公用事业行业深度报告：提标预期临近，工业水处理市场有望再度开启.pdf

Table_MainInfo Table_Title / Table_Summary 5055%70020%20182018 5+ +Table_CompanyFinance EPS PE 2017A 2018E 2019E 2017A 2018E 2019E 14.73 0.41 0.78 1.24 35.93 18.88 11.88 20.30 0.59 0.76 0.97 34.41 26.71 20.93 23.94 0.61 0.82 1.09 39.25 29.20 21.96 38.79 0.78 1.18 1.50 49.73 32.87 25.86 24.83 0.44 0.81 1.13 56.43 30.65 21.97 14.73 0.41 0.78 1.24 35.93 18.88 11.88 Table_Invest Table_PicQuote Table_Trend % 1M 3M 12M -9.04% -9.17% -27.39% -8.95% -4.08% -35.80% Table_IndustryMarket 44 3183 2312 21.15 1.80 976 109 % 56.14 Table_Report 2018-06-03 2018-05-20 20182018-05-18 Table_Author S0550516090002 (021)20361113 liujunnesc S0550117050002 021-20361158 maqhnesc 021-20361158 maqhnesc / 2018-06-09 2 / 34Table_PageTop 1. . 3 1.1. .3 1.2. .3 2. . 4 2.1. .4 2.1.1. . 4 2.1.2. . 5 2.2. .7 2.2.1. . 7 2.2.2. . 8 2.2.3. . 8 2.2.4. . 9 2.2.5. . 10 2.3. .10 3. . 12 3.1. .12 3.1.1. ” . 12 3.1.2. . 13 3.2. .13 3.3. .14 4. . 15 4.1. .15 4.2. .15 4.3. .16 4.4. .17 4.5. .19 4.6. .21 5. . 22 5.1. .22 5.2. .23 5.2.1. 603603 + . 24 5.2.2. 603200 . 25 5.2.3. 300388 . 27 5.2.4. 300631 . 29 5.2.5. 300422 + + . 30 5.2.6. 300055 . 31 3 / 34Table_PageTop 1. 1.1. COD 1.2. 1 2070 6020 70197320 70 211979 ( ) 8021WTO20022008201110 2011 354 / 34Table_PageTop 493 85 2. 2.1. 2.1.1. 30201120155055% 2015 51%201120142014 115.25 201420162016 108.24 2 % 3 Wind 40%60%76% 32% 5 / 34Table_PageTop 4 2015 % 2.1.2. 201564 158 AB1 CODCr BOD5 SS NH4+-N TN TP GB4287-2012 80 20 50 10 15 0.5 200 50 100 20 30 1.5 GB3544-2008 100 20 50 12 15 0.8 90 20 30 8 12 0.8 80 20 30 8 12 0.8 GB31570-2015 60 20 70 8 40 1 GB13456-2012 50 - 30 5 15 0.5 200 - 100 15 35 2 30 - 20 5 15 0.5 200 - 30 8 20 0.5 6 / 34Table_PageTop GB18918-2002 A 50 10 10 5(8) 15 1(2006 ) 0.5(2006) B 60 20 20 8(15) 20 1.5(1) GB18918-2015 30 6 5 1.5(3)/3(5) 10/15 0.3 302 2019 - 2020 - 2020 - 2019 - GB13457-92 2018 2017 2018 - 2019 2019 - 2018 - 2018 - 2019 - 2017 2017 2017 2019 - 2019 - 2020 2019 GB18596-2001 2017 2018 2018 2018 2018 2017 7 / 34Table_PageTop 2017 2018 2018 GB4287-2012 2020 - GB3544-2008 2019 - GB30486-2013 2020 - GB16171-2012 2019 - - 5 2015 2.2. 2.2.1. 2013 2013-20154.41% 20111.26 / 2015 1.54 /CJ343-20108 / 34Table_PageTop 6 7 Wind 2.2.2. 2015 420162017 20172016 1220178 20202017 92.2.3. 2015311.98 4.669 / 34Table_PageTop 3 13316 9617 207 2176 3422 1.98 26330 10512 595 4066 2682 2.4 35523 24299 401 6657 4660 3.6 39586 32602 335 4210 5763 4.66 2018 32.2.4. 2018 1 11.212 1.414 29 13201850%50% 30%75%201824.46 66.622 44.63.5 1/310 / 34Table_PageTop 2.2.5. 2020 6993455.78 8 5% 202020% 2.3. 201520252016 1111202020206 COD 25015 80%90% 3 2015190.12 42%95% 82% 450% 95%91% 72% 94%