聯美控股(600167.SH:) 清潔供暖維持高景氣,異地複制加快 January 10, 2018

投資概要

  • 控股股東增持,堅定公司投資價值;
  • 清潔供暖維持高景氣;
  • 內生+外延持續增長可期;

投資評級

近期公司股價波動較大,控股股東以增持堅定公司價值,穩定投資信心。我們預計公司17~18 年歸母淨利潤爲8.9,11.4億元,對應的每股收益分別爲1.01,1.3元/股,對應的PE 分別23.6,18.4倍,首次覆蓋,給與目標價30.55,爲买入評級。

四季度供暖季帶動全年業績增長

2017前三季度,聯美控股實現收入13.38億元,同比增長18.88%,歸母淨利潤爲4.67億元,同比增長56.83%,對應每股收益0.61元,同比增長38.7%。其中Q1/Q2/Q3收入分別爲10.46/1.43/1.49億元,符合預期。公司收入主要來源于供暖及蒸汽、發電、工程及接網收入等,其中供暖區域的供暖季爲11月至下年3月,因此四季度和一季度將貢獻全年業績的大部分。

About the author

Profile photo of Wang Yannan

Wang Yannan
Phillip Securities (HK)

Graduated from the University of Science and Technology of China with a Masters degree in Management and major in Financial accounting and Economics throughout her academic study.

Currently Covering Environmental Protection and New Energy sectors as an analyst in Phillip Securities and focus on the macro policy,industry and fundamentals to explore the investment value.

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