綠色動力環保(1330.HK):2019年運營表現優於預期,重申“買入”評級,目標價4.50 港元
機構:中泰證券
評級:買入
目標價:4.50 港元
2019 年垃圾進廠量同比上升 53.3%
公司昨日傍晚公佈了優於預期的 2019 年全年主要運營數據。全年垃圾進廠量(注:指生 活垃圾處理量,但不含秸稈發電項目)同比增長 53.3%至 719 萬噸,早已高於我們全年垃 圾處理總量預測(含秸稈發電項目)的 666 萬噸。全年上網電量則同比上升 50.4%至 19.3 億 度,也高於我們全年預測的 18.5 億度。
中證監已經受理 A 股增發申請
公司於去年 10 月宣佈,向包括主要股東北京國資公司在內的投資人增發 2.3 億 A 股以集 資約人民幣 23.9 億款項。公司於上週公佈,中國證監會已經受理其 A 股增發申請。我們 預期是次 A 股增發可於今年內完成,並降低公司負債率。
上調目標價,重申“買入”評級
輕微上調 2019-2021 年股東淨利潤預測後(見圖表 1),我們相應地將由貼現現金流分析 (DCF)推算的目標價由 4.30 港元上調至 4.50 港元(見圖表 2 和 3),這對應 11.5 倍 2020 年 市盈率和 35.1%上升空間。重申“買入”評級。
風險提示:(一)項目延誤、(二)應收賬款風險、(三)併網電價下跌、(四)運營成本上升。

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