[摘要]

　　投資要點環保(bao)驅動營收(shou)快速增(zeng)(zeng)長，業(ye)(ye)績穩健增(zeng)(zeng)長符合預期。公司(si)發布2017年(nian)中報，2017上(shang)半年(nian)營業(ye)(ye)收(shou)入501.85億元，同(tong)比增(zeng)(zeng)長27.77%；歸母凈利潤17.34億元，同(tong)比增(zeng)(zeng)長20.27%。營收(shou)大幅增(zeng)(zeng)長主要是環保(bao)業(ye)(ye)務、地產業(ye)(ye)務發展勢頭強勁。

　　公(gong)司上半年凈(jing)利(li)(li)潤增(zeng)(zeng)長(chang)29.3%，顯著高于歸母凈(jing)利(li)(li)潤增(zeng)(zeng)速(su)主要是房(fang)地產(chan)等非全資子(zi)公(gong)司盈利(li)(li)較好(hao)導致少數股東收益同比增(zeng)(zeng)加(jia)(jia)71.9%。分季度(du)看Q1/Q2收入分別(bie)增(zeng)(zeng)長(chang)37.87%/20.22%，歸母凈(jing)利(li)(li)潤分別(bie)增(zeng)(zeng)長(chang)15.59%/24.07%，二季度(du)業績加(jia)(jia)速(su)增(zeng)(zeng)長(chang)。

　　建筑/環(huan)保(bao)/地(di)產/水(shui)泥(ni)板塊利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)均實(shi)現(xian)大(da)(da)幅(fu)(fu)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)。公司本(ben)期(qi)(qi)(qi)(qi)實(shi)現(xian)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)30億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比大(da)(da)幅(fu)(fu)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)35.68%。分版塊具體來看(kan)：1）建筑業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)(shou)入(ru)(ru)248.95億(yi)(yi)(yi)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)7.4%，占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)(shou)入(ru)(ru)比49.6%；實(shi)現(xian)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)15.68億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)21.6%，貢(gong)獻(xian)(xian)占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)的52.3%。凈利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)貢(gong)獻(xian)(xian)51.5%。施工業(ye)(ye)(ye)務(wu)毛(mao)(mao)(mao)利(li)(li)(li)(li)(li)(li)(li)(li)(li)率(lv)為(wei)(wei)10.8%，較(jiao)去年同(tong)(tong)(tong)期(qi)(qi)(qi)(qi)提(ti)升(sheng)(sheng)1.35個pct，主(zhu)(zhu)要因PPP等毛(mao)(mao)(mao)利(li)(li)(li)(li)(li)(li)(li)(li)(li)較(jiao)高業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)(shou)入(ru)(ru)占(zhan)(zhan)(zhan)(zhan)比提(ti)升(sheng)(sheng)。如考慮到(dao)(dao)營改增(zeng)(zeng)(zeng)(zeng)的影響(xiang)，實(shi)際(ji)盈(ying)利(li)(li)(li)(li)(li)(li)(li)(li)(li)能(neng)力得到(dao)(dao)顯著提(ti)升(sheng)(sheng)。2）環(huan)保(bao)業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)(shou)入(ru)(ru)138.17億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)117%，占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)(shou)入(ru)(ru)比27.5%；實(shi)現(xian)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)4.56億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)160.7%，貢(gong)獻(xian)(xian)占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)的15.2%，凈利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)貢(gong)獻(xian)(xian)17%。毛(mao)(mao)(mao)利(li)(li)(li)(li)(li)(li)(li)(li)(li)率(lv)為(wei)(wei)0.92%，同(tong)(tong)(tong)比下滑4.34個pct，主(zhu)(zhu)要因環(huan)保(bao)業(ye)(ye)(ye)務(wu)統(tong)計口徑變化以及再(zai)生(sheng)資源業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)(shou)入(ru)(ru)大(da)(da)幅(fu)(fu)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)。但環(huan)保(bao)業(ye)(ye)(ye)務(wu)的主(zhu)(zhu)要利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)來源為(wei)(wei)政府的稅收(shou)(shou)(shou)(shou)返還，本(ben)期(qi)(qi)(qi)(qi)收(shou)(shou)(shou)(shou)到(dao)(dao)相(xiang)關業(ye)(ye)(ye)務(wu)稅收(shou)(shou)(shou)(shou)返還9.57億(yi)(yi)(yi)元(yuan)(yuan)，驅動環(huan)保(bao)業(ye)(ye)(ye)務(wu)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)大(da)(da)幅(fu)(fu)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)。3）房地(di)產業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)(shou)入(ru)(ru)40.49億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)65.4%，占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)(shou)入(ru)(ru)比8.1%；實(shi)現(xian)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)3.08億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)115.03%，占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)的10.3%，凈利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)貢(gong)獻(xian)(xian)占(zhan)(zhan)(zhan)(zhan)8.9%。4）水(shui)泥(ni)板塊收(shou)(shou)(shou)(shou)入(ru)(ru)31.33億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)14.13%，占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)(shou)入(ru)(ru)比6.2%。實(shi)現(xian)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)5.33億(yi)(yi)(yi)元(yuan)(yuan)，同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)(chang)(chang)(chang)31.26%，占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)比17.7%，凈利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)貢(gong)獻(xian)(xian)占(zhan)(zhan)(zhan)(zhan)比19.3%。本(ben)期(qi)(qi)(qi)(qi)毛(mao)(mao)(mao)利(li)(li)(li)(li)(li)(li)(li)(li)(li)率(lv)為(wei)(wei)30.13%，較(jiao)去年同(tong)(tong)(tong)期(qi)(qi)(qi)(qi)大(da)(da)幅(fu)(fu)提(ti)升(sheng)(sheng)7.14個pct。5）其他業(ye)(ye)(ye)務(wu)板塊（含抵消(xiao)）共實(shi)現(xian)收(shou)(shou)(shou)(shou)入(ru)(ru)42.9億(yi)(yi)(yi)元(yuan)(yuan)，占(zhan)(zhan)(zhan)(zhan)比8.6%；利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)總(zong)額(e)(e)(e)與凈利(li)(li)(li)(li)(li)(li)(li)(li)(li)潤(run)(run)(run)(run)(run)貢(gong)獻(xian)(xian)分別為(wei)(wei)4.5%/3.3%。

　　期間(jian)費用率(lv)明顯(xian)降低(di)，經營性現金流顯(xian)著(zhu)改善(shan)。上半年公司綜合毛利率(lv)11.26%，較上年同期下降1.71個(ge)pct，主要(yao)因(yin)低(di)毛利率(lv)的(de)環保業務(wu)比重(zhong)顯(xian)著(zhu)提升。

　　三項費用率(lv)6.56%，較(jiao)上年(nian)同期下降(jiang)(jiang)0.91個pct，其(qi)中銷(xiao)售/管理/財務(wu)費用率(lv)分別變動(dong)+0.12/-0.41/-0.62個pct。銷(xiao)售費用的提升主(zhu)(zhu)(zhu)要是環保、水泥業(ye)務(wu)運輸費和房地產(chan)企業(ye)銷(xiao)售費用增長所致(zhi)；管理費用率(lv)下降(jiang)(jiang)主(zhu)(zhu)(zhu)要是因為營收(shou)(shou)(shou)(shou)規模(mo)快(kuai)速(su)擴(kuo)張及研發支出減(jian)少(shao)；財務(wu)費用率(lv)下降(jiang)(jiang)主(zhu)(zhu)(zhu)要是本期匯兌(dui)損失減(jian)少(shao)所致(zhi)。其(qi)他收(shou)(shou)(shou)(shou)益(yi)增加(jia)9.57億元，主(zhu)(zhu)(zhu)要是環保等(deng)業(ye)務(wu)收(shou)(shou)(shou)(shou)到政(zheng)府稅收(shou)(shou)(shou)(shou)返還按(an)會計(ji)準則從(cong)營業(ye)外收(shou)(shou)(shou)(shou)入調整至其(qi)他收(shou)(shou)(shou)(shou)益(yi)。少(shao)數股東損益(yi)占凈利(li)(li)潤比提升5.75個pct，主(zhu)(zhu)(zhu)要是因為地產(chan)等(deng)非全資子公司(si)盈利(li)(li)增長較(jiao)快(kuai)。凈利(li)(li)率(lv)下降(jiang)(jiang)0.22個pct，為3.45%。

　　公司經營性現(xian)金流凈額-23.45億元(yuan)(yuan)，上年同期(qi)為-60.13億元(yuan)(yuan)，顯著(zhu)改善，主要是(shi)本期(qi)預收工程款增加所致(zhi)。收現(xian)比/付現(xian)比為97.61%/104.23%，較上年同期(qi)變化+7.23/-6.54個pct。