[摘要]

　　■中報業(ye)績平(ping)穩增(zeng)長，符(fu)(fu)合預期：公(gong)(gong)司(si)(si)披(pi)露2017年半(ban)(ban)年報，公(gong)(gong)司(si)(si)上半(ban)(ban)年實現營業(ye)收入(ru)39.11億(yi)(yi)元(yuan)，同(tong)比(bi)增(zeng)長14.63%；歸(gui)母(mu)凈(jing)(jing)利(li)潤4.93億(yi)(yi)元(yuan)，同(tong)比(bi)增(zeng)長12.30%；扣(kou)非后歸(gui)母(mu)凈(jing)(jing)利(li)潤4.53億(yi)(yi)元(yuan)，同(tong)比(bi)增(zeng)長4.89%。上半(ban)(ban)年公(gong)(gong)司(si)(si)非經(jing)常性損益中，政府(fu)補助(zhu)5414.6萬元(yuan)，同(tong)比(bi)大幅增(zeng)長148%，隨(sui)著公(gong)(gong)司(si)(si)國資背景加深(shen)，預計相關政府(fu)補助(zhu)有望維持較高水(shui)平(ping)。單就二季度而言，公(gong)(gong)司(si)(si)營業(ye)收入(ru)20.96億(yi)(yi)元(yuan)，同(tong)比(bi)增(zeng)長17.83%；歸(gui)母(mu)凈(jing)(jing)利(li)潤2.83億(yi)(yi)元(yuan)，同(tong)比(bi)增(zeng)長16.01%。公(gong)(gong)司(si)(si)中報業(ye)績平(ping)穩增(zeng)長，符(fu)(fu)合預期。

　　■毛利(li)(li)率(lv)和費用(yong)率(lv)維持穩定(ding)，業(ye)務(wu)擴大(da)現(xian)金(jin)流(liu)承壓：公司上半年(nian)綜合(he)毛利(li)(li)率(lv)30.49%，同比(bi)+0.57pct。銷售費用(yong)率(lv)1.33%，管理費用(yong)率(lv)8.86%，財(cai)務(wu)費用(yong)率(lv)5.11%，分(fen)別同比(bi)+0.17pct、+1.34pct、+0.53pct。公司上半年(nian)經營性現(xian)金(jin)流(liu)凈額(e)-5.47億(yi)元(yuan)，同比(bi)下降49.01%，公司業(ye)務(wu)擴大(da)，員(yuan)工人(ren)數增(zeng)多(duo)，相(xiang)關(guan)人(ren)工成本和支出(chu)有(you)所增(zeng)加，現(xian)金(jin)流(liu)承壓。公司積極利(li)(li)用(yong)多(duo)種融(rong)資方(fang)式滿足資金(jin)需求，45.89億(yi)定(ding)增(zeng)實(shi)施，同時(shi)擬向相(xiang)關(guan)金(jin)融(rong)機(ji)構申請總額(e)不(bu)超過8.35億(yi)元(yuan)的綜合(he)授信額(e)度，現(xian)金(jin)流(liu)緊張(zhang)狀況未來將有(you)望(wang)得(de)到(dao)緩解。

　　■固(gu)廢(fei)處理(li)項目(mu)(mu)(mu)建設(she)(she)不斷推(tui)進(jin)，再生資源業(ye)(ye)(ye)務(wu)(wu)(wu)毛(mao)利率有所上(shang)升：公(gong)司(si)(si)(si)上(shang)半(ban)(ban)(ban)年(nian)(nian)污(wu)水處理(li)和(he)自來水供應業(ye)(ye)(ye)務(wu)(wu)(wu)分(fen)(fen)別(bie)貢(gong)獻(xian)收(shou)(shou)入(ru)1.41億元(yuan)和(he)6624.3萬元(yuan)，分(fen)(fen)別(bie)同(tong)比(bi)增(zeng)長(chang)(chang)19.1%和(he)5.5%。固(gu)廢(fei)處理(li)業(ye)(ye)(ye)務(wu)(wu)(wu)貢(gong)獻(xian)收(shou)(shou)入(ru)8287萬元(yuan)，同(tong)比(bi)增(zeng)長(chang)(chang)32.28%，因相關(guan)成(cheng)本、攤銷(xiao)金額(e)、貸(dai)款利息增(zeng)加，固(gu)廢(fei)處理(li)毛(mao)利率同(tong)比(bi)下(xia)降20.47個(ge)百分(fen)(fen)點達(da)(da)8.36%。公(gong)司(si)(si)(si)固(gu)廢(fei)項目(mu)(mu)(mu)大規模積(ji)極(ji)推(tui)進(jin)，據公(gong)司(si)(si)(si)半(ban)(ban)(ban)年(nian)(nian)報，截(jie)至(zhi)2017年(nian)(nian)6月，公(gong)司(si)(si)(si)在建固(gu)廢(fei)處理(li)項目(mu)(mu)(mu)（垃圾焚燒發電項目(mu)(mu)(mu)為主(zhu)）中，楚雄(xiong)項目(mu)(mu)(mu)、重慶綠能項目(mu)(mu)(mu)、亳州(zhou)項目(mu)(mu)(mu)、雞西項目(mu)(mu)(mu)、巨鹿(lu)項目(mu)(mu)(mu)、辛(xin)集項目(mu)(mu)(mu)、沂水項目(mu)(mu)(mu)進(jin)度均已(yi)達(da)(da)到或者接近90%，另有8個(ge)固(gu)廢(fei)項目(mu)(mu)(mu)也處于建設(she)(she)期。上(shang)半(ban)(ban)(ban)年(nian)(nian)，公(gong)司(si)(si)(si)部分(fen)(fen)工(gong)程項目(mu)(mu)(mu)進(jin)入(ru)施(shi)工(gong)后期，市(shi)政施(shi)工(gong)業(ye)(ye)(ye)務(wu)(wu)(wu)逐步減(jian)少，公(gong)司(si)(si)(si)上(shang)半(ban)(ban)(ban)年(nian)(nian)市(shi)政施(shi)工(gong)業(ye)(ye)(ye)務(wu)(wu)(wu)貢(gong)獻(xian)收(shou)(shou)入(ru)11.63億元(yuan)，同(tong)比(bi)下(xia)降10.65%。公(gong)司(si)(si)(si)固(gu)廢(fei)建設(she)(she)項目(mu)(mu)(mu)增(zeng)加，帶動相關(guan)設(she)(she)備(bei)采購，公(gong)司(si)(si)(si)上(shang)半(ban)(ban)(ban)年(nian)(nian)環保設(she)(she)備(bei)業(ye)(ye)(ye)務(wu)(wu)(wu)貢(gong)獻(xian)收(shou)(shou)入(ru)9.04億元(yuan)，同(tong)比(bi)增(zeng)長(chang)(chang)23.47%。

　　公(gong)(gong)司再生(sheng)資(zi)源(yuan)業(ye)務營(ying)業(ye)收入8.23億元，同比減少0.66%，廢舊家電采購(gou)價格(ge)整體下降，再生(sheng)資(zi)源(yuan)業(ye)務毛利率同比增長13.88個百分點(dian)。據公(gong)(gong)司公(gong)(gong)告，公(gong)(gong)司在廢舊家電拆解業(ye)務布局已(yi)初(chu)具規模(mo)，目(mu)前(qian)已(yi)成為國內該領域(yu)規模(mo)最大的投資(zi)運營(ying)商，電子廢棄物資(zi)質拆解能力已(yi)達(da)2020萬(wan)臺/年。

　　■環衛(wei)(wei)業(ye)務(wu)繼續保(bao)持(chi)高速增(zeng)長：公司(si)2017年(nian)(nian)(nian)(nian)上半(ban)年(nian)(nian)(nian)(nian)環衛(wei)(wei)市(shi)場拓展(zhan)順利，環衛(wei)(wei)服務(wu)業(ye)務(wu)貢獻收(shou)入7.16億元(yuan)(yuan)，同比增(zeng)長139.45%。公司(si)自(zi)2014年(nian)(nian)(nian)(nian)積極布局環衛(wei)(wei)以來，環衛(wei)(wei)業(ye)務(wu)發(fa)展(zhan)迅速。2016年(nian)(nian)(nian)(nian)，公司(si)新(xin)取得76個(ge)環衛(wei)(wei)清運項目合(he)(he)約，新(xin)簽(qian)年(nian)(nian)(nian)(nian)度合(he)(he)同金額共計(ji)11.13億元(yuan)(yuan)，同比增(zeng)長280.35%；新(xin)簽(qian)年(nian)(nian)(nian)(nian)度合(he)(he)同總金額共計(ji)181.46億元(yuan)(yuan)，同比增(zeng)長244.49%。