中國水務(00855.HK)公司2020財年業績點評：核心供水業務增長穩定，看好公司長期發展，維持“推薦”評級
機構：長城證券
評級：推薦
核心供水業務穩健增長，在疫情衝擊下業績保持韌性
公司發佈2020財年業績報告。2020年公司實現營收86.9億港元，同比增長4.7%；實現股東應占淨利潤16.4億港元，同比增長19.7%，撇除人民幣同期波動影響後（以下簡稱撇除波動）同比增長25.4%。公司毛利率達到43.2%，同比上升1.5%。受新冠疫情的影響，公司全財年業績增速較上半財年有所下降，但仍能保持較快增速，體現公司業績上的韌性。
報告期內供水板塊穩健增長。2020財年公司核心的供水業務實現營收72.2億港元，同比增長13.3%，撇除波動後同比增長17.8%；實現毛利29.6億港元，同比增長12.9%，撇除波動後同比增長18.4%。供水業務佔總營收比重達83.1%。拆開來看，在撇除波動後，公司供水經營、接駁、和建設收入分別上漲13.7%、17.6%、22.6%。公司在報告期內售水量同比超過10%，這主要得益於公司城鄉供水一體化策略的持續進行，以及公司持續併購擴容及有機增長。
報告期內公司收購康達環保29.52%股權，環保板塊進入調整期。2020財年公司環保板塊實現營收10.7億港元，同比下降29.5%；實現毛利2.8億港元，同比減少37.8%。拆開來看，公司污水經營和建設業務同比分別上漲4.6%和減少43.5%。康達環保是一家投資運營污水處理設施的港股上市企業，公司在收購其股權後，環保板塊業務重心有所調整，導致今年污水建設板塊業績明顯下降。
公司在手項目充足，併購擴容意願強烈，未來業績增長有保障
?截至2020年3月31日，公司在運產能約940萬噸/日，在建擬建產能約480萬噸/日，報告期內公司通過併購新增產能超33萬噸/日，有機增長產能44萬噸/日。同時公司併購擴容意願強烈，在新財年開始後逆勢而上，已完成4個項目的併購，新增產能約57萬噸/日。公司穩步增長的在運產能將為業績穩定增長提供保障。
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