2021年環保公用行業投資展望
機構:華西證券
2020年至今環保行業表現
環保行業跑輸大盤,整體位於中下游水平。環保子行業盈利分化明顯,在環保行業4個子板塊中,固廢、水務板塊表現相對較好,大氣、其他環境業績下滑幅度較大(大氣已剔除營收異常企業)。
2020年環保行業下半年投資展望
水務板塊:推薦關注前三季度利潤增速接近60%,當前估值僅為17倍的【中環環保】;項目密集投產,提標改造工程陸續完成,後期量價齊升的【聯泰環保】。固廢板塊:環衞領域推薦關注依託裝備優勢,大力發展環衞服務的【龍馬環衞】。垃圾分類領域推薦關注提早佈局濕垃圾業務,目前滲濾液龍頭【維爾利】。生態修復板塊:推薦關注老牌景觀修復龍頭,在手現金充沛助力異地拓張,業績表現優秀的【綠茵生態】。
風險提示:1)專項債發行不及預期;2)環保行業融資困難問題沒有解決,民營企業依然融資難融資貴;3)政府不支持環保項目建設。
2020年公用事業下半年投資展望
火電板塊:推薦關注營收增速穩定,估值低,地理位置優異,積極佈局供熱業務的【建投能源】。
風險提示:1)全社會用電量不及預期;2)電力政策出現較大變動;3)動力煤事件性上漲。
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