[摘要]

　　事件：公(gong)(gong)司發(fa)布公(gong)(gong)告，通過(guo)以下(xia)議案，收購饒平寶斗(dou)石(shi)公(gong)(gong)司80%股權，投資饒平縣寶斗(dou)石(shi)生(sheng)活垃圾(ji)填埋場升(sheng)級(ji)改造及綜合處理資源化(hua)利用項目(mu)。

　　手握寶斗(dou)石PPP項(xiang)(xiang)(xiang)目，焚(fen)燒填(tian)埋齊頭并進：該PPP項(xiang)(xiang)(xiang)目包括(kuo)填(tian)埋場(chang)升級改造(zao)和(he)(he)(he)綜(zong)(zong)合(he)處(chu)理資(zi)(zi)源化利(li)用(yong)兩個(ge)子項(xiang)(xiang)(xiang)目，一(yi)是對原寶斗(dou)石生(sheng)活垃圾填(tian)埋場(chang)進行綜(zong)(zong)合(he)整(zheng)治和(he)(he)(he)改造(zao)升級；二是在(zai)寶斗(dou)石垃圾填(tian)埋場(chang)新建(jian)一(yi)座垃圾綜(zong)(zong)合(he)處(chu)理與資(zi)(zi)源利(li)用(yong)廠，負責處(chu)理饒平縣城區產(chan)生(sheng)的生(sheng)活垃圾及填(tian)埋場(chang)存量垃圾。項(xiang)(xiang)(xiang)目占地約(yue)100畝，近期(qi)和(he)(he)(he)遠(yuan)期(qi)的設(she)計規模分別為(wei)400噸(dun)/日和(he)(he)(he)600噸(dun)/日。該PPP項(xiang)(xiang)(xiang)目合(he)作期(qi)為(wei)25年(nian)（建(jian)設(she)期(qi)1年(nian)）。總投(tou)資(zi)(zi)約(yue)3億(yi)元(yuan)，自有資(zi)(zi)金內部收(shou)益率達到8%以上。

　　綜(zong)合(he)業務穩(wen)定發展(zhan)，前三(san)季(ji)(ji)度(du)業績穩(wen)中有進：根(gen)據公(gong)司三(san)季(ji)(ji)報(bao)，前三(san)季(ji)(ji)度(du)營收30.6億元(yuan)，同(tong)比(bi)增(zeng)(zeng)長13%；歸母凈利潤(run)達到5.46億元(yuan)，同(tong)比(bi)增(zeng)(zeng)長26.13%。前三(san)季(ji)(ji)度(du)垃(la)圾(ji)發電量(liang)(liang)為(wei)10.68億度(du)，約(yue)為(wei)16年(nian)(nian)全(quan)年(nian)(nian)發電量(liang)(liang)的(de)81.5%，增(zeng)(zeng)長速度(du)顯著(zhu)；其根(gen)本(ben)原因為(wei)發電效率(lv)的(de)進一(yi)步提(ti)高和大連一(yi)期（1000噸/日(ri)）、黃石二(er)期（400噸/日(ri)）垃(la)圾(ji)焚燒項目(mu)在(zai)17年(nian)(nian)的(de)正式運營。隨著(zhu)季(ji)(ji)度(du)變更和用(yong)水需求的(de)增(zeng)(zeng)長，以及公(gong)司水損(sun)治(zhi)理(li)取得成效，從第一(yi)季(ji)(ji)度(du)至(zhi)第三(san)季(ji)(ji)度(du)，自來水供應量(liang)(liang)持續增(zeng)(zeng)長，前三(san)季(ji)(ji)度(du)總(zong)量(liang)(liang)達到31064.7萬(wan)噸，約(yue)為(wei)16年(nian)(nian)全(quan)年(nian)(nian)供水量(liang)(liang)的(de)76.6%。污水處理(li)業務保持穩(wen)定，前三(san)季(ji)(ji)度(du)處理(li)量(liang)(liang)占16年(nian)(nian)全(quan)年(nian)(nian)的(de)75%。

　　專注穩固(gu)已有業(ye)務(wu)(wu)，積極(ji)擴展新業(ye)務(wu)(wu)：（1）固(gu)廢(fei)業(ye)務(wu)(wu)穩固(gu)提升：隨著公(gong)(gong)(gong)司(si)(si)在(zai)手固(gu)廢(fei)處(chu)(chu)理(li)(li)項目的(de)(de)逐(zhu)漸發展和(he)投(tou)運，固(gu)廢(fei)處(chu)(chu)理(li)(li)業(ye)務(wu)(wu)穩步(bu)(bu)提高。今年公(gong)(gong)(gong)司(si)(si)投(tou)資(zi)(zi)(zi)新建(jian)(jian)生(sheng)活垃圾處(chu)(chu)理(li)(li)廠(chang)（南海(hai)生(sheng)活垃圾焚(fen)(fen)燒發電三廠(chang)），預計新廠(chang)處(chu)(chu)理(li)(li)規模為1500噸/日(ri)；投(tou)資(zi)(zi)(zi)開(kai)平(ping)市(shi)固(gu)廢(fei)綜合處(chu)(chu)理(li)(li)中心一期一階段PPP項目，項目內容包括建(jian)(jian)設(she)生(sheng)活垃圾焚(fen)(fen)燒發電廠(chang)、滲濾處(chu)(chu)理(li)(li)中心、填埋場以及濕(shi)地(di)公(gong)(gong)(gong)園的(de)(de)建(jian)(jian)設(she)、維護和(he)管理(li)(li)，總(zong)投(tou)資(zi)(zi)(zi)額約為5.26億元(yuan)。（2）大(da)步(bu)(bu)邁入水(shui)環(huan)境(jing)治理(li)(li)領域(yu)(yu)：公(gong)(gong)(gong)司(si)(si)通過(guo)全資(zi)(zi)(zi)子公(gong)(gong)(gong)司(si)(si)對(dui)佛山(shan)市(shi)南海(hai)區(qu)藍(lan)灣水(shui)環(huan)境(jing)投(tou)資(zi)(zi)(zi)建(jian)(jian)設(she)有限公(gong)(gong)(gong)司(si)(si)增(zeng)資(zi)(zi)(zi)38781萬元(yuan)，增(zeng)資(zi)(zi)(zi)后(hou)對(dui)該公(gong)(gong)(gong)司(si)(si)達到90%控股。藍(lan)灣公(gong)(gong)(gong)司(si)(si)當下負責里水(shui)河(he)流域(yu)(yu)治理(li)(li)項目的(de)(de)投(tou)資(zi)(zi)(zi)、建(jian)(jian)設(she)和(he)運營(ying)管理(li)(li)。項目工程(cheng)涉及3條(tiao)(tiao)主(zhu)干(gan)涌(yong)(yong)、8條(tiao)(tiao)支干(gan)涌(yong)(yong)及99條(tiao)(tiao)支涌(yong)(yong)，共110條(tiao)(tiao)內河(he)涌(yong)(yong)，總(zong)投(tou)資(zi)(zi)(zi)約為21.5億元(yuan)。

　　股(gu)(gu)(gu)東(dong)增(zeng)持公(gong)(gong)(gong)(gong)司股(gu)(gu)(gu)份(fen)，體現強大信(xin)心：公(gong)(gong)(gong)(gong)司控(kong)股(gu)(gu)(gu)股(gu)(gu)(gu)東(dong)的母公(gong)(gong)(gong)(gong)司廣東(dong)南(nan)海控(kong)股(gu)(gu)(gu)投(tou)資有(you)限公(gong)(gong)(gong)(gong)司，以每股(gu)(gu)(gu)約11.83元的價格增(zeng)持公(gong)(gong)(gong)(gong)司股(gu)(gu)(gu)份(fen)54.9萬股(gu)(gu)(gu)，占公(gong)(gong)(gong)(gong)司已(yi)發行總(zong)股(gu)(gu)(gu)份(fen)的0.72%。這次增(zeng)持股(gu)(gu)(gu)份(fen)體現了(le)股(gu)(gu)(gu)東(dong)對(dui)公(gong)(gong)(gong)(gong)司良好前景的信(xin)心，同時增(zeng)持股(gu)(gu)(gu)份(fen)也給(gei)公(gong)(gong)(gong)(gong)司全體成員帶來(lai)了(le)信(xin)心。

　　盈(ying)利預測與投資建議。預計2017-2019年(nian)EPS分(fen)別為0.79元、0.90元、1.03元；公司(si)業(ye)績增速相(xiang)比同行(xing)業(ye)公司(si)較高，給(gei)予2017年(nian)22倍估值（水(shui)務(wu)板塊目前(qian)估值處(chu)于20~25倍），對應(ying)目標(biao)價17.38元，給(gei)予“增持(chi)”評級。

　　風險提示(shi)：項目投產進度或低于(yu)預期。