[摘要]

　　■中(zhong)(zhong)(zhong)報(bao)業(ye)績(ji)(ji)增長(chang)(chang)(chang)平(ping)穩：公(gong)司(si)披露2017年中(zhong)(zhong)(zhong)報(bao)，公(gong)司(si)2017年上半(ban)年實現(xian)營(ying)業(ye)收入(ru)(ru)29.58億元(yuan)(yuan)(yuan)，同(tong)(tong)比(bi)(bi)(bi)增長(chang)(chang)(chang)0.95%；歸(gui)母凈(jing)利(li)潤2.26億元(yuan)(yuan)(yuan)，同(tong)(tong)比(bi)(bi)(bi)增長(chang)(chang)(chang)14.66%；扣非(fei)后歸(gui)母凈(jing)利(li)潤2.05億元(yuan)(yuan)(yuan)，同(tong)(tong)比(bi)(bi)(bi)增長(chang)(chang)(chang)17.89%。二季度(du)，公(gong)司(si)實現(xian)營(ying)業(ye)收入(ru)(ru)18.15億元(yuan)(yuan)(yuan)，同(tong)(tong)比(bi)(bi)(bi)增長(chang)(chang)(chang)1.4%；歸(gui)母凈(jing)利(li)潤1.42億元(yuan)(yuan)(yuan)，同(tong)(tong)比(bi)(bi)(bi)增長(chang)(chang)(chang)17.66%。公(gong)司(si)中(zhong)(zhong)(zhong)報(bao)業(ye)績(ji)(ji)增長(chang)(chang)(chang)平(ping)穩。

　　■毛(mao)利(li)率(lv)略有(you)提升，費(fei)(fei)(fei)用(yong)控(kong)制得當，現(xian)(xian)金(jin)流待改善(shan)：公司上半(ban)年(nian)綜合(he)毛(mao)利(li)率(lv)24.89%，同(tong)比(bi)增長1.49個(ge)百分點。上半(ban)年(nian)公司期間(jian)費(fei)(fei)(fei)用(yong)率(lv)維持(chi)穩定，銷售費(fei)(fei)(fei)用(yong)率(lv)、管理費(fei)(fei)(fei)用(yong)率(lv)、財(cai)務(wu)費(fei)(fei)(fei)用(yong)率(lv)分別為2.52%、12.27%、0.36%，分別同(tong)比(bi)-0.09pct、+0.9pct、-0.1pct。公司經(jing)營性現(xian)(xian)金(jin)流凈額(e)-3.56億元，同(tong)比(bi)下降(jiang)51.3%，現(xian)(xian)金(jin)流存(cun)改善(shan)空間(jian)。

　　■各(ge)項(xiang)業(ye)(ye)(ye)(ye)(ye)務(wu)全面開花，業(ye)(ye)(ye)(ye)(ye)務(wu)向非電(dian)(dian)領(ling)(ling)域積(ji)極(ji)(ji)拓(tuo)(tuo)展(zhan)(zhan)：上半年，電(dian)(dian)除塵(chen)業(ye)(ye)(ye)(ye)(ye)務(wu)方(fang)面，公(gong)(gong)(gong)司(si)(si)全力拓(tuo)(tuo)展(zhan)(zhan)國內新(xin)(xin)建和(he)超低排放改造(zao)市場(chang)，取(qu)得(de)一(yi)(yi)批大(da)型(xing)改造(zao)項(xiang)目(mu)(mu)。電(dian)(dian)袋(dai)業(ye)(ye)(ye)(ye)(ye)務(wu)領(ling)(ling)域，公(gong)(gong)(gong)司(si)(si)積(ji)極(ji)(ji)拓(tuo)(tuo)展(zhan)(zhan)以電(dian)(dian)袋(dai)為中心的(de)塵(chen)硫一(yi)(yi)體(ti)和(he)煙氣(qi)環保(bao)島(dao)項(xiang)目(mu)(mu)，以圓(yuan)管帶式輸送為主(zhu)體(ti)的(de)爐前(qian)環保(bao)島(dao)新(xin)(xin)業(ye)(ye)(ye)(ye)(ye)務(wu)取(qu)得(de)市場(chang)突破(po)，有(you)望(wang)添加(jia)業(ye)(ye)(ye)(ye)(ye)績新(xin)(xin)增(zeng)長動力。公(gong)(gong)(gong)司(si)(si)業(ye)(ye)(ye)(ye)(ye)務(wu)向非電(dian)(dian)領(ling)(ling)域積(ji)極(ji)(ji)拓(tuo)(tuo)展(zhan)(zhan)，公(gong)(gong)(gong)司(si)(si)干(gan)法(fa)脫(tuo)硫業(ye)(ye)(ye)(ye)(ye)務(wu)逆勢上揚，實現了從傳(chuan)統火(huo)電(dian)(dian)、鋼鐵到新(xin)(xin)興的(de)焦化、碳素、催化裂化、工業(ye)(ye)(ye)(ye)(ye)尾氣(qi)治(zhi)理等非電(dian)(dian)領(ling)(ling)域的(de)覆蓋，新(xin)(xin)增(zeng)合同大(da)幅增(zeng)長。公(gong)(gong)(gong)司(si)(si)脫(tuo)硫業(ye)(ye)(ye)(ye)(ye)務(wu)積(ji)極(ji)(ji)拓(tuo)(tuo)展(zhan)(zhan)有(you)色金屬行業(ye)(ye)(ye)(ye)(ye)煙氣(qi)治(zhi)理市場(chang)，取(qu)得(de)2個大(da)型(xing)電(dian)(dian)解鋁脫(tuo)硫項(xiang)目(mu)(mu)。西礦環保(bao)團隊有(you)針對(dui)性地展(zhan)(zhan)開對(dui)建材、冶金及中小鍋爐項(xiang)目(mu)(mu)的(de)攻堅，市場(chang)拓(tuo)(tuo)展(zhan)(zhan)取(qu)得(de)一(yi)(yi)定成(cheng)效。公(gong)(gong)(gong)司(si)(si)電(dian)(dian)控團隊上半年以高頻電(dian)(dian)源(yuan)和(he)脈(mo)沖電(dian)(dian)源(yuan)組合拓(tuo)(tuo)展(zhan)(zhan)除塵(chen)改造(zao)項(xiang)目(mu)(mu)，盈利顯(xian)著提(ti)升。公(gong)(gong)(gong)司(si)(si)海外業(ye)(ye)(ye)(ye)(ye)務(wu)方(fang)面,公(gong)(gong)(gong)司(si)(si)在一(yi)(yi)帶一(yi)(yi)路(lu)、東南亞方(fang)面取(qu)得(de)一(yi)(yi)定的(de)項(xiang)目(mu)(mu)突破(po)。

　　■陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)入(ru)(ru)主，帶(dai)(dai)來(lai)平(ping)臺(tai)支持(chi)，強化公(gong)(gong)司(si)(si)(si)實(shi)(shi)力(li)：公(gong)(gong)司(si)(si)(si)第一(yi)大(da)(da)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)為(wei)東(dong)(dong)正投(tou)資(zi)(zi)(zi)，持(chi)有(you)(you)公(gong)(gong)司(si)(si)(si)17.17%股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)。據公(gong)(gong)司(si)(si)(si)6月1日公(gong)(gong)告(gao)，東(dong)(dong)正投(tou)資(zi)(zi)(zi)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)與陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)簽署《股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)收(shou)購(gou)協(xie)議》，東(dong)(dong)正投(tou)資(zi)(zi)(zi)第一(yi)大(da)(da)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)周(zhou)蘇華(hua)將其所持(chi)有(you)(you)的51%股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)轉(zhuan)讓給(gei)陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)，2%股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)轉(zhuan)讓給(gei)陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)子公(gong)(gong)司(si)(si)(si)新陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)環保；東(dong)(dong)正投(tou)資(zi)(zi)(zi)其他5名股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)持(chi)有(you)(you)的47%股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)轉(zhuan)讓給(gei)新陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)環保,此次股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)收(shou)購(gou)價款為(wei)36.71億元(yuan)。股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份(fen)(fen)轉(zhuan)讓6月9日完成(cheng)交割，龍(long)凈(jing)(jing)環保第一(yi)大(da)(da)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)仍為(wei)東(dong)(dong)正投(tou)資(zi)(zi)(zi)，陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)成(cheng)為(wei)東(dong)(dong)正投(tou)資(zi)(zi)(zi)第一(yi)大(da)(da)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)東(dong)(dong)，龍(long)凈(jing)(jing)環保實(shi)(shi)際(ji)控(kong)人由(you)周(zhou)蘇華(hua)變為(wei)陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)實(shi)(shi)際(ji)控(kong)制(zhi)(zhi)人吳潔，陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)入(ru)(ru)主。根據《股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)收(shou)購(gou)協(xie)議》，陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)及其實(shi)(shi)際(ji)控(kong)制(zhi)(zhi)人有(you)(you)意向在(zai)未來(lai)12個(ge)月繼續增持(chi)公(gong)(gong)司(si)(si)(si)股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份(fen)(fen)金(jin)(jin)額不低于5億元(yuan)，不超過10億元(yuan)。陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)系公(gong)(gong)司(si)(si)(si)以陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)金(jin)(jin)控(kong)為(wei)平(ping)臺(tai)，旗(qi)下形成(cheng)了地(di)產(chan)、教育、物產(chan)、醫療、金(jin)(jin)融(rong)等多核心(xin)板塊，綜合性平(ping)臺(tai)化布局。據公(gong)(gong)司(si)(si)(si)公(gong)(gong)告(gao)，2016年(nian)陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)實(shi)(shi)現(xian)營業收(shou)入(ru)(ru)283.5億元(yuan)，同比下降(jiang)7.2%；凈(jing)(jing)利(li)潤4.63億元(yuan)，同比增長(chang)69.5%。陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)對龍(long)凈(jing)(jing)環保多年(nian)來(lai)的行業地(di)位、品牌價值(zhi)、技術研(yan)發(fa)實(shi)(shi)力(li)和歷史經營業績高度認可，通(tong)過收(shou)購(gou)東(dong)(dong)正投(tou)資(zi)(zi)(zi)100%股(gu)(gu)(gu)(gu)(gu)(gu)(gu)權(quan)間接收(shou)購(gou)龍(long)凈(jing)(jing)環保，切入(ru)(ru)環保領域，綜合平(ping)臺(tai)進一(yi)步打造。陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)入(ru)(ru)主為(wei)公(gong)(gong)司(si)(si)(si)發(fa)展帶(dai)(dai)來(lai)平(ping)臺(tai)支持(chi)，陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)金(jin)(jin)控(kong)旗(qi)下子公(gong)(gong)司(si)(si)(si)業務(wu)(wu)有(you)(you)望(wang)與公(gong)(gong)司(si)(si)(si)業務(wu)(wu)形成(cheng)協(xie)同效應。公(gong)(gong)司(si)(si)(si)7月15日公(gong)(gong)告(gao)，陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)通(tong)過委托設立2個(ge)信(xin)托計劃增持(chi)公(gong)(gong)司(si)(si)(si)2.83%股(gu)(gu)(gu)(gu)(gu)(gu)(gu)份(fen)(fen)，彰顯陽(yang)(yang)(yang)(yang)(yang)光(guang)(guang)(guang)(guang)(guang)(guang)(guang)集(ji)(ji)(ji)(ji)團(tuan)(tuan)對公(gong)(gong)司(si)(si)(si)發(fa)展信(xin)心(xin)。

　　■投資建議：公司(si)為(wei)大氣治理技術龍(long)頭，藍天保(bao)衛戰、京津冀(ji)大氣污染防治行動不斷推進(jin)，中(zhong)央環保(bao)督查力度加大，催化相(xiang)關大氣治理需求，公司(si)作(zuo)為(wei)龍(long)頭，有望(wang)首先受益。公司(si)業務(wu)向非電領域延伸，發展(zhan)空(kong)間值得期待。