環保(bao)驅動(dong)營(ying)收快速(su)增(zeng)(zeng)長,業(ye)(ye)績(ji)穩健增(zeng)(zeng)長符合預期。公(gong)司(si)發布2017年(nian)中(zhong)報,2017上(shang)半年(nian)營(ying)業(ye)(ye)收入501.85億(yi)元(yuan),同(tong)比增(zeng)(zeng)長27.77%;歸母凈(jing)利(li)潤17.34億(yi)元(yuan),同(tong)比增(zeng)(zeng)長20.27%。營(ying)收大幅增(zeng)(zeng)長主要是環保(bao)業(ye)(ye)務、地(di)產(chan)業(ye)(ye)務發展(zhan)勢頭強勁。公(gong)司(si)上(shang)半年(nian)凈(jing)利(li)潤增(zeng)(zeng)長29.3%,顯著高于歸母凈(jing)利(li)潤增(zeng)(zeng)速(su)主要是房地(di)產(chan)等(deng)非全資子公(gong)司(si)盈利(li)較好導(dao)致少數股東收益同(tong)比增(zeng)(zeng)加71.9%。分(fen)季(ji)度看Q1/Q2收入分(fen)別(bie)(bie)增(zeng)(zeng)長37.87%/20.22%,歸母凈(jing)利(li)潤分(fen)別(bie)(bie)增(zeng)(zeng)長15.59%/24.07%,二季(ji)度業(ye)(ye)績(ji)加速(su)增(zeng)(zeng)長。

　　建筑/環保/地產(chan)/水泥板塊(kuai)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)均實(shi)現(xian)大幅(fu)(fu)(fu)增長(chang)。公(gong)司本(ben)期實(shi)現(xian)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)30億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)大幅(fu)(fu)(fu)增長(chang)35.68%。分(fen)版塊(kuai)具體來看:1)建筑業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)入(ru)(ru)(ru)248.95億(yi)(yi)(yi),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)7.4%,占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)入(ru)(ru)(ru)比(bi)(bi)(bi)49.6%;實(shi)現(xian)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)15.68億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)21.6%,貢(gong)(gong)獻(xian)(xian)(xian)占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)的(de)(de)52.3%。凈利(li)(li)(li)(li)潤(run)貢(gong)(gong)獻(xian)(xian)(xian)51.5%。施工(gong)業(ye)(ye)(ye)務(wu)毛利(li)(li)(li)(li)率(lv)為10.8%,較(jiao)去年同(tong)(tong)(tong)期提升1.35個(ge)pct,主(zhu)要因(yin)PPP等毛利(li)(li)(li)(li)較(jiao)高業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)入(ru)(ru)(ru)占(zhan)(zhan)(zhan)(zhan)比(bi)(bi)(bi)提升。如考慮到營改增的(de)(de)影響(xiang),實(shi)際盈利(li)(li)(li)(li)能力(li)得到顯著(zhu)提升。2)環保業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)入(ru)(ru)(ru)138.17億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)117%,占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)入(ru)(ru)(ru)比(bi)(bi)(bi)27.5%;實(shi)現(xian)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)4.56億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)160.7%,貢(gong)(gong)獻(xian)(xian)(xian)占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)的(de)(de)15.2%,凈利(li)(li)(li)(li)潤(run)貢(gong)(gong)獻(xian)(xian)(xian)17%。毛利(li)(li)(li)(li)率(lv)為0.92%,同(tong)(tong)(tong)比(bi)(bi)(bi)下滑(hua)4.34個(ge)pct,主(zhu)要因(yin)環保業(ye)(ye)(ye)務(wu)統計口徑(jing)變化(hua)以(yi)及再生資源(yuan)業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)入(ru)(ru)(ru)大幅(fu)(fu)(fu)增長(chang)。但環保業(ye)(ye)(ye)務(wu)的(de)(de)主(zhu)要利(li)(li)(li)(li)潤(run)來源(yuan)為政府(fu)的(de)(de)稅收(shou)(shou)(shou)返還(huan),本(ben)期收(shou)(shou)(shou)到相關業(ye)(ye)(ye)務(wu)稅收(shou)(shou)(shou)返還(huan)9.57億(yi)(yi)(yi)元(yuan),驅動環保業(ye)(ye)(ye)務(wu)利(li)(li)(li)(li)潤(run)大幅(fu)(fu)(fu)增長(chang)。3)房地產(chan)業(ye)(ye)(ye)務(wu)收(shou)(shou)(shou)入(ru)(ru)(ru)40.49億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)65.4%,占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)入(ru)(ru)(ru)比(bi)(bi)(bi)8.1%;實(shi)現(xian)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)3.08億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)115.03%,占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)的(de)(de)10.3%,凈利(li)(li)(li)(li)潤(run)貢(gong)(gong)獻(xian)(xian)(xian)占(zhan)(zhan)(zhan)(zhan)8.9%。4)水泥板塊(kuai)收(shou)(shou)(shou)入(ru)(ru)(ru)31.33億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)14.13%,占(zhan)(zhan)(zhan)(zhan)收(shou)(shou)(shou)入(ru)(ru)(ru)比(bi)(bi)(bi)6.2%。實(shi)現(xian)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)5.33億(yi)(yi)(yi)元(yuan),同(tong)(tong)(tong)比(bi)(bi)(bi)增長(chang)31.26%,占(zhan)(zhan)(zhan)(zhan)利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)比(bi)(bi)(bi)17.7%,凈利(li)(li)(li)(li)潤(run)貢(gong)(gong)獻(xian)(xian)(xian)占(zhan)(zhan)(zhan)(zhan)比(bi)(bi)(bi)19.3%。本(ben)期毛利(li)(li)(li)(li)率(lv)為30.13%,較(jiao)去年同(tong)(tong)(tong)期大幅(fu)(fu)(fu)提升7.14個(ge)pct。5)其他(ta)業(ye)(ye)(ye)務(wu)板塊(kuai)(含(han)抵(di)消(xiao))共實(shi)現(xian)收(shou)(shou)(shou)入(ru)(ru)(ru)42.9億(yi)(yi)(yi)元(yuan),占(zhan)(zhan)(zhan)(zhan)比(bi)(bi)(bi)8.6%;利(li)(li)(li)(li)潤(run)總(zong)額(e)(e)(e)(e)與凈利(li)(li)(li)(li)潤(run)貢(gong)(gong)獻(xian)(xian)(xian)分(fen)別(bie)為4.5%/3.3%。

　　期(qi)間費(fei)(fei)用(yong)(yong)率(lv)(lv)明顯降(jiang)(jiang)(jiang)低(di),經營性(xing)現(xian)金流顯著改(gai)善(shan)。上(shang)半年(nian)公司(si)綜(zong)合毛利(li)率(lv)(lv)11.26%,較(jiao)(jiao)(jiao)上(shang)年(nian)同期(qi)下(xia)(xia)降(jiang)(jiang)(jiang)1.71個(ge)(ge)pct,主(zhu)要(yao)(yao)(yao)因(yin)低(di)毛利(li)率(lv)(lv)的(de)環保業(ye)(ye)務比(bi)(bi)重顯著提升(sheng)(sheng)。三項費(fei)(fei)用(yong)(yong)率(lv)(lv)6.56%,較(jiao)(jiao)(jiao)上(shang)年(nian)同期(qi)下(xia)(xia)降(jiang)(jiang)(jiang)0.91個(ge)(ge)pct,其中銷(xiao)(xiao)(xiao)售(shou)/管理/財務費(fei)(fei)用(yong)(yong)率(lv)(lv)分別變動(dong)+0.12/-0.41/-0.62個(ge)(ge)pct。銷(xiao)(xiao)(xiao)售(shou)費(fei)(fei)用(yong)(yong)的(de)提升(sheng)(sheng)主(zhu)要(yao)(yao)(yao)是(shi)(shi)環保、水泥業(ye)(ye)務運輸費(fei)(fei)和房地產(chan)企(qi)業(ye)(ye)銷(xiao)(xiao)(xiao)售(shou)費(fei)(fei)用(yong)(yong)增長所(suo)致(zhi);管理費(fei)(fei)用(yong)(yong)率(lv)(lv)下(xia)(xia)降(jiang)(jiang)(jiang)主(zhu)要(yao)(yao)(yao)是(shi)(shi)因(yin)為(wei)營收(shou)規模(mo)快(kuai)速擴(kuo)張及研發(fa)支出減少(shao);財務費(fei)(fei)用(yong)(yong)率(lv)(lv)下(xia)(xia)降(jiang)(jiang)(jiang)主(zhu)要(yao)(yao)(yao)是(shi)(shi)本期(qi)匯(hui)兌損(sun)失(shi)減少(shao)所(suo)致(zhi)。其他(ta)收(shou)益(yi)增加9.57億元(yuan),主(zhu)要(yao)(yao)(yao)是(shi)(shi)環保等(deng)業(ye)(ye)務收(shou)到政府稅收(shou)返(fan)還(huan)按(an)會(hui)計準則從營業(ye)(ye)外收(shou)入調整至其他(ta)收(shou)益(yi)。少(shao)數股東損(sun)益(yi)占凈利(li)潤比(bi)(bi)提升(sheng)(sheng)5.75個(ge)(ge)pct,主(zhu)要(yao)(yao)(yao)是(shi)(shi)因(yin)為(wei)地產(chan)等(deng)非全資子公司(si)盈利(li)增長較(jiao)(jiao)(jiao)快(kuai)。凈利(li)率(lv)(lv)下(xia)(xia)降(jiang)(jiang)(jiang)0.22個(ge)(ge)pct,為(wei)3.45%。公司(si)經營性(xing)現(xian)金流凈額-23.45億元(yuan),上(shang)年(nian)同期(qi)為(wei)-60.13億元(yuan),顯著改(gai)善(shan),主(zhu)要(yao)(yao)(yao)是(shi)(shi)本期(qi)預收(shou)工(gong)程款增加所(suo)致(zhi)。收(shou)現(xian)比(bi)(bi)/付現(xian)比(bi)(bi)為(wei)97.61%/104.23%,較(jiao)(jiao)(jiao)上(shang)年(nian)同期(qi)變化+7.23/-6.54個(ge)(ge)pct。

　　上(shang)半年訂單穩健增(zeng)(zeng)(zeng)長(chang),海外及PPP表現亮眼。上(shang)半年公司新(xin)(xin)簽(qian)(qian)合(he)(he)同(tong)(tong)(tong)額(e)(e)(e)(e)累計人(ren)(ren)民(min)幣1259.36億元,比上(shang)年同(tong)(tong)(tong)期增(zeng)(zeng)(zeng)長(chang)16.12%。新(xin)(xin)簽(qian)(qian)合(he)(he)同(tong)(tong)(tong)中(zhong):新(xin)(xin)簽(qian)(qian)國(guo)內工(gong)程(cheng)合(he)(he)同(tong)(tong)(tong)額(e)(e)(e)(e)人(ren)(ren)民(min)幣684.70億元,約占新(xin)(xin)簽(qian)(qian)合(he)(he)同(tong)(tong)(tong)總(zong)(zong)額(e)(e)(e)(e)的(de)(de)54.37%,同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)長(chang)1.29%,其中(zhong)PPP項目(mu)簽(qian)(qian)約504.57億元,占國(guo)內合(he)(he)同(tong)(tong)(tong)的(de)(de)73.69%,同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)長(chang)37.11%;新(xin)(xin)簽(qian)(qian)國(guo)際工(gong)程(cheng)合(he)(he)同(tong)(tong)(tong)額(e)(e)(e)(e)折合(he)(he)人(ren)(ren)民(min)幣574.66億元,約占新(xin)(xin)簽(qian)(qian)合(he)(he)同(tong)(tong)(tong)總(zong)(zong)額(e)(e)(e)(e)的(de)(de)45.63%,同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)長(chang)40.50%;新(xin)(xin)簽(qian)(qian)國(guo)內外水電工(gong)程(cheng)合(he)(he)同(tong)(tong)(tong)額(e)(e)(e)(e)人(ren)(ren)民(min)幣249.61億元,約占新(xin)(xin)簽(qian)(qian)合(he)(he)同(tong)(tong)(tong)總(zong)(zong)額(e)(e)(e)(e)的(de)(de)19.82%,同(tong)(tong)(tong)比增(zeng)(zeng)(zeng)長(chang)17.74%。

　　內(nei)(nei)生(sheng)外延(yan)有望驅(qu)動(dong)環(huan)(huan)(huan)保(bao)業務(wu)實現跨越式發(fa)展(zhan)。報告期(qi)內(nei)(nei)環(huan)(huan)(huan)嘉(jia)公(gong)(gong)司、興(xing)業公(gong)(gong)司進(jin)一步(bu)完(wan)善了全國性回(hui)收網絡、加快加工分(fen)揀(jian)基地的建設(she),市場遍及東北、西(xi)北、華(hua)北、華(hua)南、華(hua)中地區,業務(wu)量(liang)大幅度增長;此(ci)外通過(guo)重組設(she)立葛洲壩展(zhan)慈公(gong)(gong)司,以稀貴金屬、危(wei)廢處理為突破,同時設(she)立淮安循環(huan)(huan)(huan)經(jing)濟示范園,逐步(bu)完(wan)善再(zai)生(sheng)資源(yuan)深加工業務(wu)體系,未(wei)來(lai)再(zai)生(sheng)資源(yuan)板塊(kuai)毛利率有望逐步(bu)提升。公(gong)(gong)告報告期(qi)內(nei)(nei)正推進(jin)巴西(xi)圣保(bao)羅(luo)圣諾倫(lun)索供水公(gong)(gong)司股(gu)權并(bing)購(gou)項目(mu)。公(gong)(gong)司半年報披露“將分(fen)析(xi)行(xing)業內(nei)(nei)優秀企業發(fa)展(zhan)路徑(jing),積累行(xing)業運(yun)營數據,跟(gen)蹤潛在并(bing)購(gou)機(ji)會”,預計未(wei)來(lai)公(gong)(gong)司將繼(ji)續借助外延(yan)等手段,加快發(fa)展(zhan)水環(huan)(huan)(huan)境治理PPP/水處理/固廢/清潔能源(yuan)等板塊(kuai),通過(guo)資源(yuan)深加工等手段提升環(huan)(huan)(huan)保(bao)業務(wu)盈利能力,內(nei)(nei)生(sheng)外延(yan)有望驅(qu)動(dong)環(huan)(huan)(huan)保(bao)業務(wu)持續高(gao)速發(fa)展(zhan)。

　　投資建議:預計公(gong)(gong)司2017-2019年歸母凈利潤分別為41/49/59億元(yuan),對(dui)(dui)應EPS分別為0.89/1.07/1.29元(yuan)(未考(kao)慮(lv)永續債等權益工具付息影響),當(dang)前股(gu)價對(dui)(dui)應PE分別為12/10/8倍,考(kao)慮(lv)到(dao)PPP推動(dong)業績加速(su)增長以(yi)及環保業務發展潛(qian)力,給予公(gong)(gong)司目標價16.02元(yuan)(對(dui)(dui)應2017年18倍PE),買入評(ping)級。

　　風險(xian)提示:PPP落地不達(da)預期風險(xian),海外業務經營風險(xian),并購整合風險(xian),框(kuang)架(jia)落地不達(da)預期。