20230605-国联证券-惠城环保-300779.SZ-混合废塑料项目正式启动_环保科技龙头成长加速_3页_375kb

报告摘要

Event Description

On June 5, the company announced plans to build a 20-ton/year mixed waste plastic resource utilization demonstration project in Jieyang City, Guangdong Province with a total investment of 11.99 billion yuan.

Key Highlights

Mixed Waste Plastic Resource Utilization

✅ Addressing the global plastic waste issue:

China's accumulated plastic waste exceeds 1 billion tons (21 billion globally), growing with new production.
Current recycling rate in China is low, creating a strong market need.

✅ Company's advanced chemical recycling technology for mixed waste plastic:

Utilizes patented “CPDC” technology (已通过行业认可，中试装置稳定运行14个月).
Project aims to be the world's first standardized full-scale plant for mixed plastic chemical recycling.

✅ Existing waste & chemical technologies (thermal/polymer cracking & ash residue processing):

Already operational petroleum coke-to-hydrogen ash residue project (annual capacity not specified, generating profit).
Plans to extract metals (V, Ni) from ash residue to enhance returns.

Financial & Rating

📌 Forecast Revisions

Revenue: 2023E: 1.2 billion (232% YoY from prior forecast), 2025E: 3.4 billion (↑130%).
Net profit: 2023E: 370 million (740% YoY), 2025E: 600 million (↑6485%).
EPS: 2.17RMB (2023E → up 87% YoY from prior).

📈 Valuation

PE 2024E: 25x → Target price: 8.4 RMB/share, maintain "BUY" rating.

⚠️ Risks

Project delays, FCC catalyst market downturn risk.

Supporting Data

Revenue CAGR
- 2021–2025E: 523% CAGR.
ROE
- Jumped from 0.3% (2022) to projected 36.85% (2025E).
Environmental Impact
- Addresses waste-to-resource recycling demand, opening market space through innovative waste solutions.