Series reports: The common risk behind the cleanliness of environmental protection listed companies

"Environmental Economy" magazine reporter Lei Yingjie

Following the 15.07 billion yuan in 2019 and 13.94 billion yuan in 2020, the total net profit of 70 A -share environmental protection listed companies in 2021 narrowed the total net profit attributable to shareholders of listed companies, which was 8.014 billion yuan, a year -on -year decrease of 46.82%and 42.51%, respectively. Among them, the net profit of more than 40 % of the companies belonged to the shareholders of listed companies declined.

In addition to the unsatisfactory profitability of the overall profit, 21 environmental protection listed companies have operating income and the net profit of shareholders belonging to shareholders of listed companies. There are 12 companies that increase their income and increasing income and losses in 2021.

The unsatisfactory performance is the result of the common effect of multiple factors. Faced with uncontrollable external factors, such as the increase in downward pressure in the macroeconomic and changes in environmental protection industry policies, environmental protection listed companies need to be alert to potential internal management risks, and these risks are exactly to a certain extent. facing.

The risk of bad debts brought about by high accounts receivable

To some extent, accounts receivable can reflect the bargaining ability of an environmentally friendly listed company on the industrial chain. If the excessive account receivables cannot be recovered in time, it will form a bad debt, which will not only affect the current profit, but even may even be possible. It will cause the company's cash flow to break.

According to the statistics of "Environmental Economy", 70 A -share environmental protection listed companies in 2020 and 2021 received a total of approximately 77.255 billion yuan and 84.872 billion yuan, respectively, of which 70 % of the environmental protection listed companies receivable increased year -on -year. At present, high accounts receivable have become a common problem in the entire environmental protection industry.

In the 2021 annual report, Verley wrote: "Most of the company customers are government or large -scale environmental protection investment enterprises. Such customers generally have good credit, and the company's current accounts receivable are short. The balance of account receivables is large. If it cannot be recovered in time in the future, the company will face the risk of shortage of mobile funds and loss of bad debts. "

During the National Two Sessions this year, according to Wang Xiaohong, a representative of the National People's Congress and an associate professor of the School of Environmental Sciences and Engineering of Guangzhou University, according to the statistics of sampling survey of the Guangdong Environmental Protection Industry Association, 70%of the investigation of environmental protection enterprises existed or had arrears. Among them Only 1.92%of the enterprises were recovered, and the remaining 69.23%of companies are still recovering the arrears.

Wang Xiaohong revealed that the survey data showed that in the three years from 2019 to 2021, the number of environmental protection enterprises participating in the survey and corporate customers signed a contract of 16,952, and the total contract was 589.9333 million yuan, of which the number of contracts and the proportion of the arrears of contracts and the amount of arrears accounted for They were 23.53%and 7.4%, respectively. The type of arrears of the main unit is mainly government departments, accounting for 55.77%; the rest are corporate customers including state -owned enterprises, central enterprises and private enterprises, accounting for 44.23%.

This is just a situation in Guangdong Province. The customer nature of the environmental protection industry has arrears the money into the "boss difficulty" of the entire environmental protection industry. If the high accounts receivable are negative, the operating net cash flow is negative, and for environmental protection listed companies, this will undoubtedly increase its operating risk.

According to the statistics of "Environmental Economy", among 70 A -share environmental protection listed companies, there are 27 companies with operating net cash flows, which are 16 and 11 compared with 2019 and 2020, respectively.

Taking Bishui source as an example, its account receivable in 2021 was 9.685 billion yuan, an increase of 2.319 billion yuan from 2020; its operating net cash flow was -1.628 billion yuan, a year-on-year decrease of 205.34%.

According to Bishui source, on the one hand, with the expansion and increase of business scale and type, especially the increase in EPC projects, and changes in the national macro situation, especially the regulation of financing policies such as the control and leverage of local government debt, the company shall accept it. Accounts have increased, but if the scale of accounts receivable cannot be controlled and controlled, the financing work of the project company and the clear collection of EPC projects, and enhance the company's operating cash recycling, which will bring business risks to the company. , Especially the risk of short -term cash flow. On the other hand, in order to ensure the normal progress of the company's project, the company's normal payment of downstream related money has led to a small decline in related expenditure.

The environmental protection industry is a typical policy -driven industry and a capital -intensive industry. In particular, the franchise projects held by environmentally friendly listed companies are at the same time of billions of dollars, and the amount of funds required is huge, and the return on investment in such projects is long, which to a certain extent Higher requirements.

The technological innovation risk brought by the intensified industry competition

With the proposal of the "double carbon" goal in 2020, the low -carbon economy will bring up for decades of investment opportunities and broad market space to the environmental protection industry. This reflects the status of environmental protection industry as a strategic emerging industry to a certain extent.

At present, under favorable policies, the environmental protection industry has formed a market competition pattern co -participating in large -scale central enterprises, local environmental protection groups, private environmental protection enterprises, foreign -funded enterprises and other parties. Among them, the establishment of environmental protection groups into the environmental protection industry is a phenomenon of attention in the field of ecological and environmental protection in the past two years.

According to the incomplete statistics of the "Environmental Economy", 13 provinces have established provincial ecological environmental protection groups. One province is in the process of formation, and two provinces intend to prepare for the establishment of provincial environmental protection groups. Local environmental protection groups are gradually becoming the "new forces" of the environmental protection industry. Faced with the influx cross -border and competitors, many environmental protection listed companies stated in the 2021 annual report that the intensified industry competition may bring the company's risk of technological innovation and the risk of talent loss.

Boschke said that although the company's investment in technological research and development is large, but in the future, if the company cannot continue to maintain its advantages in terms of technological innovation, the company may face the risk of being eliminated or overtaken by technology, which will lead to the company's future market in the future market. Competition is in an unfavorable position.

Among the 70 A -share environmental protection listed companies, the proportion of R & D investment in the proportion of operating income shows the phenomenon of polarization, and exceeding half of the company is lower than the average level. Specifically, in terms of the company, in 2021, the R & D investment in Zhejiang Fugu was as high as 679 million yuan, while Liantai Environmental Protection invested only 1.21 million yuan in R & D.

From the perspective of industry insiders, environmental protection enterprises themselves are technical service enterprises, and technology is the fundamental foundation for environmental protection enterprises to settle down. Lack of core competitiveness and lack of technological innovation, enterprises will be passive.

The talents are integrated with technological innovation, and talent leads technological innovation.

Among the 70 A -share environmental protection listed companies, there are 37 companies with a doctoral degree, of which Bishui source has the most PhDs, with 30 people. However, Bishuiyuan disclosed in the annual report that the talent competition strategy of enterprises at home and abroad may have a certain impact on its technical talents, and there is a risk of losing technical talents.

Even if it is given generous conditions, such as the cultivation of the core technical personnel of the scientific research platform of postdoctoral workstations and academician workstations, providing excellent scientific research and office environment, providing sufficient scientific research funds, establishing a partnership system, and establishing patent rewards, etc., and patent rewards. Bian Water still worried about the loss of the company's core technical personnel.

"A good environmental protection enterprise must have the four conditions of technology, talent, management, and investment." At the national home event site of the Sixth Five -Year Environment Day this year, Luan Zusheng, a special observant of the ecological environment and President of China Everbright Environment (Group) Co., Ltd., told " "Environmental Economy", of these four conditions, one short board is very tired, and two shortcomings are difficult to do. Three shortcomings may withdraw from the environmental protection industry. "The future is such a trend." Luan Zusheng said.

Ma Hui, Secretary -General of the National Federation of Industry and Commerce, said in an interview with the "Environmental Economy" that the current environmental protection industry is facing many new topics such as element competition, competition mode, and re -distribution of interests. , Deepen market -oriented reform, give full play to the allocation efficiency of the elements of capital, manpower, technology, and services, and leave room for market -oriented methods for model innovation, technical product innovation, service improvement, and industrial value chain improvement.

Management risks brought about by the expansion of business scale

Since the 18th National Congress of the Communist Party of China, the state has introduced a series of policy documents related to the development of ecological environmental protection and environmental protection industry, which has stimulated the vitality of the environmental protection industry market, inspired the confidence of environmental protection entrepreneurs, and inserted the driving of the environmental protection industry. wing. With the policy of policy, many environmental protection listed companies have expanded their business scale, which has also led to potential management risks.

In the 2021 annual report disclosed by 70 A -share environmental protection listed companies, more than one -third of the company clearly included the "management risk caused by scale expansion" into the annual report "Section III Management Discussion and Analysis", and to investors It reminds the company's possible risks and response measures.

The Hanlan Environment reported in the 2021 annual report: "As of the end of 2021, there are more than 100 subsidiaries at all levels of the company or controlled by the company. In the future, it will continue to obtain projects to achieve business expansion. Further growth, so as to put forward higher requirements for the company's management capabilities. The company adjusts the organizational structure and control model in a timely manner according to its strategic planning, but if the company's management and control capabilities are improved, it cannot be consistent with the expansion of the business scale, or the internal control system and constraint mechanism It cannot be effectively implemented, and it will bring a certain management risk to the company. "

Energy -saving Guo Yan said that there are many subsidiaries of the company, and the projects undertaken throughout the country are all over the country. The operating benefits and safety operations of many subsidiaries directly affect the company's reputation. The company may face certain management risks with the pace of the introduction of high -level professional and technical talents and strengthening project costs and team management.

Under normal circumstances, in order to improve the efficiency of operating management, enterprises generally set up project companies in the project where the project is located, which is responsible for the operation and management of the project, but this also increases the difficulty of enterprise in terms of project management, business guidance and team output.

In addition, the integration of corporate mergers and acquisitions also brings management risks. After the merger and acquisition, the enterprise needs to integrate a comprehensive integration of the target company to coordinate with the company's overall development strategy and business goals.

In recent years, Yongqing Environmental Protection has strengthened the mergers and acquisitions of high -quality projects, but expressed concerns about the integration of human resources, financial management, and corporate culture faced after mergers and acquisitions. It believes that if it cannot be effectively integrated with the target company, the value of the acquisition may be lower than the expected risk of the listed company.

According to the incomplete statistics of China's solid waste network, in 2021, the environmental protection industry has reached 120 cases, involving an amount of over 50 billion yuan. In these 120 mergers and acquisitions, most of the purpose of receiving mergers and acquisitions is to extend and supplement the segmented fields to expand the coordinated benefits between the enterprise's own business segments. He Xiangqun, a senior partner of Hejun Consulting, analyzed in an interview with the "Environmental Economy": "In the past, the number of projects owned by enterprises was small. Management and control. But with the accumulation of the number of projects, the headquarters of more than 100 projects in cross -section and cross -regional projects understands depth and output ability. Cost control is getting more and more difficult. "

Regardless of whether it is a project company or a M & A company, with the expansion of the business scale, the organizational structure and management system of the enterprise will tend to be complicated.

Policy risks brought about by environmental supervision and standards

With the development of central ecological environmental protection inspections and provincial ecological environmental protection inspections and the further improvement of pollution emission standards, environmental protection enterprises also face environmental risks brought about by non -pollution management.

Among the 70 A -share environmental protection listed companies, except for the fact that the amount of energy saving was not announced and the Wangneng environment was not imposed, a total of 19 companies and their subsidiaries were punished by administrative punishment due to environmental issues during the reporting period.

From the perspective of the number of corporate punishment, a total of 9 subsidiaries under the Enlightenment Environment were punished by administrative punishment for environmental issues, and the total amount of penalties was 2.3218 million yuan; two subsidiaries under Zhejiang Fu Holdings were punished twice for environmental issues;*ST Bobo, Pengye Environmental Protection, Tongyuan Environment, Lingnan Co., Ltd., and Yingfeng Environment have two subsidiaries under administrative penalties for environmental problems.

Judging from the amount of fines, Zhejiang Fu Holdings and their subsidiaries were fined 2.706 million yuan, the highest amount. Among them, Hangzhou Fuyang Shenneng Solid Waste Environmental Protection Co., Ltd. and Taixing Shenlian Environmental Protection Technology Co., Ltd. were fined 1.522 million yuan and 1.1786 million yuan, respectively. The subsidiary of Yingfeng Environment was fined only 2,000 yuan, with the least amount.

If only the amount of fines are used, millions of dollars are not much for an environmentally friendly listed company, but the tax effects related to it are huge. Essence

"Notice of the State Administration of Taxation of the Ministry of Finance and issuing the comprehensive utilization of resources and labor service VAT Catalogs" (Cai Tax [2015] No. 78) (hereinafter referred to as No. 78) stipulates: Taxpayers who are refunded policies shall be punished for violating taxes and environmental protection laws and regulations (except for warnings or fines of less than 10,000 yuan). The prescribed VAT is a refund policy. "

Among the 70 A -share environmental protection listed companies, Jinyuan's companies needed to pay 36.55 million yuan in value -added tax due to environmental protection penalties for 50,000 yuan.

On May 9, 2020, Qinghai Hongyang Cement Co., Ltd. (hereinafter referred to as Qinghai Hongyang), a subsidiary of Jinyuan Co., Ltd., received the "Tax Notice" by the First Investigation Bureau of the State Administration of Taxation Haixi Mongolia Tibetan Autonomous Prefecture Taxation Bureau. Hongyang has a penalty of 50,000 yuan in administrative penalties by the Golmud Ecological and Environment Bureau, and it is not allowed to enjoy the VAT 78, which is a refund policy.

A paper tax notice directly affects whether Qinghai Hongyang needs to pay a value -added tax of 36.65 million yuan. After receiving the "Tax Notice", Qinghai Hongyang filed an administrative lawsuit with the court on May 13, 2020, asking for the decision to order the administrative penalty decision made by the Ecological Environment Bureau of Gelmud.

On December 29, 2021, Jinyuan issued an announcement saying that the Qinghai Provincial High People's Court rejected Qinghai Hongyang's re -review application. After the first trial, second trial, and retrial, Qinghai Hongyang's proposition did not receive legal support. This means that the administrative penalties made by the Ecological Environment of Golmud City are effective. Qinghai Hongyang needs to pay 36.55 million yuan in value -added tax, which directly affects the net profit of Jinyuan's 2020.

An environmental violations occur in an enterprise. In addition to being unable to enjoy the value -added tax, it may be levy and refund the policy, and it may be eligible for high -tech enterprises.

Article 19 of the "Administrative Measures for the Recognition of High -tech Enterprises" (National Science Fire [2016] No. 32) stipulates that high -tech enterprises that have been identified have occurred in major security, major quality accidents or serious environmental violations. Qualification of high -tech enterprises. For enterprises that have been eligible for high -tech enterprises, the identification agencies notify the tax authorities to recover the tax incentives of high -tech enterprises that have been enjoyed from the date of the annual incident in accordance with the tax collection management law and relevant regulations.

Ma Hui told the "Environmental Economy" that the environmental violations of enterprises not only face fines and cannot enjoy the discounts of tax reduction, but also affect the financing and credit of the enterprise. Especially for listed companies, it is more related to the company's green low -carbon carbon. The image of development.

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