Hanlan Environment (600323): Release of ultra-short-term financing and actively promote the issuance of convertible bonds to issue a large solid waste strategy to accelerate the layout
Events: 1. The company recently issued an announcement that the company successfully issued the second phase of ultra short-term financing bonds for 2019, with a planned scale of 500 million yuan, an actual scale of 500 million yuan, and a coupon rate of 2.
2. The company ‘s board of directors recently approved a plan to adjust the company ‘s public issuance of convertible corporate bonds, in accordance with the “Issuance Supervision Questions and Answers-Supervisory Requirements for Guiding and Regulating the Financing Behavior of Listed Companies” issued by the China Securities Regulatory Commission and related Q & A on auditing knowledge.Six months before the date of the resolution of the board of directors of the second issuance and the amount of new expenditures and proposed financial investments of this nature before the issuance shall be replaced by the amount of funds raised this time, and the issuance size of the company’s convertible bonds will be changed from US $ 1 billion to 9.
9.2 billion; there are no changes in the investment projects, but the amount of funds raised in the Zhangzhou southern domestic waste incineration power plant project is planned to be 2 yuan.
0 billion adjusted to 1.
3. At the same time, in order to promote the public issuance of convertible corporate bonds as soon as possible, the board of directors approved the choice of changing the business scope and use of the Hanlan Plaza project of Foshan Nanhai Hanlan Real Estate Co., Ltd .: (1) Hanlan Plaza Commercial Real Estate Project OfficeAll the property involved is used by the company for its own use; (2) the project is converted into fixed assets accounts; (3) the business scope of Han Lan Real Estate is changed, and the related business content of “real estate investment, development, operation, and sales” in the business scope is deleted and doneOther related adjustments.
The ultra-short financing was issued smoothly, the issuance of convertible bonds was accelerated, and the financing was smooth. The company’s operating security was enhanced. The current ultra-short financing bond is the company’s second ultra-short-term financing bond in 2019, and the current issue amount is 5.
0 ppm with a coupon rate of 2.
8%, the company’s first ultra short-term financing bonds for 2019 were issued in October, with an issue amount of 5 trillion and a coupon rate of 2.
At 96%, the company ‘s ultra-short-term coupon rate was reduced to a certain level, which effectively saved the company’s financial costs and protected the company’s business needs for funds. At the same time, it reflected the market’s recognition of the company and the company’s alternative financing capabilities.
The company’s adjustment of the convertible bond issuance plan and the change in the business scope of Foshan Nanhai Hanlan Real Estate Co., Ltd. and the use of the Hanlan Plaza project will effectively accelerate the issuance of the company’s convertible bonds; the company’s convertible bonds are intended to be issued.
US $ 9.2 billion. The raised investment funds, after deducting the issuance costs, will be used for the purification of natural waste incineration power plants in the South China Sea. Anxi County waste incineration power plant reconstruction and expansion project. Zhangzhou southern domestic waste incineration power plant project., Will further guarantee the company’s project progress and accelerate 无锡夜网 the company’s solid waste business layout.
The project has been put into operation smoothly, with good operating results and stable growth in performance. Since the beginning of this year, the company’s project has been put into operation smoothly, and the project has achieved good results, and jointly promote the steady growth of performance.
The company achieved revenue of 42 in the first three quarters.
700 million, an increase of 19 years.
1%, net profit after returning to mother 7.
20,000 yuan, an increase of 20 in ten years.
In the field of solid waste business, the company’s Jiangxi hazardous waste, Langfang project, and Shunde project were all put into normal production at the beginning, and the operation effect was good. According to the interim report, Harbin Food Kitchen (300 tons / day) and Zhangzhou South Project (1000 tons / day) have enteredIn the commissioning phase, Nanhai No. 3 Plant (1500 tons / day), Foshan Hazardous Waste Project (9.
March / year) is expected to be completed in September and the end of the year, which will open up new space for the company’s performance growth.
As of the end of June, about 1 of the company’s waste incineration project has been put into operation.
48 days / day (including the Shunde project in which shares are held), about 1 under construction and preparation.
28th / day (excluding Shengyun project); in the gas business area, the company seized the potential of village-level industrial park upgrades and ceramic energy clean energy transformation, actively explored new users, and actively promoted the construction of hydrogen refueling stations in the South China Sea. Among them,Songgang Station and Taoyuan Station will be completed and put into production within the year; in the water supply field, the company focuses on strengthening cost control and continues to advance the construction of the fourth phase of the South China Sea Second Water Plant.
The “big solid waste” strategy has been effectively promoted, business development has been smooth, and long-term performance growth potential has been enhanced. In terms of new project development, the company actively implemented and promoted the “big solid waste” business strategy of the entire industrial chain layout.Significant effect.
In June, the company and Shengyun Environmental Protection signed the Framework Cooperation Agreement on Investment in Waste Incineration Power Generation Projects, which plans to undertake some projects of Shengyun. Recently, it has reached an agreement with Shengyun and other parties on the acquisition of assets, and drafted the “Asset Transfer Agreement” for related projects.The company acquired Haiyang (500 tons / day), Jining Phase II (800 tons / day), Xuancheng Phase II (1000 tons / day), Wulanchabu (1200 tons / day), and Huaian Phase II (800 tons)/ Day) and other projects under construction and continue to invest in construction, which can increase the total operating scale of 4,300 tons / day; in the field of hazardous waste disposal, the company recently acquired the hazardous waste enterprise Jiaxing Chuangxin Environmental Protection94.
9% equity, and invest in Pinghu hazardous waste project, project size 3.
1 year / year; in the field of restaurant and kitchen waste disposal, the company has recently won a bid for the PPP project of the restaurant and kitchen waste and manure treatment project in Langfang, Hebei, with a project investment of approximately 2.
500 million, the construction scale is designed to handle 200 tons of kitchen waste per day, 20 tons of waste oil per day, 300 tons of manure per day, and the operation period is 25 years.
65 yuan / ton, the cost of disposal of feces is 136.
77 yuan / ton.
The company’s large solid waste sector has developed well, further enhancing the potential for future performance growth.
Profit forecast and investment advice The company strives to advance the “big solid waste strategy” and further builds a solid waste vertical and horizontal business layout.
Initially perfected the entire industrial chain of solid waste treatment covering front-end sanitation, middle-end collection and transfer, and end-of-life treatment; in the cross-cutting field, the company achieved full coverage of municipal waste, industrial hazardous waste, agricultural organic waste and other pollution sources; the company expanded activelyWith many projects in hand and good operating results, it will effectively guarantee the company’s continued growth.In the field of gas and water services, the company actively expands downstream customers, strengthens cost control, improves management level, and guarantees steady growth in revenue and profits.
The company’s executive compensation incentive program for senior management this year includes a combination of short-term incentives and long-term incentives. Among them, short-term incentives include basic annual salary and performance annual salary. Long-term incentives are in the form of virtual distribution units.Performance growth drivers.
The company’s 19-21 performance is expected to be 8.
200 million, corresponding to an estimated PE of 14.
8 times, maintaining highly recommended.
Risks remind that the project development is not up to expectations, the project construction progress is not up to expectations, the project operation is not up to expectations, the risk of falling gross profit margin caused by the increase in raw material costs, the policy risks of compensating for landslides in waste incineration and power generation, and the systemic risks in the market.