High-Energy Environment (603588): Waste incineration project with performance in line with expectations smoothly progressed

High-Energy Environment (603588): Waste incineration project with performance in line with expectations smoothly progressed
Event: The company released a 19-year performance forecast, and it is expected that net profit attributable to mothers will reach 40,000 in 2019.0 million to 43,000.One million yuan, an annual increase of 23% to 32%, and the net profit of non-attributed mothers will further increase by 26% to 36% each year. Investment points: The performance is in line with expectations. The company’s performance is in line with expectations.86-1.1.6 billion yuan, with a median value of 1.01 trillion, a half-year increase of about 22% in a single quarter, continuing the rapid growth momentum.The company’s main business development is in good condition. During the year, it implemented engineering orders in hand, smoothly promoted the construction of domestic waste incineration power generation projects, confirmed revenue and realized profit growth. The total investment income in 2019 can also increase, and the 2019 performance indicators have beenConsider the impact of goodwill impairment. The waste incineration project is gradually put into operation, and the cash flow is expected to continue to improve the company’s on-hand waste incineration project at 8,800 tons / day. In the second quarter of 19, the Hezhou project was put into operation. In the fourth quarter, the Hetian project and the Yueyang project were 杭州夜网 put into operation. The company’s current total operating project has reached 3900.Tons / day (including the Shunyi project), the project is gradually put into operation to provide operating cash flow.Net cash flow from operating activities in the first three quarters.US $ 5.3 billion, an annual increase of 142%, and a significant improvement in cash flow.The company’s waste incineration project is expected to be gradually put into operation, and the cash flow is expected to continue to improve. There are plenty of orders in hand, and the company’s supplementary order amount for the first three quarters of maintaining the “recommended” rating is 24.2.6 billion yuan, of which 18 are engineering contract orders.3.4 billion, an annual increase of 32%, the end of September the company’s in-hand orders totaled 125.8.2 billion, of which 38 have ended.3.9 billion yuan, 87 profitable.4.3 billion US dollars, ample orders to ensure the release of future performance.It is expected that the company’s net profit attributable to the mother in 20-21 will be 5 respectively.3.2 billion, 6.9.5 billion yuan, corresponding to PE of 13x and 10x respectively, maintaining the “recommended” level. Risk reminder policy is weaker than expected; project advancement is lower than expected; hazardous waste profit is lower than expected; goodwill is impaired.

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