Series reports: 70 A -share environmental protection listed companies expose the "transcript"

"Environmental Economy" magazine reporter Lei Yingjie

China Tianyu won the championship championship list for three consecutive years, while the enlightenment environment has become a "losing king" for two consecutive years. Up to now, the 2021 annual report of A -share environmental protection listed companies has announced its finals, and the annual performance has ended.

According to the relevant regulations of the China Securities Regulatory Commission, the annual report of the listed company must be completed within 4 months from the end of each accounting year. According to the "Guidelines for the Classification of Listed Companies" issued by the China Securities Regulatory Commission, a total of 70 A -share listed companies belong to ecological protection and environmental governance industry.

It should be emphasized that we did not include listed companies involving environmental protection business involving environmental protection business. This is because we hope that the research objects are more representative, so as to reflect the development status of the environmental protection industry more truthfully, and try to discover some commonality through this study to discover some commonality in common. The problem is the development of the industry and enterprises.

The total net profit of 70 companies in 2021 continued to narrow

The annual report is a written report on the business status and operating results of the listed company in the past year. It is an important window for listed companies to reflect the performance of the management of management to investors.

During the reporting period, 70 A -share environmental protection listed companies disclosed the operating income of 2021, net profit attributable to shareholders of listed companies, operating net cash flow, basic earnings per share, cash dividends per share, accounts receivable, asset liabilities Important information such as rate, can this answer sheet satisfy shareholders and investors?

Generally speaking, 70 A -share environmental protection listed companies realized operating income in 2020 and 2021, respectively, about 192073 billion yuan and 21.088 billion yuan, a year -on -year increase of 9.9%; the net profit attributable to shareholders of listed companies was about 139.4, respectively. 100 million yuan and 8.014 billion yuan, a year -on -year decrease of 5.926 billion yuan. This has declined for three consecutive years since the total net profit since 2020.

In addition to operating income and net profit attributable to shareholders of listed companies, net assets and basic income of shareholders belonging to shareholders of listed companies are also important indicators to reflect the profitability of a listed company.

Among the 70 A -share environmental protection listed companies, the number of net assets attributable to shareholders of listed companies in 2021 has a total of 55 companies that have increased year -on -year, with a total of 15 companies that have decreased year -on -year. Among them,*ST Botian became the only listed company with a net assets.

In terms of basic income per share, in 2021, a total of 58 A -share environmental protection listed companies achieved basic earnings per share. Among them, eight listed companies including Oriental Gardens,*ST Meishang, Energy -saving Ironhan, Bia'an Water, Enlightenment, Decho Environmental Protection,*ST Botian, and Xingyuan Environment have been negative for two consecutive years.

For investors, we must pay attention to profit indicators, but also pay attention to financial risk indicators, such as operating net cash flow, accounts receivable and asset -liability ratio. They are important indicators to measure the degree of financial risk of a listed company.

In the operating net cash flow rankings, overall, among 70 A -share environmental protection listed companies, there are 43 companies with operating net cash flows, which are 16 and 2020 respectively. 12. Specifically, the operating net cash flow of China Tianyu was 2.525 billion yuan, which can be described as abundant funds. In contrast, the net cash flow of its business is -1.628 billion yuan, it is difficult to conceal the dilemma of funding.

In the account receivable rankings, 70 A -share environmental protection listed companies receivable in 2021 were 84.872 billion yuan, accounting for 40.21%of operating income. Among them, Bishui source received the highest accounts at 9.685 billion yuan; followed by Oriental Gardens, 6.987 billion yuan; the third was the enlightenment environment, which was 5.877 billion yuan; the minimum account receivable of Kami was 62 million yuan.

In the asset -liability ratio rankings, the average asset -liability ratio of 70 A -share environmental protection listed companies in 2021 was 49.99%, a slight decrease compared to 2020. Among them, Botian's asset -liability ratio was as high as 101.89%, becoming the only company of 70 A -share environmental protection listed companies with insoluble debts.

In addition to these indicators, it is more intuitive that we must focus on the types of annual audit report opinions issued by a listed company, which usually include the standards without reservations, no reservations with emphasis on matters, reserved opinions, negative opinions And the five categories of opinions cannot be expressed. Investors should pay special attention to the latter four types of audit reports and beware of "stepping on thunder".

In 70 A -share environmental protection listed companies, 5 companies have not obtained the standards without the audit report, namely*ST Meishang, Korong Environment, Enlightenment Environment, ST Xingyuan, and*ST Botian. Among them,*ST Meishang received the audit report of unreserved opinions issued by Zhongtianhua Mao's emphasis on matters, and the Korong environment and the enlightenment environment received the CSI Tiantong Accounting Firm (special common partnership) and Daxin accountant.事务所（特殊普通合伙）出具的保留意见审计报告，ST星源收到了中审亚太会计师事务所出具的否定意见的内控审计报告，*ST博天则收到了中兴财光华会计师事务所（特殊普通Partnership) Audit reports that emphasize matters, continue to operate major uncertain paragraphs, and other information paragraphs containing other information that contains other information without correction of major wrong reports.

"10 billion revenue club" adds new members

In the ranking of operating income, China Tianyi won the first place for 20.593 billion yuan. This is the third time China Tianyu has ranked first in the list of operating income since 2019. Followed by Zhefu Holdings and Yingfeng Environment, winning the second and third place for 14.135 billion yuan and 11.814 billion yuan, respectively. Through combing, there are 5 companies with an industry revenue of more than 10 billion yuan. In addition to the above 3, it also includes Hanlan Environment and Oriental Gardens. Compared with 2020, it has increased by 3. Family.

Among them, from 2019 to 2021, China Tianyu and Yingfeng environment have always occupied a place in the "10 billion revenue club". In 2021, Zhefu Holdings, Han Lan Environment and Oriental Gardens entered the "Ten billion Invenual Revenue Club", and Bishui originated from 2020 after falling below 10 billion.

There are 9 companies with a business income of 5 billion yuan (including) to 10 billion yuan (excluding), namely Bishui source, Jinyuan, enlightenment environment, Hua Halo energy, high energy environment, Shanghai environment, fresh environment, three peak environments, three peaks environment With the green power, the number of companies is the same as that in 2020; there are 22 companies with operating income from 1 billion yuan (inclusive) to 5 billion yuan (excluding), and the number of companies is 3 less than in 2020; the scale of operating income is less than 1 billion yuan There are 34 companies, and the number of companies is the same as that in 2020.

After speaking of the operating income ranking, let's take a look at the growth rate of the same period. If it is said that operating income represents the company's ability to attract gold, then the growth rate at the same time shows the company's development momentum.

Among the top ten of the growth rate rankings of operating income, state -owned enterprises occupy 4 seats, namely Beiqing Environmental Energy, Green Power, Hanlan Environment and Shanghai Environment. The Committee, Beijing State -owned Assets Management Co., Ltd., Foshan Nanhai District State -owned Assets Supervision and Administration Bureau, and Shanghai State -owned Assets Supervision and Administration Commission.

In terms of quantity, there are three companies with a year -on -year growth rate of operating income to three digits, and the number of companies that maintain a double -digit growth trend reached 31. However, it is not necessary to ignore that the number of companies with negative growth also reaches 26, and the "revenue brother" China Tianyu is among them.

From the perspective of the company, the Beiqing Ringneng, Shengyuan Environmental Protection, and Green Power won the top three with 138.33%, 122.08%, and 122.03%, respectively. *ST Meishan explained that due to the affected by the epidemic and the company's liquidity crisis, the time of the company and the industry upstream and downstream enterprises was delayed, and the implementation progress of projects in many places slowed down, which led to a decline in the company's operating income.

Enlightenment environment to become "King of Lost" in 2021

In the net profit list belonging to shareholders of listed companies, the ranking is another scene. Zhefu Holdings, Weiming Environmental Protection, and Sanfeng Environment won the champion, A list and exploring flowers for 2.312 billion yuan, 1.535 billion yuan, and 1.238 billion yuan, while China Tianyu ranked 6th with a score of 729 million yuan.

Looking further, there are 4 companies belonging to shareholders of listed companies exceeding one billion yuan. In addition to the top three, they also include Hanlan Environment. The number of companies is one less than 2020; There are 54 companies with 100 million yuan (excluding) to 1 billion yuan (inclusive), and the number of companies is 2 less than in 2020. The Star Star source and Lingnan shares achieved stop loss and profit in 2021, respectively Yuan.

In 2021, a total of 12 A -share environmental protection listed companies appeared on the losses, an increase of 3 from 2020. Oriental Garden,*ST Meishang, Bian Water Affairs, Enlightenment Environment, Decho Environmental Protection,*ST Botian and Xingyuan Environment 7 companies continue to lose money. It is from Ying to loss.

The most noteworthy is the enlightenment environment. According to the annual report released, the realization of the net profit attributable to the shareholders of listed companies was 4.54 billion yuan, a year-on-year decrease of 191.2%, and two consecutive years became the "losing king" of A-share environmental protection companies. Qidi environment also received a review report from the reservation opinion issued by the Daxin Accountants (special common partnerships).

The Environmental Explanation said that on the one hand, affected by the company's overall investment strategic adjustment and the impact of the promotion of absorption and major asset reorganization plan with Chengfa Environment Co., Ltd., the company has On the one hand, the projects that are low in asset operations, unable to operate and the overall strategy of the company are exited, transferred, and disposed of, and the receivables, other receivables, long -term receivables, and long -term should be recovered by some funds recovery. Credit impairment losses for receivables and receivables. At the same time, due to the impact of the market environment, the company's operating costs rose during the reporting period.

Among the top ten of the net profit attributable to shareholders of listed companies in the same period, state -owned enterprises also occupy 4 seats, namely Yuan reached environmental protection, Beiqing Environmental Nengneng, Sanfeng environment and fresh environment. In addition to Yuan Da's actual controller of environmental protection, the State Council State -owned Assets Supervision and Administration Commission, the remaining three companies actually controlled the per capita of local state -owned assets supervision and management committees.

From the perspective of quantity, the net profit attributable to shareholders of listed companies has a year -on -year growth rate of 4 digits. The number of companies that maintain a double -digit growth trend reaches 25, and the number of negative growth companies is as high as 33. From the perspective of the company, the net profit attributable to shareholders of listed companies was 2151.53%year -on -year, becoming the last place in the list. According to the annual report issued by Koorong's environment, its loss was 267 million yuan in 2021, and received the audit report issued by the CSI Tiantong Accounting Firm (special common partnership).

The Keong Environment explained in the performance trailer. The reporter sorted out three aspects based on this: in terms of external environment, affected by the 2020 epidemic, most of the projects delayed the bidding. Annual business income decreases, and net profit decreases.

In terms of subsidiaries, one is to dispose of Suining Baoyuan New Energy Power Generation Co., Ltd. in 2020, which has led to a decrease in the scope of the company's reporting period and a decrease in operating income and net profit; the second is to generate Limited waste incineration furnaces were upgraded and transformed. During the suspension of production, no waste incineration and garbage power generation revenue was obtained.

In terms of account recycling, Kerong Environment stated that Blue Sky Environmental Equipment Engineering Co., Ltd. did not repay the debate in accordance with the agreed repayment commitment, and it cannot be guaranteed to return the arrears in accordance with the agreement in the future. The complete amount of the receivables of the limited company will be prepared for bad accounts.

Increasing the income and not profit, the performance is beautiful but the crisis is hidden

Among the 70 A -share environmental protection listed companies, 12 companies are worthy of attention, namely Oriental Gardens, Golden Yuan, Dechuang Environmental Protection, Golden Kee Environment, Ai Kelan, Wandez, Nanda Environment, Delin Sea, Tongyuan, and Tongyuan Environment, Zhuojin Co., Ltd., Zhenghe Ecology, Liyuan Technology.

These 12 companies have a common feature: operating income increased year -on -year, but the net profit attributable to shareholders of listed companies decreased year -on -year.

Taking the Oriental Garden as an example, it achieved operating income of 10.486 billion yuan in 2021, an increase of 20.18%year-on-year; the net profit attributable to shareholders of listed companies was -1158 billion yuan, a year-on-year decrease of 135.32%.

In response to large losses during the reporting period, oriental gardens explained that due to the multiple factors such as the economic environment, local government financial resources and financing capabilities, some projects were delayed, resulting in the large balance of contract assets and accounts receivables caused by ecological business formation. The company has provided a lot of impairment preparation based on the principle of caution.

The reporter noticed that when Oriental Garden issued a preview, it was expected to belong to the net profit loss of shareholders of listed companies from 784 million yuan to 985 million yuan, and the losses that were officially disclosed in the end were 1.158 billion yuan. More importantly, Jiang Jianming, He Lan, and supervisor He Qiaoling of the Oriental Gardening Directors voted for the company's 2021 annual report.

There are two reasons: one is that the Oriental Garden does not provide materials in a timely manner; the other is that Jiang Jianming, He Lan, and He Qiaoling have unanimously stated that "there is no enough time to ask and verify the questions I care about." For the above two reasons, Jiang Jianming, He Lan, and He Qiaoling chose to abstain.

Oriental Garden stated that except for the above three, other directors, supervisors, and senior managers guarantee the real, accurate and complete content of the 2021 annual report. Essence

In addition, there are 21 environmental protection listed companies in "double drop", that is, the net profit of operating income and the shareholders belonging to the shareholders of listed companies has decreased year -on -year. Kerong Environment, Yingfeng Environment, Changqing Group, Enlightenment Environment, Zhongdian Environmental Protection, Bishui Source, Boshico,*ST Botian, Verley, Green Ecology, Pengye Environmental Protection, Jindela, Kailong Hi -Tech, Taihe Water Water , Sham Shui Hailina, Beyond Technology and Baichuan Changyin.

Taking Boshico as an example, its operating income was 2.657 billion yuan in 2021, a year-on-year decrease of 26.4%; the net profit attributable to shareholders of listed companies was -515 million yuan, a year-on-year decrease of 363.96%.

Boschke explained that due to factors such as economic downturn and intensified market competition, the company's obtaining orders and project implementation was not as expected; due to the long and settlement process of municipal projects, the complexity of the government's customer payment approval procedure, and some local government renewal, the company Some completed project settlement progress and some old projects were less than expected; some projects implemented in 2021 were affected by the epidemic situation of the epidemic situation, which caused the implementation cycle to be prolonged. Some sewage treatment projects changed due to the amount of water inlet, water inlet, and the type of pollutant. Some soil repair projects have changed due to the changes in soil pollution, disposal, and original estimated calculations, and rising prices of commodity materials.

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