公用事业行业深度报告：科创板视角下，探讨环保企业估值方法

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1、EnvironmentalProtectionDiscussiononvaluationmethodsofenvironmentalprotectionenterprisesfromtheperspectiveofChina’snewtechboardOverweight（Maintained）1-Apr-19AnalystCaiYicaiyi@xyzq.com.cnS0190518030002DengHuidenghui@xyzq.com.cnS0190518110002WangYangwang_yang@xyzq.com.cnS019

2、0512070002AssistantAnalystShanghaiStockExchangehasinitiatedtheauditsystemforIPOonthescienceandtechnologyinnovationboardrecently.Accordingtoregulationsforthenewsci-techboardandcharacteristicsofenvironmentalprotectionindustry,weanalyzethelifecycleofenvironmentalprotectionen

3、terprisesandfeasibleindicatorsforstagedivision,inordertoprovidesuggestionsforappropriatevaluationmethodsduringeachstage.Weanalyzethevaluationtrendofenvironmentalprotectionindustryfromtheperspectiveofmultiplesegments.Environmentalprotectionindustryisacapital-intensiveindust

4、rywhoseprojectsaremainlyinvested,constructedandoperatedbyBOT/PPPstyles.Wejudgethefuturevaluationtrendofenvironmentalprotectionindustryasfollows:1)intheshortterm,earningsofenvironmentalprotectionengineeringenterprisesarestilldrivenbyordersandtheirvaluationgetsclosertoarchit

5、ecturalenterprises’valuation;2)inthelongterm,valuationofenvironmentalprotectionoperationenterprisesshallgetclosertothatofutilityenterprises.Environmentalprotectionindustryisessentiallyapolicy-drivenindustry.Givenlimitedresourcesthatthegovernmentcanallocateinacertainperiod,

6、theorderofpolicyimplementationbasicallydeterminesthedevelopmentorderforvarioussegmentsinenvironmentalprotectionindustry.Inthefuture,weshouldfocusmoreonsoilremediation,waterqualitymonitoring,watershedmanagementandindustrialenvironmentalprotection.Consideringthattheenvironme

7、ntservicessub-industryexperiencesarelativelycompletelifecycle,weanalyzeFujianLongking(600388.SH),aleadingcompanyengagedinenvironmentalpollutioncontrolequipment,tostudytheappropriatevaluationmethodsfordifferentstagesofalifecycle.BasedonrevenuegrowthandgrossmarginofFujianLon

8、gking,wedividethecompany’slifecycleinto:conceptstage(2001~2004,lowrevenueandgrossmargin),