Huaguang (600475): Interim report meets expectations and accelerates the transition to clean energy and municipal environmental protection
1H19 results are in line with expected 1H 19 results announced by the company: Revenue 37.
58 ppm, a ten-year increase4.
51%; net profit attributable to mother 2.
870,000 yuan, an increase of 9 in ten years.
16%; corresponding profit is 0.
5138 yuan, an increase of 9 per year.
18%, this interim report is in line with expectations.
Development Trend The company’s general contracting business is actively transforming from traditional power station engineering to municipal 深圳桑拿网 engineering.
Municipal environmental engineering and operating services 1H19 revenue 12.
5.0 billion, a growth rate of over 189% in ten years, and new operational projects will continue to accelerate in 2020.
The company’s general contracting business was transformed from a power plant to a municipal project, with municipal related supplementary orders in the first half of the year7.
Revenue from power station equipment and engineering services improved in 1H19, of which revenue from environmental protection and clean energy equipment increased significantly.
1H19 power station engineering services and energy-saving and high-efficiency equipment performance under pressure, environmental protection and clean energy equipment revenues increased significantly.
New boiler equipment orders18.
4.9 billion, of which 12 orders for environmentally friendly clean energy boilers.
6.1 billion, accounting for more than 66% of the total order, of which the waste incineration boiler upgrade is the most prominent, 9 orders increased in 1H19.
3.3 billion, accounting for more than 50%.
The thermal power business operates steadily and provides high-quality cash flow.
The thermoelectric sector is mainly for heating, supplemented by electricity sales (the ratio of thermoelectricity is about 6: 1), and its revenue in 1H19 is 6.
1.3 billion, an increase of 3 every year.
78%, the report initially completed the total sales of 318.
16 fiat currency (the volume is 49% of the total sales amount in 18 years), the thermal receivables return rate is about 98%, and the cash flow is high quality.
In addition, the company should conduct fine management of intelligent operation, and control the loss rate at 8.
Investment income realized 1.
98 ppm, an increase of 21 in ten years.
Mainly because the joint-stock company Gaojia Solar turned losses into profits, the thermal power companies Ligang Power, Ligang Power Generation and Jiangyin Thermal Power continued to grow.
Earnings forecasts and estimates We maintain 2019/20204.
71 ppm net profit is expected to remain unchanged, and currently may correspond to 13/12 times P / E ratio for 2019/2020.
Maintain outperform industry rating and target price of 13 yuan, corresponding to 16/15 times P / E ratio of 2019/2020, which is 24 compared with the current inclusion.
2% growth space.
Risk market competition has intensified, raw material prices fluctuated more than expected, and receivables were less than expected.