In the past two years, the market for environmental protection has been booming, industrial integration has continued to strengthen, and cross-border is becoming a trend. At that time, the PPP model was in full swing, and many large-scale state-owned enterprises such as infrastructure and central enterprises entered. In the past two years, the Internet and digital technology have been popularized and applied. The concept of "Internet +" has revived, and some Internet companies are also optimistic about the environmental protection industry.
Now, companies such as Gezhouba, Baidu, and Alibaba have entered the environmental protection industry, bringing capital or being closely related to capital, and will have big moves in the industry. Zhang Yi, chairman of the Central United Nations, believes that the current impact of capital on industries and enterprises is already greater than technological innovation and business models.
"After running a horse, you should be alert to risks." He believes that the annual reports of many environmental protection companies this year show a high loss rate, especially those companies that have taken large quantities of projects in the past few years. Enterprises with long industrial chains, complicated business scopes, enterprises without innovation, and enterprises that blindly follow suit will face greater risks.
At present, competition in the environmental protection industry is fierce, and the average net profit growth rate may decline. At the same time, the industry has gradually been regulated, and PPP and other models have also paid more attention to preventing risks. The industry is shifting from vigorous environmental protection construction to an increasingly bland normal investment.
The trend of "recession" is gradually emerging, what changes will the industry face?
Qi Zhengtao said that low valuation will become the norm of the industry, but after the industry standardizes, the valuation of environmental protection companies will increase upwards, especially the valuation of operating companies will increase, but will not return to the previous two years. Fifty times the valuation level.
From the end of December last year to the beginning of January this year, environmental protection listed companies, especially leading companies, experienced a sharp decline. "From the perspective of the capital market, this conveys that the industry has passed the hurricane stage, and market expectations have been reduced. From the perspective of environmental entrepreneurs, the expectations of the capital market must not be too high, to adapt to steady growth. The situation has returned to the essence of operating an enterprise. "Qi Zhengtao said.
As a crossover, Wang Yachao, president of Zhihe Environmental Development Co., Ltd., also hopes to see the healthy development of the environmental protection industry. Do n’t let the capital market question the industry due to the risks and unstable operating conditions of individual environmental protection companies. The price-earnings ratio fell.
The trend of collaborative integration is emerging
Accelerate integration with finance, companies in different fields work together to provide different solutions
"The industry is showing a trend of synergy and integration, and the integration of industry and finance is increasingly important." Wang Yachao said.
According to Li Xiangqun's analysis, 2018 will be the first year of "Darong", which has already appeared at the national level. The Ministry of Ecology and Environment was formed to integrate the responsibilities of the former Ministry of Environmental Protection with the pollution prevention responsibilities of the Ministry of Land, Water Resources and Agriculture, strengthen unified management, and reflect the integration of departments.
A clear signal has been released at the national level, and industry integration is strengthening. Li Xiangqun believes that industrial development and environmental protection will be integrated from the opposite side, and environmental protection companies will accelerate to capital market and financial integration. At the same time, cross-border cooperation between enterprises to form a balanced ecology may start to try.
In terms of the integration of industry and finance, the trend in recent years is very obvious. Financial policies and markets have become boosters for the development of the environmental protection industry in recent years. On the one hand, there are more and more listed companies in the environmental protection industry. Li Xiangqun estimated that with the help of finance, there will still be many A-share listings of environmental protection companies this year.
On the other hand, green financial products such as green credit and green bonds are also helping environmental protection companies grow and develop. Wang Yachao said that many environmental governance projects have faced problems such as difficulty in payment and unclear payment models. Many financial products are now derived, which provide a good financing method for industrial development. Industry-finance coordination will also help the industry gradually move toward a standardized path .
In terms of industrial integration, there are many cases of cross-border linkage. For example, Zhihe Environment is cooperating with Huaxia Happiness to carry out related diversified business cooperation, such as the environmental needs of counties around the industry.
The first joint water environment management business and Vanke Group's land and real estate development business "water and land linkage" strategic cooperation to create a new business model of water and soil joint restoration and management. In addition, the first "Ecology +" strategy is creating a technological, smart, and service-oriented industrial ecosystem. Both parties will also jointly build ecologically livable cities, and carry out environmental protection businesses such as urban water environment governance, urban soil remediation, and sponge city construction. .
"In the past, many environmental protection companies simply did pollution control. Now regardless of the government or business owners, their demands are more diversified, and they hope to provide full industry chain, full life cycle, and full range of services. This requires companies in different fields to work together to provide different solutions, and at the same time organically combine water and soil treatment with the development of surrounding industries to form a complete industrial model. "Wang Yachao said.
Li Xiangqun would also like to see that in the future, the environmental protection industry can be integrated with real estate, tourism and other related industries to carry out regional comprehensive ecological development and form an "environment + industry" model.
The government pays more attention to industry norms
Enterprises with housekeeping skills and hematopoietic function are optimistic, and the development potential of hazardous waste industry has great potential
In 2018, the pollution prevention and control battle has already sounded its horn, and it will evolve into an economic development and transformation battle, and 2018 will also become a year of "toughness".
In this year, what kind of environmental protection companies can adapt to the high pressure of environmental protection policies, and when the popularity of the capital market is gradually declining, get better development?
Zhang Yi said that many foreign environmental protection companies have a long history, even a century-old store, while many domestic companies were quite impetuous a while ago. He suggested that environmental protection enterprises should find out their own position and clarify their own abilities, and should not blindly compare and seek for bigger and more. At the same time, the industrial chain should not be too long.
"Especially small and medium-sized environmental protection companies that are starting their own businesses should be down-to-earth and cannot overlook the housekeeping skills." Zhang Yi believes that small and beautiful companies are also a landscape in the environmental protection industry.
In the recent period, many non-standard PPP projects have been cleared in various places. This model has shifted from the previous big package to standardization, indicating that the government attaches more importance to industry standards. In this regard, Wang Yachao believes that future standardized environmental protection enterprises can develop healthily.
According to the stable valuation of the capital market, Qi Zhengtao believes that enterprises with hematopoietic functions have more development potential. In terms of subdividing industries, he pays more attention to enterprises in the hazardous waste industry. "China's current demand for hazardous waste disposal is large, and the industry has good development prospects."
Wang Yachao is also optimistic about the hazardous waste industry. He said that the concentration of hazardous waste industry is low, there are no absolutely leading companies, and the industry has greater opportunities. According to statistics from professional institutions last year, the oligopolistic situation in the domestic hazardous waste industry has not yet been formed. In terms of market share, the market share of the top ten hazardous waste enterprises in China is only 6.8%.
"This industry will enter the integration period within 3 to 5 years. The future development trend can refer to the developed countries such as the United States. There are only 20 or 30 companies in the industry, each of which has a processing capacity of 300,000 to 500,000 tons. But the industrial chain of these enterprises is relatively complete and can handle a variety of hazardous waste varieties. "Wang Yachao said.
He also divides the environmental protection market according to the level of the industry threshold, according to municipal, ecological and industrial. "Although the revenue in the municipal sector is relatively stable, the threshold is too low, mainly relying on resource competition. Relatively speaking, the technical threshold in the industrial sector is high, which is not accessible to any cross-border enterprise, and the clear business model is more conducive to environmental protection enterprises. Deep plowing. "
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