【行业研究报告】中国水务-2022财年业绩符合预期,维持“买入”

类型: 港股公司研究

机构: 国泰君安(香港)

发表时间: 2022-06-29 00:00:00

更新时间: 2022-07-01 10:20:33

ChinaWaterAffairs’(00855HK,CWA,orthe"Company")FY22revenue
increased25.2%YoYtoHK$12,950million.Shareholders’netprofit
increased11.9%YoYtoHK$1,894million.Resultswerebasicallyinline
withexpectation.Grossmargindecreasedby3.6pptsYoYto38.3%,mainly
duetoincreaseinelectricitycostsandincreaseinrevenuecontributionfrom
lowergrossmarginotherbusinesses.
Weexpectcitywatersupplyandconstructionoperationrevenueto
Weexpectcitywatersupplyandconstructionoperationrevenueto
growataCAGRof8.0%inFY22-FY25.Weexpectwatersupplyoperation
servicesrevenuetomaintainsteadygrowth,whiledirectdrinkingwater
operationservicestomaintainfastgrowth,butwatersupplyconstruction
servicesrevenuewilldrop.Inaddition,weexpectenvironmentalprotection
revenuetogrowataCAGRof4.9%inFY22-FY25.
OurEPSestimatesareHK$1.276,HK$1.431andHK$1.637forFY23-FY25,
respectively.Givennationwidepresenceofitsprojectsandownershipofa
largenetworkofwatersupplypipelines,theCompanyisbetterpositionedto
benefitfromthelong-termdevelopmentandgrowthofthewaterindustryin
Chinacomparedwithlocalwaterplayers.WemaintaintheTPatHK$11.50,
representing6.5x/6.1x/5.5xFY23/FY24/FY25EV/EBITDA.Reiterate
"Buy".
中国水务(00855HK,“公司”)2022财年收入同比增25.2%至129.50亿港元。股东净利
同比增11.9%至18.94亿港元。业绩基本符合预期。毛利率同比跌3.6个百分点至38.3%,
主要因为电力成本上升及毛利率较低的其他业务收入占比增加。
我们预计2022-2025财年间城市供水及建设经营业务收入将以8.0%的年复合增长率增
长。我们预计供水经营服务收入将维持稳定增长,直饮水经营服务收入则将维持快速增长,
但供水建设服务收入将下跌。此外,我们预计2022-2025财年间环保业务收入将以4.9%
的年复合增长率增长。
我们对2023-2025财年的每股盈利预测分别为1.276港元、1.431港元及1.637港元。鉴
于其项目范围覆盖全国且拥有庞大的供水管网,公司在受惠于中国水务行业的长期发展和
增长的过程中,相比本地水厂而言优势明显。我们维持11.50港元的目标价,对应6.5/6.1/
Rating:Buy
Maintained
6-18mTP目标价:HK$11.50
Revisedfrom原目标价:HK$11.50
Shareprice股价:HK$7.500