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Environment and facility services include waste disposal, facility management and pollution control services.
The average net margin of China's environment service industry was over 18% in 2016. The revenue of the industry was more than CNY 300 billion. There are over 5,000 environment and facilities service providers in China, 70% of which are small companies with less than CNY 20 million of annual sales revenue.
According to CRI, the environmental protection industry has been developing fast given the severe environmental pollution in China. Policies of the Chinese government are supportive of the development of the industry. For example, in the Draft Program of the Thirteenth Five-year Plan (2016-2020), there are 26 social development indicators, among which 13 are related to resources and the environment. The Chinese government has also issued Action Plan for Air Pollution Prevention and Control, Action Plan for Water Pollution Prevention and Control and Action Plan for Soil Pollution Prevention and Control to control pollution and step up environmental protection. These policies are all in favor of the development of the environment and facility service industry. It is estimated that from 2017 to 2021, investment in environmental protection will be no less than CNY 2 trillion per year and the industry will keep growing at over 10% per year.
In this report, CRI analyzes 32 environment and facility service providers listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1)financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
(2) Summary of Income Statement
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)
(3) Summary of Balance Sheet
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
(4) Summary of Cash Flow Statement
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
Companies Mentioned
1 China Tianying Inc. (000035.SZ)
2 Zhongyuan Environment-Protection Co., Ltd. (000544.SZ)
3 Tus-Sound Environmental Resources Co., Ltd. (000826.SZ)
4 United Science & Technology Co., Ltd. (000925.SZ)
5 Beijing Orient Landscape & Environment Co., Ltd. (002310.SZ)
6 Beijing Spc Environment Protection Tech Co., Ltd. (002573.SZ)
7 Beijing SDL Technology Co., Ltd. (002658.SZ)
8 Dongjiang Environmental Protection Co., Ltd. (002672.SZ)
9 Shenzhen Wenke Landscape Co., Ltd. (002775.SZ)
10 Beijing Water Business Doctor Co., Ltd. (300055.SZ)
11 Beijing Originwater Technology Co., Ltd. (300070.SZ)
12 Anhui Shengyun Environment-Protection Group Co., Ltd. (300090.SZ)
13 Dalian East New Energy Development Co., Ltd. (300125.SZ)
14 Yonker Environmental Protection Co., Ltd. (300187.SZ)
15 Jiangsu Welle Environmental Co., Ltd. (300190.SZ)
16 Shandong Meichen Science & Technology Co., Ltd. (300237.SZ)
17 Shanghai Canature Environmental Products Co., Ltd. (300272.SZ)
18 Inner Mongolia M-Grass Ecology And Environment (Group) Co., Ltd. (300355.SZ)
19 Wuxi Xuelang Environmental Technology Co., Ltd. (300385.SZ)
20 Anhui Guozhen Evironmental Protection and Energy Conservation Technology Co., Ltd. (300388.SZ)
21 Guangxi Bossco Environmental Protection Technology Co., Ltd. (300422.SZ)
22 Misho Ecology & Landscape Co., Ltd. (300495.SZ)
23 Wuhan Nusun Landscape Co., Ltd. (300536.SZ)
24 Spic Yuanda Environmental-Protection Co., Ltd. (600292.SH)
25 Zhejiang Tuna Environmental Science & Technology Co., Ltd. (603177.SH)
26 Zhejiang Goldensea Environment Technology Co., Ltd. (603311.SH)
27 Zhejiang Weiming Environment Protection Co., Ltd. (603568.SH)
28 Beijing Geoenviron Engineering & Technology, Inc. (603588.SH)
29 Poten Environment Group Co., Ltd. (603603.SH)
30 Fujian Longma Environmental Sanitation Equipment Co., Ltd. (603686.SH)
31 Fujian Haixia Environmental Protection Group Co., Ltd. (603817.SH)
32 CSD Water Service Co., Ltd. (603903.SH)