2020-11-28

Weiming Environmental (603568) 2018 Annual Report Comments: Performance Meets Expectations Project Operation + New Signing Forms a Virtuous Circle

Weiming Environmental (603568) 2018 Annual Report Comments: Performance Meets Expectations Project Operation + New Signing Forms a Virtuous Circle

Event: The company released its 2018 annual report, and the company achieved operating income in 201815.

47 ppm, an increase of 50 in ten years.

29%; net profit attributable to mother 7.

400,000 yuan, an increase of 46 in ten years.

01%.

The project operation + promotion went smoothly, and the 2018 target was basically completed.

The company’s operation of the project is stable, and the domestic garbage storage volume for more than two years has been reported for ten years.

59% to 424.

36 each year, the Internet power +14 each time.

96% to 北京夜生活网 12.

9.1 billion kWh, basically completed the initial business plan for 2018 (planned to complete 435 insertions of garbage storage and 13.3 online electricity).
).

200 million degrees, the completion rate is expected to be 98%).

The company’s projects under construction have been successfully promoted. The two phases of Wuyi and Ruian have been reported and successfully put into operation. The Jieshou project also achieved grid-connected power generation in February 2019, and the scale of domestic waste incineration treatment reached 1.

36 / day, an annual increase of 26%.

Garbage incineration has not been reduced, and domestic waste removal and transportation projects have achieved breakthroughs.

With the macroeconomic downturn in 2018 and the tighter financing environment, the company continued to expand. It has gradually phased into eight waste incineration projects, including Linhai Phase II, Zijin, and Fengxin. The production capacity in hand (commissioning + construction in progress + preparation for construction)) Has reached 2.

5.3 billion tons.

While the company continues to develop the kitchen and leaking liquid projects, it has also gradually cleared five domestic garbage removal contracts, including Pingyang County, Ouhai District, Wenzhou City, and Longhua District, Shenzhen City, to ensure that the upstream and downstream industrial chains are guaranteed to achieve maximum profits.The company will optimize the company ‘s cash flow by expanding acquisitions and expanding the sanitation market.

The convertible bonds were issued smoothly, the cash on hand was abundant, and the project’s landing was guaranteed.

Company 6.

700 million convertible bonds were successfully issued, and the net operating cash flow was +11 per year.

95% to 7.

$ 4.4 billion, borrowing long-term borrowings at appropriate interest rates (the company has no short-term borrowings) and high capital expenditures (up to 10 in 2018.

In the case of 6.7 billion), the company still has cash on hand at the end of the period11.

80 ppm can better ensure the steady landing of projects under construction.

Maintain “Overweight” rating: According to the company’s operating conditions in 2018 and the implementation of projects under construction, we slightly reduced the company’s net profit attributable to mothers to 19 in 20-20.

90/10.

23 ppm (original value 9).

28/11.

68 ppm), plus a return to net profit forecast for 2021 of 11.

26 trillion, the company’s EPS for 2019-21 is expected to be 1.

29/1.

49/1.

64 yuan, the current sustainable corresponding PE is 20/17/16 times.

Considering that the company’s operating projects are operating steadily and the peak of operating business is approaching, based on opening up the upstream and downstream industry chains through the restaurant and sanitation business, supplemented by high-quality cash flow to ensure the company’s further expansion, the company’s performance will grow steadily,””grade.

Risk reminder: singletons are less than expected due to market competition; project implementation is 淡水桑拿网 blocked and results are less than expected; changes in strategic preferential policies affect the company’s profitability.