Hanlan Environment (600323) Quarterly Report Review Report: Performance in line with expectations for continued growth
Event: The company released the first three quarterly reports and achieved operating income of 42 in the first three quarters.
USD 6.9 billion, an annual increase of 19.
05%, net profit attributable to shareholders of listed companies.
3.6 billion, down by 0 every year.
99%, net profit attributable to shareholders of the listed company after deduction is 7.
1.9 billion, an annual increase of 20.
18%, basically in line with expectations.
Investment points: The main business continued to maintain steady growth. The growth in the first three quarters of performance continued to meet expectations. The increase in net profit before deduction was mainly due to the investment income of the government kiln market during the same period last year.Net profit still maintained a rapid growth, mainly driven by the revenue contribution from solid waste disposal, gas, wastewater treatment and water supply businesses.
Among them, the solid waste disposal business is still the main force. At present, the company’s domestic waste incineration power generation business has gradually expanded from the South China Sea to the whole country. The total power generation scale has leapt to the first echelon in China, and the acquisition of Shengyun Environmental Protection’s 4,800 tons / day project scale has increased.Volume, is expected to provide continued growth momentum in the future.
At the same time, the company continues to promote the strategy of large solid waste, and continues to develop in the areas of kitchen waste treatment, hazardous waste disposal, environmental sanitation business, and waste classification, continuously extending the industrial chain and improving profitability.
From the perspective of the period cost, the management expense rate increases slightly every year.
14 digits, the sales expense ratio decreased slightly by 0.
08 budgets, each time the financial expense ratio drops by 0.
55 averages, overall cost control is better, and fluctuations are not large.
Continue to maintain the “recommended” rating, and the company’s solid waste disposal business 杭州夜生活网 is still in a period of rapid development. The future performance is still expected to maintain steady growth, and the growth can be sustained. We continue to maintain the company’s EPS for 19-21 is 1.
30 yuan, 1.
53 yuan, 1.
79 yuan, corresponding to PE is 14 times, 12 times, 10 times, optimistic about the company’s future medium and long-term development space, and continue to maintain the “recommended” rating.
Risks indicate that the progress of the project is not as expected, and macroeconomic downside risks