Abstract: The environmental protection industry has achieved great development in recent years under the strong support of the country. From the semi-annual report of environmental protection listed companies, it can be found that the environmental protection industry continues to be favored by institutions such as public offerings, private placements, and brokerages. The industry believes that although the overall monetary policy tightening has caused the government and companies to invest in environmental protection, there is still uncertainty, but with the intensive release of detailed policies, the certainty of the development of the environmental protection industry will be further enhanced.
As the national pillar industry of “the first of the seven emerging industriesâ€, the environmental protection industry has achieved greater development in recent years under the strong support of the country. On September 7, the State Council officially issued a series of "Environmental Protection and Emission Reduction Comprehensive Work Plan for the Twelfth Five-Year Plan", one of a series of environmental protection industry refinement plans, and announced the related targets and specific measures for energy conservation and emission reduction during the "12th Five-Year Plan" period. It is reported that other refinement policies related to environmental protection will also be introduced intensively during the year, which makes the market's expectations for environmental protection investment rise again.
From the semi-annual report of environmental protection listed companies, it can also be found that the environmental protection industry continues to be favored by institutions such as public offerings, private placements, and brokerages. The industry believes that although the overall monetary policy tightening has caused the government and companies to invest in environmental protection, there is still uncertainty, but with the intensive release of detailed policies, the certainty of the development of the environmental protection industry will be further enhanced.
Overall earnings stability Stable performance of wastewater treatment companies According to the semi-annual report, the overall net profit growth of listed environmental protection companies was 15% in the first half of this year, a slight improvement from the first quarter.
According to statistics from China Merchants Securities, in the first half of the year, the environmental protection company’s overall operating income was 5.9 billion yuan, an increase of 18% over the same period of the previous year. The operating cost was 5.2 billion yuan, a year-on-year increase of 19%; and the net profit attributable to the company totaled 600 million yuan, a year-on-year increase of 14.7%. The first quarter has improved. However, due to seasonal fluctuations in the performance of some companies, revenue recognition in the first half of the year remains small; some companies are affected by macro-inflation and tightening environment, revenue recognition is lagging behind, while raw material costs are rising, resulting in a year-on-year increase in operating costs and pressure. Big.
Some companies are facing upward pressure on costs, but overall profitability is stable. Judging from the gross profit margin, most of the companies in the first half of the year were affected by rising costs, the gross profit margin declined, but the margin was modest, and the overall profitability was stable; in addition, a few companies still maintained gross margins in the cost-up environment. The improvement reflects a better control ability.
In addition, compared to the situation in which the performance of most environmental companies was lower than expected in the first quarter, the company’s start-up and confirmation of revenues improved in the second quarter, and its performance improved accordingly.
The performance of listed companies engaged in sewage treatment is outstanding. The semi-annual report shows that the gross profit rate of listed companies engaged in sewage treatment operations is mostly above 40%. It is worth noting that after the high gross profit margin of the sewage treatment companies, the average ROE declined. The data shows that the weighted average ROE of the companies such as Zhongyuan Environmental Protection, Chongqing Water Affairs, Xingrong Investment and Wuhan Holdings are both Compared with the same period of last year, Hongcheng Water, First Capital, Sander Environment and other data increased slightly year-on-year. According to the semi-annual report, unlike companies with strong growth ability, the high gross profit rate of listed sewage treatment companies mostly benefits from government subsidies. Therefore, many market participants questioned the issue of the competitiveness of enterprises that continue to rely on government subsidies.
Feng Dajun, a researcher in the energy-saving and environmental protection industry at Galaxy Securities, said that the energy conservation and environmental protection industry is the focus of policy support in the long run. However, from the perspective of the disclosure of the Interim Report, the overall growth rate of the industry was not expected to be good, which may be related to the overall macroeconomic situation. Some projects that should be invested appear to be stranded or cancelled. However, this situation will improve next year. This year, the industry as a whole still needs to maintain a cautious attitude and will be relatively optimistic about next year.
Policy support is strengthened. Investment is expected to double in the next five years. After the second half of the year, policies involving energy conservation, environmental protection, and emerging energy resources will enter the intensive period. It is reported that the "12th Five-Year Plan" technology development plan of the Ministry of Environmental Protection was released and the strategic emerging environmental protection industry was supported by science and technology. On September 7, the State Council officially issued the "12th Five-Year Plan" comprehensive energy conservation and emission reduction work plan, which announced the "Ten The targets and specific measures for energy saving and emission reduction during the 25th Five-year Plan period; follow-up, the national “Twelfth Five-Year Plan†water special implementation plan will be introduced soon, with a budget of RMB 12.28 billion to support the special treatment of water pollution; the most stringent water resources management system is also expected to be announced during the year.
The industry believes that with the arrival of the policy intensive period, environmental friendly policies will be frequent and promote industrial development, which will benefit related companies.
Relevant statistics show that China's total investment in environmental protection was 0.80 trillion yuan from 2001 to 2005. From 2006 to 2010, China's total investment in environmental protection was 1.5 trillion yuan, an increase of nearly 100%. Ping An Securities predicts that with the support of relevant laws and regulations, the total investment in environmental protection is expected to double again in the next five years to reach 3 trillion yuan, and the energy-saving and environmental protection output value will reach 4.5 trillion yuan, which will double the total amount again. Among them, water pollution control is expected to maintain its status as a large investment, and the total investment is expected to reach 1 trillion yuan.
Referring to the impact of the “12th Five-Year Comprehensive Energy-saving and Emission-reducing Emissions Reduction Work Program†on the development of the industry, Huachuang Securities stated that this plan covers several major aspects, such as energy saving and emission reduction, covering the key projects for emission reduction. The following aspects: (1) The continuous improvement of urban sewage treatment capacity will benefit all sewage treatment enterprises; (2) Air pollution control, which is mainly based on thermal desulfurization, denitrification and steel desulphurization; (3) Vigorously develop circular economy In the future, the number of circular economy construction will exceed expectations, especially in the utilization and construction of urban mines and restaurant kitchen wastes. (4) Accelerate the research and development and promotion of energy-saving emission reduction technologies.
With the intensive introduction of other detailed policies during the year, the market's expectation for environmental protection investment will rise again. In response, industry insiders reminded that the environmental protection industry is a policy-led industry and has a strong sensitivity to policies. Therefore, although the policy is good, we must also avoid the risks caused by macroeconomic fluctuations.
Concerned about the relatively well-established environmental protection enterprise capital market has always been more sensitive to policy. Since August 20th, many companies in the energy conservation and environmental protection sector have seen a significant increase in their share prices, and the reductions and exemptions of taxes on energy-saving and environmental protection enterprises, the granting of franchise rights, and the increase in industrial concentration mentioned in the “Planning†have caused many listed companies to Excited.
From the semi-annual report, although the profitability of the environmental protection industry has continued to maintain a steady growth, but the specific performance of different companies in the refinement industry has been divided. From the medium-term report, the gross profit growth rate of listed companies focusing on solid waste, sewage, and atmospheric purification treatment increased rapidly year-on-year, and the water business environmental protection enterprise's gross profit growth rate was noticeable. At the same time, due to the different subdivided industries and the different statuses in the industry, some companies also have a certain degree of differentiation in their performance.
With the successive introduction of a series of environmental protection industry detailed plans, market institutions predict that the market scale of the environmental protection industry will exceed RMB 3 trillion during the “12th Five-Year Plan†period, but the biggest benefit is still the leading companies in various sub-sectors.
Ping An Securities believes that the energy-saving and environmental protection industry is expected to usher in rapid development in the next 5 to 10 years, and the overall growth rate is expected to maintain 15%-20% annually. The key industry leaders are expected to achieve an annual growth of 30%. It is optimistic about the four sub-industries of inverter, waste heat utilization, denitrification and waste treatment. Among them, Huichuan Technologies, a leader in low-voltage frequency conversion, is engaged in the utilization of waste heat, including land and sea heavy industry, Shuangliang energy conservation, leading Longyuan technology in the field of low-nitrogen combustion, and Wei Lili, a leader in urban landfill leachate treatment, and a solid environment-handling leading Sander environment. Focus.
In view of the fact that the 2011 dynamic PE of listed environmental protection companies has already reflected their growth to a certain extent, Haitong Securities advised investors to pay attention to the company’s core competitiveness and its continuous growth capability when selecting investment targets. It is recommended to pay attention to the leading enterprises in various industry segments, such as Guodianqing and Jiulong Power in the field of flue gas treatment; clean water sources in the sewage treatment industry; and Sand Environment in the solid waste treatment industry.
China Merchants Securities believes that there are many uncertainties in the current macro environment. In the second half of the year, more stocks should be selected, focusing on environmental protection companies whose growth is relatively well-established and whose valuation is relatively reasonable, especially those companies that have achieved more revenue in the first half of the year.
As the national pillar industry of “the first of the seven emerging industriesâ€, the environmental protection industry has achieved greater development in recent years under the strong support of the country. On September 7, the State Council officially issued a series of "Environmental Protection and Emission Reduction Comprehensive Work Plan for the Twelfth Five-Year Plan", one of a series of environmental protection industry refinement plans, and announced the related targets and specific measures for energy conservation and emission reduction during the "12th Five-Year Plan" period. It is reported that other refinement policies related to environmental protection will also be introduced intensively during the year, which makes the market's expectations for environmental protection investment rise again.
From the semi-annual report of environmental protection listed companies, it can also be found that the environmental protection industry continues to be favored by institutions such as public offerings, private placements, and brokerages. The industry believes that although the overall monetary policy tightening has caused the government and companies to invest in environmental protection, there is still uncertainty, but with the intensive release of detailed policies, the certainty of the development of the environmental protection industry will be further enhanced.
Overall earnings stability Stable performance of wastewater treatment companies According to the semi-annual report, the overall net profit growth of listed environmental protection companies was 15% in the first half of this year, a slight improvement from the first quarter.
According to statistics from China Merchants Securities, in the first half of the year, the environmental protection company’s overall operating income was 5.9 billion yuan, an increase of 18% over the same period of the previous year. The operating cost was 5.2 billion yuan, a year-on-year increase of 19%; and the net profit attributable to the company totaled 600 million yuan, a year-on-year increase of 14.7%. The first quarter has improved. However, due to seasonal fluctuations in the performance of some companies, revenue recognition in the first half of the year remains small; some companies are affected by macro-inflation and tightening environment, revenue recognition is lagging behind, while raw material costs are rising, resulting in a year-on-year increase in operating costs and pressure. Big.
Some companies are facing upward pressure on costs, but overall profitability is stable. Judging from the gross profit margin, most of the companies in the first half of the year were affected by rising costs, the gross profit margin declined, but the margin was modest, and the overall profitability was stable; in addition, a few companies still maintained gross margins in the cost-up environment. The improvement reflects a better control ability.
In addition, compared to the situation in which the performance of most environmental companies was lower than expected in the first quarter, the company’s start-up and confirmation of revenues improved in the second quarter, and its performance improved accordingly.
The performance of listed companies engaged in sewage treatment is outstanding. The semi-annual report shows that the gross profit rate of listed companies engaged in sewage treatment operations is mostly above 40%. It is worth noting that after the high gross profit margin of the sewage treatment companies, the average ROE declined. The data shows that the weighted average ROE of the companies such as Zhongyuan Environmental Protection, Chongqing Water Affairs, Xingrong Investment and Wuhan Holdings are both Compared with the same period of last year, Hongcheng Water, First Capital, Sander Environment and other data increased slightly year-on-year. According to the semi-annual report, unlike companies with strong growth ability, the high gross profit rate of listed sewage treatment companies mostly benefits from government subsidies. Therefore, many market participants questioned the issue of the competitiveness of enterprises that continue to rely on government subsidies.
Feng Dajun, a researcher in the energy-saving and environmental protection industry at Galaxy Securities, said that the energy conservation and environmental protection industry is the focus of policy support in the long run. However, from the perspective of the disclosure of the Interim Report, the overall growth rate of the industry was not expected to be good, which may be related to the overall macroeconomic situation. Some projects that should be invested appear to be stranded or cancelled. However, this situation will improve next year. This year, the industry as a whole still needs to maintain a cautious attitude and will be relatively optimistic about next year.
Policy support is strengthened. Investment is expected to double in the next five years. After the second half of the year, policies involving energy conservation, environmental protection, and emerging energy resources will enter the intensive period. It is reported that the "12th Five-Year Plan" technology development plan of the Ministry of Environmental Protection was released and the strategic emerging environmental protection industry was supported by science and technology. On September 7, the State Council officially issued the "12th Five-Year Plan" comprehensive energy conservation and emission reduction work plan, which announced the "Ten The targets and specific measures for energy saving and emission reduction during the 25th Five-year Plan period; follow-up, the national “Twelfth Five-Year Plan†water special implementation plan will be introduced soon, with a budget of RMB 12.28 billion to support the special treatment of water pollution; the most stringent water resources management system is also expected to be announced during the year.
The industry believes that with the arrival of the policy intensive period, environmental friendly policies will be frequent and promote industrial development, which will benefit related companies.
Relevant statistics show that China's total investment in environmental protection was 0.80 trillion yuan from 2001 to 2005. From 2006 to 2010, China's total investment in environmental protection was 1.5 trillion yuan, an increase of nearly 100%. Ping An Securities predicts that with the support of relevant laws and regulations, the total investment in environmental protection is expected to double again in the next five years to reach 3 trillion yuan, and the energy-saving and environmental protection output value will reach 4.5 trillion yuan, which will double the total amount again. Among them, water pollution control is expected to maintain its status as a large investment, and the total investment is expected to reach 1 trillion yuan.
Referring to the impact of the “12th Five-Year Comprehensive Energy-saving and Emission-reducing Emissions Reduction Work Program†on the development of the industry, Huachuang Securities stated that this plan covers several major aspects, such as energy saving and emission reduction, covering the key projects for emission reduction. The following aspects: (1) The continuous improvement of urban sewage treatment capacity will benefit all sewage treatment enterprises; (2) Air pollution control, which is mainly based on thermal desulfurization, denitrification and steel desulphurization; (3) Vigorously develop circular economy In the future, the number of circular economy construction will exceed expectations, especially in the utilization and construction of urban mines and restaurant kitchen wastes. (4) Accelerate the research and development and promotion of energy-saving emission reduction technologies.
With the intensive introduction of other detailed policies during the year, the market's expectation for environmental protection investment will rise again. In response, industry insiders reminded that the environmental protection industry is a policy-led industry and has a strong sensitivity to policies. Therefore, although the policy is good, we must also avoid the risks caused by macroeconomic fluctuations.
Concerned about the relatively well-established environmental protection enterprise capital market has always been more sensitive to policy. Since August 20th, many companies in the energy conservation and environmental protection sector have seen a significant increase in their share prices, and the reductions and exemptions of taxes on energy-saving and environmental protection enterprises, the granting of franchise rights, and the increase in industrial concentration mentioned in the “Planning†have caused many listed companies to Excited.
From the semi-annual report, although the profitability of the environmental protection industry has continued to maintain a steady growth, but the specific performance of different companies in the refinement industry has been divided. From the medium-term report, the gross profit growth rate of listed companies focusing on solid waste, sewage, and atmospheric purification treatment increased rapidly year-on-year, and the water business environmental protection enterprise's gross profit growth rate was noticeable. At the same time, due to the different subdivided industries and the different statuses in the industry, some companies also have a certain degree of differentiation in their performance.
With the successive introduction of a series of environmental protection industry detailed plans, market institutions predict that the market scale of the environmental protection industry will exceed RMB 3 trillion during the “12th Five-Year Plan†period, but the biggest benefit is still the leading companies in various sub-sectors.
Ping An Securities believes that the energy-saving and environmental protection industry is expected to usher in rapid development in the next 5 to 10 years, and the overall growth rate is expected to maintain 15%-20% annually. The key industry leaders are expected to achieve an annual growth of 30%. It is optimistic about the four sub-industries of inverter, waste heat utilization, denitrification and waste treatment. Among them, Huichuan Technologies, a leader in low-voltage frequency conversion, is engaged in the utilization of waste heat, including land and sea heavy industry, Shuangliang energy conservation, leading Longyuan technology in the field of low-nitrogen combustion, and Wei Lili, a leader in urban landfill leachate treatment, and a solid environment-handling leading Sander environment. Focus.
In view of the fact that the 2011 dynamic PE of listed environmental protection companies has already reflected their growth to a certain extent, Haitong Securities advised investors to pay attention to the company’s core competitiveness and its continuous growth capability when selecting investment targets. It is recommended to pay attention to the leading enterprises in various industry segments, such as Guodianqing and Jiulong Power in the field of flue gas treatment; clean water sources in the sewage treatment industry; and Sand Environment in the solid waste treatment industry.
China Merchants Securities believes that there are many uncertainties in the current macro environment. In the second half of the year, more stocks should be selected, focusing on environmental protection companies whose growth is relatively well-established and whose valuation is relatively reasonable, especially those companies that have achieved more revenue in the first half of the year.
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