Source: First Shanghai Finance
Entering the hazardous waste treatment industry has high thresholds, and has requirements for qualifications, capital, technology, and industry experience. The industry now has high bargaining power, considerable gross profit margin, and relatively good cash flow. Overall, the industry's existing hazardous waste treatment capacity is tight, and the processing radius is limited, and regional supply and demand are not balanced.
The state attaches great importance to environmental protection, and ecological civilization construction enters a critical period.
The report of the 19th National Congress of the Communist Party of China first proposed that beautiful China should be the goal of socialist modernization alongside prosperity, democracy, civilization and harmony. The construction of ecological civilization has risen to the height of national strategy. In 2018, environmental protection related policies were issued intensively. “Green Mountain is Jinshan Yinshanâ€, and the state has successively issued a series of actions and policies. Seven major battles, including winning the blue sky defense war, do a good job in diesel truck pollution control, urban black and odor water treatment, comprehensive treatment of the Bohai Sea, Yangtze River protection and restoration, water source protection, agricultural and rural pollution control, and planning the future work of the environmental protection industry. The key point will be to promote the sound development of the environmental protection industry. The proportion of China's environmental protection investment in GDP has increased year by year, and the public finance expenditure of energy conservation and environmental protection has maintained a growth trend, but there is still a certain distance from the proportion of 2%-3% of environmental protection investment in developed countries. China's current policy is expected to increase the amount and proportion of pollution control investment, and there is still room for development in the environmental pollution control market.
Under the influence of de-leverage on the environmental protection industry in 2018, the income growth rate of the environmental protection industry slowed down in the first three quarters, and the net profit fell. It is believed that the current industry pain caused by deleveraging will speed up the process of industry reshuffle. The government began to pay attention to the problem of difficult financing for private enterprises. In November, the State Council issued the "Notice on Focusing on Corporate Concerns to Further Promote the Implementation of the Business Environment Policy" to help improve the financing environment and broaden the financing channels for private enterprises. The environmental protection industry involves capital investment and engineering advancement. Excessive reliance on PPP projects will result in slower receivables receivables, higher asset-liability ratios, and continued increase in interest-bearing liabilities will reduce the overall risk-resistance capability of the industry. According to statistics from Winds industry, the overall asset-liability ratio of the industry in the third quarter of 2018 reached 58.40%, up 3.83pct year-on-year, and the water treatment industry with higher PPP participation increased significantly. As of the third quarter of 2018, the overall operating net cash flow of the industry improved slightly, and the net cash flow of investment continued to decline. The sub-sector with more PPP projects was the most obvious.
The clear water defense war is on the agenda, and sewage treatment is welcoming new opportunities.
The “13th Five-Year Plan†and the “Water Ten Articles†put forward higher requirements for sewage treatment. With the improvement of industrial treatment technology and the promotion of the upgrading project, the daily sewage treatment capacity of the city has steadily increased, reaching 170 million tons in 2017. . The completion of fixed assets in urban municipal sewage treatment construction has maintained growth in recent years, reaching RMB 49 billion in 2017, and the sewage treatment business is expected to accelerate development.
The state attaches great importance to water environment management. In 2018, the battle for clear water, including urban black odor water treatment, Bohai sea management, Yangtze River restoration, and water source protection, will become the main line of development in the next three years. According to the requirements of the Water Pollution Prevention Action Plan, by the end of 2020, the treatment of black and odorous water bodies should be basically completed. However, according to the data on the “National Black and Odor Water Remediation Supervision Platform†jointly released by the Ministry of Housing and Construction and the Ministry of Environmental Protection, as of the date of the 2,100 rectification projects identified by the National Government, there were 1,745 “completed governanceâ€. There are 264, and the task of accomplishing the goal by the end of 2020 is still tense, and the treatment of black and odorous water has broad prospects.
Deepen water price reform, promote urban and rural integration, and develop water supply industry steadily
The construction of urban water supply facilities in China has approached saturation and entered a stage of steady development. According to the statistics of the Bureau of Statistics, the national water supply in 2017 was 604.3 billion tons in 2017, which was basically the same. Overall, China's water price remains at a low level, accounting for less than 1% of the disposable income of residents. In addition, due to the increase in the cost of upgrading the pipeline network and raising the sewage standards, the overall water supply industry's profitability is weak. In terms of water price, China's water industry is temporarily in the stage of transition to marketization. The “Water Ten†clearly stipulates that the non-residential water use quota and super-plan progressive price increase system will be fully implemented before the end of 2020. In addition, the National Development and Reform Commission also issued the “Innovation and Improvement†in July. The Opinions on Promoting Green Development Price Mechanisms emphasizes the mode of promoting water conservation with ladder water prices. Water prices will be adjusted upwards in most parts of the country, which will benefit the improvement of medium and long-term profitability of the water supply industry.
According to the latest data from the Ministry of Housing and Urban-Rural Development, China's rural water use rate is 71.90%, and the village water use rate is 65.23%. The 13th Five-Year Plan for Water Conservancy Reform and Development requires that by 2020, the tap water penetration rate in rural areas will strive to reach more than 80%, the centralized water supply rate will reach more than 85%, and the water quality compliance rate and water supply guarantee will be greatly improved. In the future, in terms of urban-rural integration, the number of new connected water users will be greatly improved. The scale effect of the water supply industry will be obvious. Some strong enterprises will achieve rapid growth through mergers and acquisitions and increase industry concentration.
The biomass industry is in its infancy and will be ready in the future.
Biomass energy is an important renewable energy source. Accelerating the development and utilization of biomass energy is an important part of promoting the revolution of energy production and consumption. It is an important task to improve environmental quality and develop a circular economy. It is in the scope of policy support and promotion. within. In March 2018, the "Guidelines for Energy Work in 2018" issued by the National Energy Administration proposed to actively develop new energy sources such as biomass energy. From the perspective of biomass power generation, China has been in a steady growth period for more than a decade. Up to now, China's biomass power generation capacity has reached 17 million kilowatts, and annual power generation capacity is 80 billion kilowatt hours. Biomass power generation maintains a growth momentum.
China's biomass resources are abundant, but there are still problems such as insufficient understanding of biomass energy, lack of development technology, and imperfect policies. The utilization rate is not high. The biomass industry is still in its infancy as a whole, with relatively low levels of industrialization and commercialization.
Actively promote the waste incineration industry, it is recommended to focus on leading enterprises
China's economy continues to grow steadily, and the country has positioned the solid waste recycling industry as a strategic emerging industry. In recent years, the amount of urban garbage removal in China has continuously increased, from 155 million tons in 2005 to 204 million tons in 2016, with an average annual compound growth rate of 2.7%. At the same time, the harmless treatment of incineration has been gradually promoted, and the proportion of waste incineration in the harmless treatment of domestic garbage has increased from 6% in 2004 to 38% in 2016. According to the “13th Five-Year Plan for the Construction of Harmless Treatment Facilities for Urban Domestic Wastesâ€, the proportion of domestic waste incineration during the “13th Five-Year Plan†period will increase from 31% in 2015 to 54% in 2020, and the daily incineration capacity will be from 2015. The 230,000 tons/day will increase to 590,000 tons/day in 2020, and the waste incineration capacity will double. The trend of urbanization and the increase of garbage removal rate in China have promoted the rapid development of the waste incineration treatment industry.
The garbage disposal in rural areas of China is still in its infancy, and the amount of clearing and transportation is limited. The Three-Year Action Plan for Rural Residential Environment Improvement and the Rural Revitalization Strategic Plan (2018-2022) issued in 2018 proposed for rural garbage disposal. Clearly required, the waste disposal market can be extended to rural areas. With the promotion of the waste incineration industry policy, the leading advantages of leading enterprises in terms of operational capability and project experience are highlighted. The expansion of future production capacity and the expansion of the rural waste disposal market will become new key factors. The leading trend of concentration will be strengthened and the industry competition will be clear. .
Editor in charge: Miao Rong
This article is posted on the website for the purpose of transmitting more information and does not imply endorsement of its views or confirmation of its description.
Entering the hazardous waste treatment industry has high thresholds, and has requirements for qualifications, capital, technology, and industry experience. The industry now has high bargaining power, considerable gross profit margin, and relatively good cash flow. Overall, the industry's existing hazardous waste treatment capacity is tight, and the processing radius is limited, and regional supply and demand are not balanced.
The state attaches great importance to environmental protection, and ecological civilization construction enters a critical period.
The report of the 19th National Congress of the Communist Party of China first proposed that beautiful China should be the goal of socialist modernization alongside prosperity, democracy, civilization and harmony. The construction of ecological civilization has risen to the height of national strategy. In 2018, environmental protection related policies were issued intensively. “Green Mountain is Jinshan Yinshanâ€, and the state has successively issued a series of actions and policies. Seven major battles, including winning the blue sky defense war, do a good job in diesel truck pollution control, urban black and odor water treatment, comprehensive treatment of the Bohai Sea, Yangtze River protection and restoration, water source protection, agricultural and rural pollution control, and planning the future work of the environmental protection industry. The key point will be to promote the sound development of the environmental protection industry. The proportion of China's environmental protection investment in GDP has increased year by year, and the public finance expenditure of energy conservation and environmental protection has maintained a growth trend, but there is still a certain distance from the proportion of 2%-3% of environmental protection investment in developed countries. China's current policy is expected to increase the amount and proportion of pollution control investment, and there is still room for development in the environmental pollution control market.
Under the influence of de-leverage on the environmental protection industry in 2018, the income growth rate of the environmental protection industry slowed down in the first three quarters, and the net profit fell. It is believed that the current industry pain caused by deleveraging will speed up the process of industry reshuffle. The government began to pay attention to the problem of difficult financing for private enterprises. In November, the State Council issued the "Notice on Focusing on Corporate Concerns to Further Promote the Implementation of the Business Environment Policy" to help improve the financing environment and broaden the financing channels for private enterprises. The environmental protection industry involves capital investment and engineering advancement. Excessive reliance on PPP projects will result in slower receivables receivables, higher asset-liability ratios, and continued increase in interest-bearing liabilities will reduce the overall risk-resistance capability of the industry. According to statistics from Winds industry, the overall asset-liability ratio of the industry in the third quarter of 2018 reached 58.40%, up 3.83pct year-on-year, and the water treatment industry with higher PPP participation increased significantly. As of the third quarter of 2018, the overall operating net cash flow of the industry improved slightly, and the net cash flow of investment continued to decline. The sub-sector with more PPP projects was the most obvious.
The clear water defense war is on the agenda, and sewage treatment is welcoming new opportunities.
The “13th Five-Year Plan†and the “Water Ten Articles†put forward higher requirements for sewage treatment. With the improvement of industrial treatment technology and the promotion of the upgrading project, the daily sewage treatment capacity of the city has steadily increased, reaching 170 million tons in 2017. . The completion of fixed assets in urban municipal sewage treatment construction has maintained growth in recent years, reaching RMB 49 billion in 2017, and the sewage treatment business is expected to accelerate development.
The state attaches great importance to water environment management. In 2018, the battle for clear water, including urban black odor water treatment, Bohai sea management, Yangtze River restoration, and water source protection, will become the main line of development in the next three years. According to the requirements of the Water Pollution Prevention Action Plan, by the end of 2020, the treatment of black and odorous water bodies should be basically completed. However, according to the data on the “National Black and Odor Water Remediation Supervision Platform†jointly released by the Ministry of Housing and Construction and the Ministry of Environmental Protection, as of the date of the 2,100 rectification projects identified by the National Government, there were 1,745 “completed governanceâ€. There are 264, and the task of accomplishing the goal by the end of 2020 is still tense, and the treatment of black and odorous water has broad prospects.
Deepen water price reform, promote urban and rural integration, and develop water supply industry steadily
The construction of urban water supply facilities in China has approached saturation and entered a stage of steady development. According to the statistics of the Bureau of Statistics, the national water supply in 2017 was 604.3 billion tons in 2017, which was basically the same. Overall, China's water price remains at a low level, accounting for less than 1% of the disposable income of residents. In addition, due to the increase in the cost of upgrading the pipeline network and raising the sewage standards, the overall water supply industry's profitability is weak. In terms of water price, China's water industry is temporarily in the stage of transition to marketization. The “Water Ten†clearly stipulates that the non-residential water use quota and super-plan progressive price increase system will be fully implemented before the end of 2020. In addition, the National Development and Reform Commission also issued the “Innovation and Improvement†in July. The Opinions on Promoting Green Development Price Mechanisms emphasizes the mode of promoting water conservation with ladder water prices. Water prices will be adjusted upwards in most parts of the country, which will benefit the improvement of medium and long-term profitability of the water supply industry.
According to the latest data from the Ministry of Housing and Urban-Rural Development, China's rural water use rate is 71.90%, and the village water use rate is 65.23%. The 13th Five-Year Plan for Water Conservancy Reform and Development requires that by 2020, the tap water penetration rate in rural areas will strive to reach more than 80%, the centralized water supply rate will reach more than 85%, and the water quality compliance rate and water supply guarantee will be greatly improved. In the future, in terms of urban-rural integration, the number of new connected water users will be greatly improved. The scale effect of the water supply industry will be obvious. Some strong enterprises will achieve rapid growth through mergers and acquisitions and increase industry concentration.
The biomass industry is in its infancy and will be ready in the future.
Biomass energy is an important renewable energy source. Accelerating the development and utilization of biomass energy is an important part of promoting the revolution of energy production and consumption. It is an important task to improve environmental quality and develop a circular economy. It is in the scope of policy support and promotion. within. In March 2018, the "Guidelines for Energy Work in 2018" issued by the National Energy Administration proposed to actively develop new energy sources such as biomass energy. From the perspective of biomass power generation, China has been in a steady growth period for more than a decade. Up to now, China's biomass power generation capacity has reached 17 million kilowatts, and annual power generation capacity is 80 billion kilowatt hours. Biomass power generation maintains a growth momentum.
China's biomass resources are abundant, but there are still problems such as insufficient understanding of biomass energy, lack of development technology, and imperfect policies. The utilization rate is not high. The biomass industry is still in its infancy as a whole, with relatively low levels of industrialization and commercialization.
Actively promote the waste incineration industry, it is recommended to focus on leading enterprises
China's economy continues to grow steadily, and the country has positioned the solid waste recycling industry as a strategic emerging industry. In recent years, the amount of urban garbage removal in China has continuously increased, from 155 million tons in 2005 to 204 million tons in 2016, with an average annual compound growth rate of 2.7%. At the same time, the harmless treatment of incineration has been gradually promoted, and the proportion of waste incineration in the harmless treatment of domestic garbage has increased from 6% in 2004 to 38% in 2016. According to the “13th Five-Year Plan for the Construction of Harmless Treatment Facilities for Urban Domestic Wastesâ€, the proportion of domestic waste incineration during the “13th Five-Year Plan†period will increase from 31% in 2015 to 54% in 2020, and the daily incineration capacity will be from 2015. The 230,000 tons/day will increase to 590,000 tons/day in 2020, and the waste incineration capacity will double. The trend of urbanization and the increase of garbage removal rate in China have promoted the rapid development of the waste incineration treatment industry.
The garbage disposal in rural areas of China is still in its infancy, and the amount of clearing and transportation is limited. The Three-Year Action Plan for Rural Residential Environment Improvement and the Rural Revitalization Strategic Plan (2018-2022) issued in 2018 proposed for rural garbage disposal. Clearly required, the waste disposal market can be extended to rural areas. With the promotion of the waste incineration industry policy, the leading advantages of leading enterprises in terms of operational capability and project experience are highlighted. The expansion of future production capacity and the expansion of the rural waste disposal market will become new key factors. The leading trend of concentration will be strengthened and the industry competition will be clear. .
Editor in charge: Miao Rong
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