Sound environment in the next 3 years solid waste business growth rate will reach 30%

Sand environment as a leading enterprise for solid waste treatment (000826). SZ), at the end of the 2010 is undoubtedly the most dazzling-by Citic, Galaxy, investment, Everbright four mainstream brokers to 2011 years of Gold shares.　　However, the company's share price has hit new highs recently, its policy and financial risks deserve attention.　　Sand environment main business covers municipal water supply, sewage treatment project investment and operation, municipal domestic waste, industrial solid waste and hazardous waste treatment and disposal, recycling related facilities design and technical advice, project construction, related equipment production and sales, operation management and ancillary services.　　Several brokerages published research reports on solid waste treatment and water treatment industry prospects, this is the sand environment was selected as the "gold stock" the most important reason.　　With the phenomenon of garbage siege more and more attention from all walks of life, a large number of discharged domestic waste need a reasonable way of disposal, the corresponding infrastructure construction is still at the stage of construction and development, and high public attention has also promoted the continuous development of industry and technology.　　In the water industry, with the development of national Energy conservation Strategy, the scale and quantity of sewage treatment facilities have increased rapidly in recent years, and the sewage treatment industry will accelerate the transition to the Operation service.　　2010 years ago Three quarters, the company realized operating income of 641 million yuan, growth of 32.23%, attributable to shareholder net profit of 140 million yuan, year-on-year growth of 34.62% yuan, earnings per share 0.34, year-on-year growth of 36%. Galaxy Securities believes that the company's solid waste treatment business will enter the gold development period. From the industry point of view, China's solid waste treatment industry "Twelve-Five" period of the annual compound growth rate will be at least 30%, the central government will invest more than 500 billion yuan for solid waste treatment; the production of solid waste treatment equipment in our country was at a low growth period before 2009, and 2009 output grew 323% in 2008　　Output in the first half of 2010 grew by 178% per cent in 2009.　　In addition, the company signed a strategic cooperation agreement with the major shareholder of the group in the first half, the future of the group's solid waste operating assets will be injected into the company, the company will form a complete solid waste treatment industry chain, it is expected to inject the assets in the next year is likely to be large. Capital Securities that the company's solid waste business development space is larger.　　2010, the company signed a new order of about 400 million yuan, currently in the hands of about 700 million yuan, is tracking the intention to order more than 2010-2013 years, solid waste business growth is expected to reach 30% per annum.　　In addition, the 2008 public offering of investment projects-Xianning solid waste equipment production base project was completed in August this year, is expected to complete production in 2012, fully up to the postpartum will increase the thickness of 0.22 yuan per share. Capital Securities said that the sound environment this year new sewage treatment capacity of about 185,000 tons/day, the new interest capacity of 132,000 tons/day, the increase of 20%; These sewage treatment projects have been put into operation this year, and the revenue of sewage treatment is expected to increase by 30 million yuan in 2011, with a gain of 0.03Yuan.　　Investment securities Forecast, Sound Environment 2010, 2011, 2012 earnings per share of 0.48 yuan, 0.70 yuan, 0.96 yuan, the actual performance is very likely to exceed expectations, but investors should pay attention to the solid waste treatment industry policy change risk, and the public against the solid waste treatment industry against the risk.　　Since 2010, the environment has risen to 120%, and on December 14 reached a record high of 34.7 yuan, according to the past 12 months to calculate the price-earnings ratio of 77 times times, the city's net rate of 11.7 times times, the valuation has been higher. However, a long-term focus on the environmental protection industry, the first financial newspaper "financial" said that the A-share market with the concept of speculation in the stock "higher and perhaps more secure", relative to the year's rise to 354% of the Sheng-colored (600259. SH), the sound environment and other stocks have further speculation space, this year's increase is still limited. "However, the stakes are already higher than the institutional attention, which is likely to be ' seen dead ' and investors will need to set their stops if they are caught.　　"Shenzhen Dragon Asset Management Co., Ltd., chairman of the Wu Peak is that the environmental concept of the plate, although there is already a high capital speculation, but not necessarily a bubble, if you can maintain high growth, this high valuation also has a reasonable place, but also need to continue to observe the growth of." Risk tip: Investors should pay attention to the risk of change in the solid waste treatment industry policy, as well as the public's opposition to the solid waste treatment industry.