Overview of industrial chain: hazardous wastes are mainly divided into industrial hazardous wastes, medical hazardous wastes and other hazardous wastes, involving equipment manufacturing, chemical industry, medicine, mining, metal smelting and other industries. Among them, industrial hazardous wastes account for the highest proportion and have complex components. The industrial chain of hazardous waste treatment includes: upstream hazardous waste generation and supply; Operation links of hazardous waste treatment in the middle reaches; Application of downstream recycled products.
The total amount of hazardous wastes stored or utilized by the industry in 2020 is about 70.7% of the total amount of hazardous wastes, of which the amount of hazardous wastes produced by the industry before industrial disposal accounts for about 3.7%. The output of hazardous wastes is closely related to the regional industrial structure and economic development level. The output of East China and North China accounts for 34.1% and 16.5% of the total respectively. At present, reducing pollution and carbon has become an important task in the construction of “waste free city”, and nearly zero emission can be achieved through scientific management.
Operation mode and competition pattern: the construction and operation modes of hazardous waste projects are divided into three categories: government investment and designated operation, franchise agreement and PPP mode of government enterprise cooperation. The hazardous waste treatment industry has a high degree of marketization and many industry participants, but it is generally “scattered” and “small” “Weak” “Characteristics; at the same time, affected by factors such as capacity mismatch, the capacity utilization rate is low, there is room for further integration in the future, and the industry concentration is expected to be improved. At present, the pricing of hazardous waste treatment varies greatly among regions. With the gradual improvement of market mechanism and regulatory policies, the treatment price may return to a reasonable range. Limited by factors such as access barriers, the existing leading enterprises in the industry mainly expand their production through extended mergers and acquisitions Yes. With the continuous expansion of industrial production scale, the market space of hazardous waste industry is expected to continue to grow.
Investment suggestion: at present, the concentration of hazardous waste treatment industry is low, and the capacity utilization rate is low due to capacity mismatch; However, under the background of the construction requirements of “waste free city” in the future, the treatment capacity is expected to be optimized and the industry concentration will be further improved. The leading enterprises take the lead to speed up the industrial layout, carefully recommend Beijing Geoenviron Engineering & Technology Inc(603588) , which continues to increase the recycling of hazardous waste, and suggest paying attention to Zhefu Holding Group Co.Ltd(002266) , which accounts for more than 90% of the revenue of hazardous waste recycling, and Grandblue Environment Co.Ltd(600323) , which has a rapid growth of hazardous waste business.
Risk tips: 1) policy promotion is not as expected; 2) Industry competition intensifies; 3) Rising cost of raw materials; 4) Industrial structure adjustment.
