Shanghai Environment (601200) 2019 Third Quarterly Report Review: Q3 Affected by Non-recurring Profit and Loss
Event: Shanghai Environment released the third quarter report of 2019, and achieved operating income of 21 in the first three quarters.
US $ 7.7 billion, an annual increase of 18.
68%, net profit attributable to mother 4.
4.1 billion, down 11 every year.
54%, net profit after deduction 4
3.2 billion, an annual increase of 16.
Opinion: In the third quarter, performance indicators were affected by non-recurring gains and losses, but cash flow increased significantly.
The company’s net profit after deduction for the first three quarters was 16.
The increase of 45% and the decrease of net profit were mainly affected by non-recurring gains and losses.
Gross profit 武汉夜生活网 margin for the first three quarters of 38.
94%, down 2 every year.
06 total; period expense rate 13.
62%, a slight decrease of 0 every year.
09 averages; net margin 23.
82%, a decline of 7 per year.
Among them, the third quarter realized operating income8.
5.5 billion US dollars, an annual increase of 37.
89%; gross margin 35.
54%, a decline of 3 per year.
26 samples; net profit attributable to mother1.
4.5 billion, down 33 every year.
The decrease in net profit in the third quarter was due to the recognition of the asset disposal gains of the Chengdu Luodai project in the same period last year.
5.1 billion yuan, this time there is no such.
Operating cash flow achieved in the first three quarters 8.
4.8 billion, an annual increase of 38.
61%; of which operating cash flow in the third quarter4.
4.9 billion, an annual increase of 57.
The waste incineration treatment capacity ranks at the forefront of the industry, with nearly 80% of Shanghai’s end-of-life domestic waste disposal market share.
The company is one of the initial professional environmental protection enterprises in the domestic solid waste industry. It focuses on domestic waste and municipal sewage. It also focuses on hazardous waste medical waste, soil remediation, municipal sludge and solid waste recycling (food and kitchen waste and construction).Trash) and other emerging business areas.
The waste incineration treatment capacity ranks among the top in the industry, accounting for 4% of the country’s total treatment capacity.
Among them, Shanghai has nearly 80% of the domestic waste disposal market share.
As of the end of the first half of the year, the company invested in, constructed, and operated 25 domestic waste incineration power generation projects, mainly distributed in Shanghai, Chengdu, Qingdao, Weihai, Zhangzhou, Nanjing, Luoyang, Taiyuan and other places, of which there are 11 projects in operation;There are 5 domestic waste landfill projects and 6 garbage transfer stations.
Cumulative power generation in the first three quarters of 18.
3.7 billion degrees, an annual increase of 6.
22%, Internet access 15.
45 billion degrees, an annual increase of 6.
Major shareholders’ asset injection is expected.
The company’s controlling shareholder is Shanghai Urban Investment (Group) Co., Ltd., a state-owned large-scale enterprise group with a registered capital of 50 billion yuan.
In order to avoid peer competition, Shanghai Urban Investment has promised to inject the environmental category assets and businesses it controls into the company before the end of March 2020.
Investment advice: Maintain a cautious recommendation level.
It is expected that in 2019 and 2020, the EPS will be 0.
58 yuan, 0.
67 yuan, corresponding to 19 times and 16 times the corresponding PE, maintaining a cautious recommendation level.
Orders landed lower than expected, business expansion was lower than expected, and market competition intensified. Gross margin declined.