starting from thermal power flue gas treatment, the company pays attention to technological innovation and has accumulated rich experience in the field of industrial flue gas treatment. At the same time, facing the new competitive environment and development trend of the 14th five year plan, the company actively adjusted its development strategy and put forward the direction of “ecological, low-carbon and resource-based”. In addition to the horizontal expansion of the company’s business in the field of flue gas treatment to the field of non electricity, through the acquisition of relevant assets, the company is also continuously expanding vertically in the fields of water affairs, soil treatment and comprehensive utilization of energy, actively expanding its layout and expanding its territory.
The advantages of shareholder platform appear, helping the company to build an integrated environmental service provider. In 2019, the company introduced Sichuan development (holding) Co., Ltd. (now renamed “Sichuan ecological and environmental protection industry group”) as the controlling shareholder, making the company have both the standardized management of state-owned enterprises and the platform advantages of listed companies. As a provincial environmental protection platform in Sichuan, the controlling shareholders provide support and coordination for the company in terms of credit, capital, resources and other aspects. At present, the synergy of shareholder platform support is gradually emerging, which is expected to help the company accelerate its building into an integrated environmental service provider integrating gas, water, solid and energy utilization.
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% / 23.0% / 21.3% respectively; EPS is 0.41/0.51/0.62 yuan / share respectively. The corresponding PE is 16.1 / 13.1 / 10.8 times respectively, maintaining the company’s buy rating.
Risk tip: the implementation of steady growth policy is less than expected; The company’s order is less than expected; The business development of resource utilization, solid waste and hazardous waste is less than expected.
