Science and Technology and Environmental Engineering (002322): Optimal layout of environmentally friendly energy upwind two-wheel drive
Key points of investment: Cut into environmental protection from electric energy. The two-wheel drive company development company started with the R & D and sales of the Transformer Chromatography Online 北京夜网 Monitoring System (MGA). In 2015, it successively acquired Shangyang Huanke, Bowei New Technology, and Azure Environmental Protection.The monitoring, power informatization, and soil remediation industries currently form a layout of four sub-sectors, namely environmental protection and energy. The future business will usher in further integration and development of the wind tunnel, which will enhance synergy for the company’s performance.
Prospective layout of soil and monitoring, environmental protection business sailing in the wind to compare the impact of the United States super fund, translated into the implementation of the “Soil Pollution Control Law”, the soil remediation market will enter a high-speed release period.
The company with a broad soil market has a long-term layout. At present, its business has expanded to the whole country. The company has a high advantage in technological innovation and customer resources.
In the field of water quality monitoring, the company’s leading advantages are obvious. The original “Taizhou model” has the “four provinces and one fast” advantage in building a water quality monitoring network.
The company has sufficient orders and maintains a stable ability to take orders, with 18 new orders6.
4.1 billion, no orders in hand at the end of the year8.
4.7 billion, and nearly 90 million orders were signed in early 19th. With the rapid promotion of the river system to promote the rapid release of the market, the water quality monitoring business will continue to maintain rapid growth.
The coordinated development of power informationization and monitoring has helped the power grid construction company’s power engineering cost software market share exceed 80% and gross profit exceed 90%, and the market is stable and stable. At the same time, customers in the new energy field have been continuously expanded, and sales have maintained steady growth.Consulting project services have developed rapidly. At present, they have been deeply involved in the overall solution for smart procurement of the State Grid, and deepened the inherent connection with the ubiquitous power grid.
Although the power monitoring business has contracted in the early stage, it is still above the leader. After the flooding began in the construction of the power grid, the growing demand for monitoring data of low-voltage equipment at the sensing layer will work in concert with informatization.
The “Recommended” rating is expected to be 0 for the company’s 2019-2021 EPS.
87 yuan, 1.
10 yuan, 1.
30 yuan, corresponding to PE is 14 times, 11 times, 9 times.
Based on the rapid growth of the soil and monitoring market, and the general promotion of energy business in construction, we are optimistic about the company’s environmental protection and energy advantages layout and development, and give a “recommended” rating.
Risks remind that soil remediation market releases less than expected; generally less than expected investment; goodwill impairment risk