Guotai Junan PPP rules representation, strengthen the recommendation logic 女f4

Guotai Junan: PPP rules representation, strengthen management measures recommended logic rujierzhi, the power to change from the "pilot" in October 11, 2016 to the national development and Reform Commission official website issued a notice to implement the spirit of the new round of reform of electric power system "1+N" file, in order to social capital open power distribution business, the national development and Reform Commission, the National Energy Bureau established "the sale of electricity company entry and exit management measures" and "orderly liberalization of business management approach for distribution network". We believe that the two major management approach landing as scheduled, is conducive to promoting the formation of a nationwide electricity trading market, accelerate the construction of incremental distribution network operating projects. The placing plate blocks still need incremental information catalysis, electricity sale service providers and network equipment suppliers are expected to benefit. We believe that placing panels still need electricity trade expansion block (tradable consumption increase), competitive power diversification (nuclear hydropower none other space larger), incremental distribution (net foreign investment approved pilot new incremental information etc.) catalysis, sale electricity providers and distribution PPP project is still the core users, trading power and power release good sale electricity distribution network service providers, incremental approved pilot short-term positive distribution network equipment supplier, has long-term good customer placing operators. The recommended target: Beijing CREE, double electric, Zhiguang electric, integrated electronics, allied electronics etc.. PPP reproduction of new regulations, strengthen the logic of the Ministry of Finance recommended the release on the public service sector to further promote the work of the government and social capital cooperation notice. Highlights of the notification can be summarized into 3 points. For the first time put forward two mandatory pilot, that is, in the garbage disposal, sewage treatment and other public services in the field of new projects mandatory PPP model. Second, once again stressed the pre project feasibility studies, demonstration projects, play a leading role in the information platform, to avoid such problems and encourage a variety of government shares ownership (state-owned, private, mixed and foreign enterprises to participate in the PPP project). Thirdly, it puts forward the synergy of PPP and supply side reform, and strengthens the strategic height of PPP. The leading source of clean water and Tianjin membrane technology for water treatment is recommended. The clean water source: Based on MBR membrane technology, the acquisition of Jiuan group, padded short board project; backed by CDB, have the advantage of financing ability. The Tianjin membrane technology (suspension): backed by Tianjin University of Technology, deep membrane treatment technology; intends to acquire two water treatment targets, is expected to play a synergistic effect, enhance profitability; PPP ability to take a single eye, orders in hand the amount of 800 million, up to 1.3 times 2015 revenue, performance elasticity; involved in environmental industry fund, is expected to help the company’s business expansion. Recommended holdings of Xian Tan company slaughter to maintain steady growth, cost control has great advantages, actively extending down the industrial chain, is expected to fully benefit from the boom reversed, is expected to 2016-18 EPS were 1.5 2.47 2.5 yuan (remained unchanged), the target price of 56.4 yuan, the "overweight" rating.相关的主题文章: