Evergreen Group (002616): The performance is in line with expectations

Evergreen Group (002616): The performance is in line with expectations
Brief performance review The company released the third quarter report for 2019 on October 29, reporting revenues of major companies17.89 ppm, an increase of 21 in ten years.05%; net profit attributable to mother is 1.930,000 yuan, an increase of 99 in ten years.06%; net profit after deduction is 1.870,000 yuan, an increase of 120 in ten years.99%.The company expects net profit attributable to mothers to increase by 60% -100% to 2 in 2019.6.7 billion-3.3.4 billion. Operating analysis The performance of the centralized heating sector increased, new environmental protection projects were put into operation, and gross profit margin increased: the company’s revenue in the first three quarters of 2019 increased by 21.05%, net profit attributable to mothers increased by 99.06%, the gross profit margin increased by about 10 percentage points, mainly due to the increase in steam supply and profitability of the Mancheng project; In addition, the company’s third phase of Zhongshan waste incineration project completed a 72 + 24 hour trial operation on July 1, contributing new performanceIncrement.The company’s expense ratio decreased by 1 during the first three quarters.3 up to 15.48%, cost control ability continued to improve. The in-progress project was initially put into operation, and the convertible bonds were approved, and the funds were guaranteed: the company purchased and built fixed assets in the first three quarters, and the cash paid for intangible assets and other long-term assets amounted to 10.3.8 billion, an increase of 5 over the first half.USD 3.8 billion, the company’s project construction progress has accelerated.At present, the company’s projects under construction are gradually put into operation. On July 1st, Zhongshan Waste Incineration Phase III was sustainable and stable. On September 2nd, the 深圳桑拿按摩 Tancheng Biomass Power Generation Project was officially transferred to commercial operation.At the same time, the company’s application for the public issuance of 8 million convertible bonds was approved by the CSRC on August 23. We believe that the availability of follow-up funds will accelerate the company’s project progress. The performance growth is highly certain, and it is expected to become a new leader in biomass power generation + heating: the company has successfully applied the refined management experience accumulated in manufacturing to environmental protection projects, and the power generation efficiency of biomass power generation projects has been the first in the industry for two consecutive years.Excellent operational data proves that the refined management mode of the company’s biomass thermal power project 杭州夜网论坛 operation can be copied and continued.At the same time, the company’s Mancheng project, which was commissioned in the heating sector, was highly profitable, with revenue in the first half of the year2.3.5 billion, contributing a net profit of 0.5.3 billion, and the project cash refund is in good condition.At present, the company’s heating projects in Maoming, Qujiang, and Lixian have been completed. In the first half of 2019, new high-quality biomass cogeneration projects such as Xinye, Yanjin, Huaxian, Funing, Songyuan, and Binxian were also started.The company has potential for projects under construction and high certainty in performance growth. Investment recommendations We expect the company’s revenue to be 31 in 2019-2021.0.6 billion, 40.4.8 billion and 46.35 trillion, the corresponding net profit to mother is 3.60 billion, 5.2.9 billion and 6.28 ppm corresponds to 14X, 10X and 8X for PE, and 0 for EPS.49, 0.71 and 0.85 yuan / share.Target price 9.8 yuan, maintain “Buy” rating. Risks indicate the risk of arrears in biomass plant supplementary electricity bills, and the project progress is not as expected.

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