鹏鹞环保(300664) - 鹏鹞环保调研活动信息

Company Overview - Founded in 1984, Pengyao Environmental Protection Co., Ltd. is a pioneer in China's environmental protection industry, listed on the Shenzhen Stock Exchange in 2018 after delisting from Singapore in 2011 [3][4]. - The company operates across a full industrial chain, including R&D, equipment manufacturing, engineering contracting, and project investment and operation [3]. Financial Performance - The company has a low debt ratio of less than 40% and abundant cash flow, providing sufficient financial support for future development [3]. - Projected revenue from the Changchun sludge disposal project is expected to reach CNY 120 million annually, with a high gross profit margin [5]. - The company aims for a capital expenditure of over CNY 5 billion in 2020 [10]. Business Segments Water Investment - The traditional water investment segment is steadily increasing, currently generating over CNY 200 million in profit [3]. Solid Waste Management - The solid waste segment utilizes YM bacteria for organic waste treatment, with a representative project in Changchun processing over 1,000 tons daily, generating over CNY 100 million in fees [3][4]. - The projected profit for the solid waste segment is expected to see significant growth this year [5]. Equipment Manufacturing - The company is developing an intelligent manufacturing park for equipment, aiming to enhance production quality in the environmental protection sector [7]. Technological Advancements - The company employs high-temperature aerobic fermentation technology, achieving fermentation temperatures between 80-100 degrees Celsius, which significantly reduces costs to under CNY 100 per ton [4][5]. - The technology has been successfully tested at Beijing's largest waste treatment plant, demonstrating effective odor control and high efficiency [4][6]. Market Opportunities - The company is exploring the organic fertilizer market, with products priced between CNY 200-500 per ton, and plans to establish a production facility in Fuzhou [6][7]. - The RDF (Refuse-Derived Fuel) project in Shantou aims to produce 500,000 tons of fuel rods and 300,000 tons of nutrient soil, with a projected completion in the second half of 2020 [7]. Investment in Pharmaceuticals - The company is diversifying into the pharmaceutical sector, investing in a vaccine company, Aidiweixin, which is developing a DNA vaccine with a rapid response technology [8][9]. - The vaccine is expected to enter clinical trials within 3-4 months, significantly faster than traditional methods [9]. Response to COVID-19 - The pandemic has had minimal impact on the company's operations, particularly in the water service sector, which accounts for 60-70% of gross profit [10]. - The company maintains a low financing cost of around 5%, with short-term financing at 4.3% [10][11]. Shareholder Engagement - The company has initiated a share buyback plan, supported by strong cash reserves and a positive outlook on long-term growth [11]. - The performance targets for the stock incentive plan require a net profit growth rate of no less than 35% in 2020, with a compound growth target of 30% over the next three years [11].