中國光大國際(00257.HK)：擬更名彰顯主業並支撐發展，深耕環保龍頭地位穩固，維持“買入”評級
機構：光大證券
評級：買入
事件：公司日前宣佈，擬將公司名稱由“中國光大國際有限公司”更改為“中國光大環境（集團）有限公司”（簡稱“光大環境”），旨在更直觀地反映公司的業務範疇以及未來發展的主要方向。
三大主業穩中有升，生態資源板塊實現突破。
2019年，公司三大板塊項目穩步推進，共建成投運項目多達55個（環保能源25個，環保水務18個，綠色環保12個），帶動各板塊營業收入持續增長（2019年同比+50%、16%、33%）。此外，公司生態資源板塊在2020年持續突破，繼2019年通過收購山東趣享（後更名為光大智慧生態科技）90%股權正式進軍垃圾分類及資源回收領域後，截至2020年7月公司2020年新籤垃圾分類訂單合同總額已破億（1.15億元）；從垃圾焚燒到垃圾分類再到“無廢城市”，公司固廢全產業鏈佈局的優勢正逐步顯現。
市場拓展更重質量，技術研發行業領先。
截至2020年7月29日，公司2020年共簽訂5個垃圾焚燒項目（處理規模6750噸/日），在垃圾焚燒政策調整變化之時公司市場拓張力度有所放緩，對於項目的選擇更為審慎，更注重新籤項目的現金流和項目回報能力。科技研發始終是公司發展的核心驅動力，2019年公司科技研發投入首次超過2億元。日前，公司國產首台（套）1000噸/日爐排成功下線，其不僅是國產首台，也是世界容量最大的焚燒爐排；噸垃圾發電量可達887噸，廠用電率低、效率高、經濟效益好等優勢進一步顯現。該焚燒爐排的下線也標誌着公司的研發製造技術達到世界一流水平。
維持“買入”評級。根據公司最新項目進度和2019年盈利情況，下調公司2020-21年淨利潤至59.48/68.33億港元（原預測為62.14/74.21億港元），新增2022年淨利潤預測為76.57億港元，對應2020-22年EPS為0.97/1.11/1.25港元。公司作為固廢行業龍頭，項目儲備豐富、現金充裕、增長確定性高，但受宏觀形勢影響目前公司估值被低估，未來隨着垃圾焚燒政策明朗、公司現金流改善估值有望修復，維持“買入”評級。
風險提示：項目進度不及預期，原材料價格波動，電價政策調整。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
