Bossco(SZ:300422)2022-11-14 10:33Group 1: Company Overview - Boschke is a leading environmental protection company in Guangxi, focusing on industrial pollution control and covering the entire environmental protection industry chain, including water treatment, ecological restoration, soil remediation, solid waste disposal, and environmental consulting services [2]. - The company has expanded into the municipal sector between 2016 and 2018, with a significant increase in project volume, primarily focusing on PPP projects with a high compound annual growth rate [2][3]. - As of the first half of 2022, industrial new orders accounted for 70% of the company's total new orders, indicating a strategic shift towards industrial pollution control [3]. Group 2: Financial Performance - In the first half of 2022, the company achieved operating revenue of CNY 1.17 billion, with cash receipts of CNY 1.1558 billion, resulting in a cash collection ratio close to 100%, a significant improvement from approximately 55% in the same period last year [3]. - The company expects to generate an annual operating income of CNY 600 million once all current projects enter the operational phase [5]. Group 3: Project Development and Future Plans - The company is actively investing in new growth areas, including the "Beibu Gulf Resource Recycling Environmental Service Center Project," which aims to increase the capacity for aluminum resource utilization by 20,000 tons per year [3]. - A new project for the comprehensive utilization of waste lithium batteries is planned, with an initial scale of 20,000 tons per year and a long-term goal of 100,000 tons per year [3]. Group 4: Market Position and Clientele - The company's primary industrial clients are in the paper-making sector, with significant investments from well-known companies like Nine Dragons Paper and Sun Paper in Guangxi [4]. - The company has made breakthroughs in overseas markets, signing a series of orders primarily with international paper-making enterprises [4]. Group 5: Technology and Competitive Advantage - The company has developed a comprehensive battery recycling technology system, achieving a nickel-cobalt-manganese recovery rate of over 99.3% and a lithium recovery rate of over 90% [6]. - The operational cost structure indicates that raw material costs account for approximately 85% of total costs, with lithium sales contributing about 77% of total revenue, highlighting the importance of lithium recovery for profitability [6].