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北控水务集团(00371.HK):2019年中期业绩合理
格隆汇 09-05 09:02

机构:中泰证券

2019年上半年股东净利润同比上升17.1%

公司昨日公布了合理的2019年中期业绩。上半年股东净利润同比上升17.7%至港币27.7亿,相等于市场共识预测的港币53.8亿之51.5%(见图表1)。公司整体毛利率由2018年上半年的38.3%下跌至2019年上半年的37.2%,因为建造服务收入占比在同期内由57.5%上升至61.9%。每日总设计处理能力同比上升10.9%至3,776万吨。

资本开支有望下降

公司资本开支由2018年上半年的港币42.6亿同比增长28.8%至2019年上半年的港币54.8亿。虽然如此,随着公司加强推行轻资产业务模式,注重取得项目运营业务机会而不是项目发展及控股,所需资金将相对较少。我们期望公司资本开支在未年数年将渐渐下降。

三峡集团入股具长远效益

公司于今年第一季,透过增发股本方式,引入“中国三峡集团”旗下的“中国长电国际”成为公司第二大股东。我们期望双方将加强在长江流域合作开发水务业务,对北控水务具长远效益,即使短期贡献不明显。

估值合理

公司目前估值合理。根据市场共识盈利预测,北控水务之2020年市盈率为6.5倍,与光大国际(257HK;未评级)之6.0倍相若。我们相信公司在短期内仍与大市同步。

风险提示

(一)项目开发延误、(二)应收账款风险、(三)污水处理费大幅下跌。

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