Weiming Environmental (603568) 2018 Annual Report Commentary: Synergistic Development of Five Major Segments That Meet Performance

Revenue increased by 50.

29%, net profit attributable to mothers increased by 46.

01%, the performance is in line with expectations in 2018 the company achieved revenue of 15.

4.7 billion, an increase of 50 in ten years.

29%; net profit attributable to mother 7.

4 billion, an annual increase of 46.


Increase by 2 for every 10 shares.

5 shares and 1 bonus share and 3 cash.

30 yuan (including tax).

The increase in revenue was mainly due to the company’s Cangnan Project’s formal commissioning in 2018, and the rapid development of equipment sales.

Waste incineration: The new order size for 18 years is 6,200 tons / day, and gradually enters the peak period of operation. The company’s 2018 domestic waste incineration project has been put into operation at about 1.

36 days / day.

In 2018, a total of 424 domestic garbage inventories were completed.

36 for the first time, growing by 14 per year.

59%; complete online power 12.

9.1 billion degrees, an increase of 14 in ten years.

96%, the budget indicators are the company’s annual operating high.

Judging from the company’s 2019 business plan, in 2019, the company’s operating plants plan to complete 530 storage of garbage, an increase of 24 from the previous 18 years.

89%; plans to complete the online power of 15.

9 billion degrees, an increase of 23 from 18 years.


The new waste incineration power generation capacity in 2018 was 6,200 tons / day, exceeding market expectations.

Catering waste and cleaning business: rapid layout and initial success.杭州桑拿 In 2018, the company handled kitchen waste in total10.

52 Initially, the annual growth rate is 53.

35% completed the removal of food waste.

60 mm; Leakage Capillary Treatment Station entrusted to manage a total of 13 leakage diameters.

24 initially, an increase of 56 over the same period last year.

32%; Completed removal of domestic waste14.

85 inches.

In 2018, the company added about 590 tons / day of new kitchen and processing capacity, and about 500 tons / day of new clearance.

On the basis of expanding and strengthening the main business of waste incineration, the company actively improved the solid waste industry chain and achieved initial results.

Financial analysis: Profitability has continued to improve, and the company’s cost management and control capabilities have shown a decline in all three expense ratios and outstanding cost control and control capabilities.

Accounts receivable accounts for 23.

29%, a reduction of 0 per year.

29 levels, the ability to repay funds slightly improved.

ROA, ROE is 15.

26%, 28.74%, an increase of 1 per year.

36, 4.

50 units.

The continuous improvement of ROE is mainly due to the increase in the company’s profitability and the increase in leverage due to the issuance of convertible bonds and increased project loans.

Risk Warning: Benefits of Garbage Subsidy.

Investment suggestion: The five major sectors will develop cooperatively, and refined operations will create high growth barriers. The company’s net profit for 2019-2012 is expected to be 9.

01 billion, 10.

9.6 billion, 13.

65 ppm, corresponding to an estimate of 20, 16, 13 times, maintain the “Buy” rating.