You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
粤丰环保(1381.HK):快速成长的优质垃圾焚烧发电商,首次覆盖给予买入评级,目标价5.05港元
格隆汇 09-09 14:26

机构:国元证券

评级:买入

目标价:5.05港元

投资要点

主营垃圾焚烧发电业务:

公司专注于垃圾焚烧发电厂的建设、管理及营运,于 2014 年 12 月在香港 联合交易所主板上市。截至 2019 年 8 月 22 日,公司共有 25 个垃圾焚烧 发电项目,分布于广东、广西、贵州、江西、四川、山东、山西、河北及 云南等 9 个省份,其中 12 个项目已投入营运,其余 13 个项目正在建设或 规划中。其营运中、已签订、已公布及管理的每日城市生活垃圾总处理能 力达 36590 吨。

预计 2019 年新增总处理规模不低于 1 万吨/日:

截至2019年8月22日,公司2019年每日城市生活垃圾处理总能力较2018 年底的 29040 吨增长 7550 吨,预计 2019 年全年公司将新增总处理规模不 低于 1 万吨/日。营运项目方面,信丰及北流二期项目已于 2019 年一季度 开始试营运,预计信宜项目将于 2019 年底完成建设,随着这 3 个项目的 建成投运,公司 2019 年底营运日处理规模或将达到 16640 吨(含管理协 议)。根据公司项目建设规划,随着目前在建项目的陆续建成投产,预计 至 2020 年底公司营运日处理规模有望增至 25140 吨,较 2019 年增长 51%, 2020 年起公司或将进入项目投运高峰期。

牵手国企上实控股,开辟长三角垃圾焚烧发电新市场:

上实控股为公司的战略及第二大股东,其控股股东上海实业(集团)有限公 司是上海市人民政府在海外最大的综合性企业集团。2019 年 3 月,公司 通过投资上实控股旗下的山东莘县项目,正式展开与其在项目层面上的合 作。2019 年 8 月,双方通过成立合营公司达成策略性合作关系,上实控 股广泛的资源将有助于公司开辟以上海为中心的长三角地区垃圾焚烧发 电新市场。

首次覆盖给予买入评级,目标价 5.05 港元:

参照 H 股垃圾焚烧行业平均估值,同时考虑到公司 2020 年或将进入项目 投运高峰期,有望推动公司业绩加速释放,给予 2020 年 10 倍目标 PE, 对应股价 5.05 港币,目标价较现价有 41%涨幅,首次覆盖给予买入评级。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account