In the autumn to winter, the smog has once again become the focus. As the country's focus on smog on the macro policy and the continued tightening of governance, it has also brought the theme of speculation to the capital market. Some insiders said that the environmental protection industry, which was boosted by policies and demand, deserves investors' attention.
In addition, the zero-emission property of new energy vehicles is also one of the core points for reducing pollution. As a trend of the development of the automobile industry, it is also worthy of attention.
Environmental protection: Atmospheric management investment is at the time
In October, the environmental protection industry will enter a policy-intensive period and does not rule out more than expected policy documents. Until the end of the year, the industry will usher in an accelerated period of orders, which is expected to further improve the annual performance of environmental companies. Some insiders said that they are optimistic about the environmental protection sector in the fourth quarter. In the current segment of the industry, atmospheric governance has received much attention from the market.
It can be seen that the 2017 government work report proposes to strengthen the environmental protection of environmental protection, speed up the improvement of the ecological environment, especially the air quality, and for the first time, resolutely lay a good fight against the "blue sky defense war", and implement the problem of accelerating the solution of coal-fired pollution. We will comprehensively promote pollution source control, strengthen vehicle exhaust gas treatment, effectively respond to heavy pollution weather, strict environmental law enforcement and supervision and accountability, and other five major measures to control smog.
Comparing the descriptions of air pollution control measures in the government work report over the years, we can see that in addition to the three major measures to solve the problem of burning coal, promoting pollution source control and motor vehicle exhaust gas control, we must effectively deal with heavy pollution weather, strict law enforcement and supervision. The description of the investigation is more and more specific, and the operability is getting stronger and stronger. Some people in the industry pointed out that 2017 is the "10 atmospheres" assessment year, the policy of atmospheric management continues to improve, and law enforcement continues to be stricter, which will bring greater benefits to the relevant industry chain.
From the industry point of view, in the first three quarters of 2017, A-share listed companies achieved revenues of 84.3 billion yuan, a year-on-year increase of 39%, and continued to maintain steady growth. In terms of the molecular industry, the revenues of water operation, water treatment, solid waste control, atmospheric control, environmental monitoring, energy conservation and environmental protection have all increased to varying degrees, including environmental monitoring, water treatment, energy conservation and environmental protection, and solid waste management. The profit growth rate is large, and the industry shows a high degree of prosperity.
000 686 Northeast Securities, said Liu Jun, an analyst attending stocks, high pressure continued to upgrade environmental supervision, "the capacity to" section enhance the industry boom, is expected to drive the industrial field of environmental protection such as industrial waste water, air pollution control, hazardous waste and other areas of better development . The space in the area of ​​hazardous waste is huge, the development of the industry is beginning to take off, and the waste of ultra-low emissions in the field of atmospheric treatment has been completed. On August 21, the Ministry of Environmental Protection issued a notice on the “Action Plan for the Comprehensive Management of Air Pollution in the Autumn and Winter of 2017-2018 in Beijing-Tianjin-Hebei and Surrounding Areasâ€. The atmospheric non-electrical market is broad; industrial enterprises in the field of water treatment face third-party governance and will effectively release The environmental protection needs of industrial enterprises, the industry gap is huge.
Specific to the industry the opportunity, Southwest Securities 600369, attending stocks analyst Wang Yingting expressed continued good environmental plate: First, Beijing and Tianjin and the surrounding areas of air pollution control efforts to tackle the unprecedented action, the theme continued air pollution control; secondly, normalization of environmental inspectors, environmental protection Monitoring and governance demand is expected to continue to improve; in the end, the performance of environmental protection stocks is good, while the overall performance of the environmental protection sector is weak, underperforming the market, and there is a need for subsidies in the sector under valuation switching.
From top to bottom, individual stocks are recommended to pay attention to the atmospheric monitoring and control opportunities brought about by the high pressure + steel emission standards of Beijing-Tianjin-Hebei and surrounding areas, focusing on Longjing Environmental Protection 600388, Diagnostics , Fresh Environment 002573, Diagnostics , Concentration Technology 300203 , attending stocks and profit-environment 000967, attending stocks; environmental inspectors + + environment tax law system of pollution permits to bring industrial governance needs to focus on industrial wastewater treatment, hazardous waste treatment, soil remediation sector, proposes a focus on Shanghai wash tyrants 603,200, diagnosis shares, 603,588 high-energy environment, consultation stocks and shares 000546 Golden circle, stocks and other clinics; "key river basin water pollution prevention plan (2016-2020)" issued calculations investment of about 700 billion yuan, of which water environment management project investment calculations 2704 billion, watershed management, water treatment sector benefited from black-odor, focusing Bosch Section 300,422, attending shares, Beijing 000711 blue Technology, stocks and other clinics. Recommended endogenous good bottom-up, change the essence of the country to promote the environment 000 598 Xing Rong, attending stocks.
Potential stock selection
Longjing Environmental Protection (600388) is expected to receive support from the group
The company's main business is the construction of dust collectors and ancillary equipment, desulfurization and denitrification projects, and downstream include thermal power plants, steel, coking, carbon, catalysts and industrial tail gas, among which the thermal power sector is the main part. The company reduced costs and increased efficiency, slightly increased gross profit margin, and enhanced profitability. The first three quarters were in line with market expectations. Central China Securities 601 375, consultation shares that the current policy has laid the foundation in the construction of ecological civilization, environmental supervision normalization, in the context of the supply-side reforms to improve the ability of downstream payment, the company expects Dust desulfurization and denitrification business expansion in the non-accelerating electric field. As the leader of domestic dust removal equipment and desulfurization and denitrification project construction, the company is still growing steadily in the course of the industry's downward trend. The company completed the transfer of the controlling share in June and is expected to receive the support of the Group as the environmental listing platform of Sunshine Group.
Clean environment (002573) third quarter results exceeded expectations
The company's single-quarter performance slightly exceeded expectations. In the single quarter, the company's third-quarter revenue increased by 75.8% year-on-year to 1.584 billion yuan, achieving a net profit of 302 million yuan, a year-on-year increase of 31.88%. The third-quarter single-quarter revenue and profit growth rate were better than the first half of the year, and the performance was quite strong, mainly due to the settlement of EPC projects and the impact of new operations. Guolian Securities pointed out that the company is a leader in ultra-low-emissions of electricity. It has expanded its petrochemical, non-ferrous and other fields by establishing a joint venture with Chinalco and acquiring Bohuitong. In the first half of this year, the reform of small and medium-sized boilers and industrial flue gas treatment The aspect has maintained rapid growth. The company issued employee shareholding (draft), plans to raise no more than 100 million yuan, supporting no more than 200 million yuan leverage, indicating management's confidence in the company's future development.
Concentration Technology (300203) has sufficient orders to lay high growth
In the first half of 2017, the company won the bid for the first environmental monitoring PP P in the country. In the second half of the year, it won the bid with Jiangsu Huasheng Construction and Beijing Xindi Garden. The winning bid of the Yili Lake ecological wetland and beautiful country road in Zibo City Construction of a PPP project. GF Securities 000776, attending shares, said the company sufficient orders in hand, lay high growth expectations. In addition, the Anpu experiment was included in the scope of the consolidated statements in August 2016, and the revenue of laboratory instruments increased significantly in the first half of the year, which became an important driver of the company's profit growth. Following the acquisition of Xin Bai Li, the Three Gorges environmental protection, the company last year acquired 55% stake in Harbin, China Spring and June this year respectively, and 000,709 shares of Hegang, attending stocks Handan branch, Handan Iron and Steel signed a wastewater treatment plant renovation and water DiBiao The operation management project marks the continuous advancement of the company's layout in the industrial water sector.
Jinglan Technology (000711) segment leader
The company has been the industry leader in water-saving position, is the vanguard of our country in the field of agriculture 000816 wisdom, diagnostic shares. The company has been committed to promoting the application of new technologies such as big data, Internet of Things and artificial intelligence in the agricultural sector, and using the Jinglan model to further drive the rapid transformation of traditional agriculture to modern agriculture. The release of the Jinglan Agricultural IoT Platform will further consolidate the company's leading position in the industry. Agricultural Internet of Things is conducive to agricultural modernization, scale, standardization and order farming, which is conducive to the company to expand the large market in the agricultural industry chain. Tianfeng Securities said the company and the trimer environmental protection 300 072, attending the two sides share the use of their industrial advantages, explore big data in agriculture, cooperation in the field of agriculture things, work together to build eco-agricultural industrial chain. In the future, the company will have greater order flexibility in obtaining PPP orders in the Beijing-Tianjin-Hebei region.
Yingfeng Environment (000967) future development is worth looking forward to
Through the acquisition of Yuxing Technology, the company began to deploy the environmental protection industry with front-end monitoring. Since then, it has expanded its industrial chain to the back-end management areas such as water treatment and solid waste treatment through the acquisition of Liangke Environmental Protection, Dasheng Global, Minghuan Limited and Green Oriental. Recently invested in Shunde Environmental Protection Industry Park refers to high-end environmental protection equipment, the company's "high-end equipment + monitoring + governance" of the entire industrial chain layout is gradually improving, follow-up development is worth looking forward to. Zhongtai Securities pointed out that since the company's transformation into environmental protection, it has implemented an employee stock ownership plan and an equity incentive plan. The incentive targets cover the middle and high level of the company, fully bind the employees' interests, and have sufficient incentives. In addition, in the company's latest non-public offering plan, the actual controller promised to subscribe for no less than 50 million yuan and no more than 150 million yuan in this non-public offering, demonstrating confidence in the company's future development.
New energy vehicles: the industry is not changing
Under the background of strong policy and rising market demand, the new energy automobile industry chain will not change. It can be seen that with the recovery of new energy vehicle sales, vehicle manufacturers will take the lead in benefiting. At the same time, in the context of sustainable development of the industry, charging piles and lithium batteries are considered to be the most important areas of concern and layout in the current new energy automobile industry chain. At the same time, after the rapid adjustment in the early stage, the new energy automobile industry chain rebounded with sufficient momentum.
On the policy front, on September 28, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Commerce, the General Administration of Customs, and the General Administration of Quality Supervision, Inspection and Quarantine jointly announced the “Parallel Management Measures for the Average Fuel Consumption of Passenger Vehicle Enterprises and New Energy Vehicle Pointsâ€; The method of calculating the points is clarified, and the threshold for the proportion of new energy vehicles is set. From 2019 onwards, the requirements for the proportion of new energy vehicles will be set. The management measures will be implemented from April 1, 2018.
For the dual-point policy officially, the market expects that the production of new energy vehicles will reach 2 million in 2020. Some industry insiders pointed out that it is assumed that the production of passenger cars will reach 30 million in 2020, pure electric power will account for 75%, electric vehicles that meet 1.2 times points will account for 30%, and average bicycle new energy points will be about 3.7. Need to meet 1.5 million vehicles to meet the requirements, plus the commercial vehicle segment, the total output of new energy vehicles is expected to reach 2 million.
With the release of the national promotion catalogue and various local subsidy policies, market demand is expected to accelerate. The development of new energy vehicles will continue to improve in the second half of the year, and production and sales are expected to gradually increase. Therefore, industry professionals recommend focusing on investment opportunities in new energy passenger vehicles and operations, logistics special vehicles and new energy buses, recommend BYD 002594, diagnostic stock , Jianghuai Automobile 600418, diagnostic stock , Dongfeng Motor 600006, diagnostic stock , Yutong Bus 600066, medical stock , Jinlong Automobile 600686, medical stock .
In addition to vehicle manufacturing companies, charging piles, lithium batteries and other sub-sectors are also receiving market attention. In view of the factors restricting the development of new energy vehicles, the shortage of charging piles has always been one of them. In the opinion of the industry, the current domestic charging piles are far from meeting the travel demand of new energy vehicles. It is expected that the sales of new energy vehicles will maintain a 40% compound growth rate in the next few years, and charging piles need to accelerate construction and make up short boards. At the same time, many ministries and commissions will promote the construction of charging piles. The power grid company and social capital will speed up the construction of charging piles. In 2017, the construction of charging piles is expected to gradually accelerate. The construction of charging piles during the “13th Five-Year Plan†period is worth looking forward to. According to an analysis by Zhong Jing Securities analyst Shao Jingxin, at the beginning of this year, the Energy Bureau has set a new direction for exploring the rational business and subsidy model as a charging pile market policy. It will also ensure the rapid development of the charging pile market from the top down. The Energy Bureau aims to build 900,000 charging piles throughout the year, and the State Grid plans to build 29,000 charging piles. This shows that the increment of more piles comes from the social layout.
At the same time, from the perspective of important components of new energy vehicles, power batteries are one of the core components. At present, the ternary lithium battery continues to replace the lithium iron phosphate battery, becoming the mainstream power battery in China is the general trend. Some people in the industry expect that China's power battery compound growth rate will reach 59% in 2017-2020, while the compound growth rate of ternary lithium battery will be as high as 88%. The lithium battery industry's business climate continues to rise. With the increase in downstream demand, the industry leader is worthy of attention, and the performance may exceed expectations. At present, the fundamentals and market expectations of the battery and materials industry have stabilized. Considering that the sales season in the second half of the year and the state subsidies will not decline in 2018, the industry will maintain a high boom in the second half of 2017 to 2018. The leading edge of the leading company will be re-recognized by the market.
In terms of opportunities, Guoxuan Hi-Tech 002074, a new energy vehicle segment, diagnosing shares , Zhangzhou Mingzhu 002108, medical stock , Xinzhoubang 300037, diagnostic stock , Tianci material 002709, diagnostic stock , innovation stock 002812, medical stock , Koshida 002518 , attending stocks, the constant electrical 002,364, attending stocks, rolls of electrical 300141, attending shares, through scientific and technological co-300491, clinic shares, Clou 002,121, clinic shares, TGOOD 300001, clinics and other stocks are a number of brokers looking on.
Potential stock selection
BYD (002594) new model brings performance increase
The company's future layout of new energy is reflected in two aspects, one is the increase in power capacity, and the other is the increase in the planning of new energy vehicles. The company's existing power battery capacity of 14G Wh, can reach 16GWh at the end of this year, Qinghai 10GWh project is under construction, the company's power battery capacity is expected to reach 26GWh in 2018. China Merchants Securities 600,999, attending stocks pointed out that in 2017 the company has listed a variety of models in the field of new energy vehicles, which PHEV SUV Song after another two months to become BYD new energy vehicle sales champion. In addition, there is a PHEV plan in the second half of this year. In 2018, it will be a big year for the company's new energy vehicles. It will focus on launching Tang Dynasty and Qin II, bringing new growth in 2018.
Jianghuai Automobile (600418) has a lot of future perspectives
The iEV6E, a micro electric vehicle launched by the company this year, continues to sell well, which has effectively boosted the overall sales performance of the company's new energy vehicles. From January to September, the company's total sales of new energy vehicles increased by 27.6%. Guolian Securities pointed out that in addition to the performance of the vehicles in the sale, the follow-up company also has a lot of points in the field of new energy vehicles. The company's new car based on the 7th generation platform will also be gradually listed; the company's first production car ES8, which is cooperating with Weilai, is scheduled to be officially launched on December 16, and the performance is highly anticipated by the market; Steady progress, the first model will be launched next year, considering the product positioning as a cheap electric car, optimistic about its potential in sales. The in-depth cooperation with the public will also enhance the company's competitiveness in the fields of R&D, design and production, and help the company's long-term development.
Guoxuan Hi-Tech (002074) is competitively guaranteed
In the first half of 2017, the company maintained close cooperation with the leading car company Zhongtong Bus 000957, the medical stock and Nanjing Jinlong. The order volume and order amount increased significantly. In 2017, the battery orders of the above two companies totaled 18,600 sets, an increase of 55 over last year. %, the total amount of orders was 2.82 billion yuan, an increase of 34.61% over the previous year. Shenwan Hong source 000166, diagnosis of the Securities pointed out that this year the company to accelerate the layout of the passenger car market three yuan battery, three capacity orderly release, and Beiqi new energy, the Thai public, Chery passenger cars and other new energy enterprise cooperation, which Beiqi new energy The order volume reached 12,900 sets, and the order amount was 1.491 billion yuan. The ternary battery will become a major growth point for the company this year and next. The company's long-term development benefits from the market pattern and the upstream and downstream layout of the industry chain.
Tianci Materials (002709) has a long-term development space
The company has achieved global leadership in lithium battery electrolyte for ten years, strong cost control, global quality customers, and deep research and development to build core competitiveness. At present, it is working hard to develop new high-end products such as lithium salt and additives, which will be further expanded. Market share, the global electrolyte leading competitiveness is highlighted. The company has the ability to rapidly expand into other lithium battery materials. Zhongtai Securities pointed out that the company is currently actively deploying. In the horizontal direction, through the participation of Aide Nano and independent research and development, the field of lithium iron phosphate and ternary cathode materials are laid out. In the vertical layout, through the participation in the cloud lithium shares, Ronghui lithium industry continues to consolidate the layout of upstream lithium resources. The company will become the global lithium-ion material carrier enterprise. Under the large space of industry development, the company will open up new development space through continuous layout, and the aircraft carrier is accelerating its sailing.
Terad (300001) leading position advantage
The company ranks first in the country with a total of about 120,000 charging piles. The leading position is self-evident. Zhongtai Securities said that the current daily charging capacity of the company is about 1.3-1.5 million kWh, and the accumulated charging capacity exceeds 450 million kWh. It is estimated that the charging service revenue will be nearly 300 million. In the field of charging piles in the big waves, the company's pre-catch track advantage has become more and more obvious, and it will lead the industry in the future. Recently the company announcement, and drops, Guoen 002,768 shares, shares were attending a strategic cooperation agreement. It is planned to jointly develop the electric vehicle market with Drip, and jointly carry out joint technological innovation in the fields of box-type substation and charging pile appearance with Guoen shares, and the partners will initiate the establishment of a new energy automobile industry fund, the company's charging ecosystem. Partners are expanding again.
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