A change in the environmental protection industry that entered the 3.0 era after the "sudden brake"
with the comprehensive promotion of waste classification, the competition in the environmental protection industry will continue to escalate. In the next 1-2 years, the environmental protection market will usher in a new round of reshuffle. The key to winning after the competition will be reflected in the early equipment procurement, medium-term governance control, and terminal demand supply capacity. On the whole, as the industry competition enters the next stage, environmental protection enterprises will still face a severe test if they want to go out of a new path, so they should pay attention to choosing a new path when choosing
the era of environmental protection 3.0 with "seeking change" as the core is accelerating, whether it is based on change or reconstruction. With the intensification of the industry reshuffle, whether it has the ability of self hematopoiesis will become a watershed in the environmental protection industry
why is there a lack of money when there is a way of "money"?
sunminghua, executive chairman of the chamber of Commerce for the environment, said that from the end of 2017 to 2018, the entire environmental protection industry was in a difficult period
even under the objective conditions of strong development demand and continuous policy space and benefits, Lego actively sought sustainable materials to replace ABS in the past period of time, and the plastic industry still encountered serious investment and financing difficulties. Under the influence of multiple factors such as financial deleveraging, PPP inventory clearing, and strengthening the supervision of shadow banks, the environmental industry has been greatly impactedThe typical symbol in the era of
3.0 is PPP mode. Public information shows that the Ministry of finance accounts for more than half of the PPP management projects in the Treasury, with a total investment of nearly 4.7 trillion; The number of projects has reached 3000, with a total investment of nearly 2.8 trillion
compared with other projects, environmental protection, as a highly leveraged business, requires considerable volume and capital. Domestic authoritative analysis institutions have pointed out that so far, the capital of most environmental protection projects is 20% to 30%, so the remaining 70% to 80% need bank loans. This is also the main factor that the software testing system PPP project is favored by environmental protection
however, from the recent situation, with the implementation of the "new asset management regulations" and PPP inventory clearance, the capital pressure in the environmental protection industry caused by the early large-scale expansion has further increased. In the past five years, the average gross profit rate of Chinese funded listed enterprises in the energy conservation and environmental protection industry has been relatively stable, but in sharp contrast, the average net profit rate has decreased significantly even if one index is unqualified
statistics show that in the first three quarters of 2018, the total net profit of 59 major listed environmental protection companies fell by more than 20% year-on-year
in the case of rising financing costs, some environmental protection enterprises that are deeply in debt are even facing the risk of capital chain disruption. Due to the idling of funds, raising the financing costs of real enterprises, disorderly expansion of leverage, rigid cashing and other problems began to appear
the above situation is largely caused by investing in long-term projects with short-term liquidity funds. In this process, financial institutions have encountered deleveraging, resulting in unsustainable operations. The accounts receivable of some large enterprises in the industry are often as high as billions, and the accounts receivable of some medium-sized backbone enterprises are often hundreds of millions, and the account default cycle is longer than 4 years
hematopoietic capacity component Shuiling
various signs show that the model of blindly expanding the scale and relying only on policy dividends in exchange for the market will become increasingly unavailable in 2019
in the "2019 top 50 Chinese environmental enterprises list" previously released by the environmental chamber of Commerce of the all China Federation of industry and commerce, only 10 enterprises' revenue exceeded 10 billion, accounting for 14% of the total number of top 50 enterprises. Among them, Everbright International took the lead, and the revenue of enlightening the environment and pioneering shares exceeded the 10 billion mark for the first time
however, there is still a big gap between this and "cultivating more than 50 environmental protection enterprises with an output value of more than 10 billion". This means that in the next two years, more than 40 environmental protection enterprises will have a revenue of more than 10 billion in order to achieve the goal on schedule. At present, there are about 120 A-share listed companies involved in the environmental protection industry and more than 300 new third board environmental protection enterprises
although environmental protection enterprises experienced a reshuffle in 2018, with the entry of giants, the strengthening of environmental governance, regulatory system and other dimensions, as well as the gradual clarity of business models, there is still much room for growth in the future. It is expected that in the coming period, the favorable policies for the environmental protection industry will continue to be released, and the total amount of investment and financing for the environmental protection industry will continue to grow
environmental protection enterprises have been pursuing the balance between "scale" and "profitability". In the case of capital inflow, it was the normal situation of the industry before that to take advantage of the momentum to policy dividends and blindly pursue expansion
however, excessive reliance on policy dividends can cover the whole body of the environmental governance industrial chain, but for the vertical model, it will lead to high costs. Therefore, the finals are far from beginning. If you want to make a breakthrough in profitability, it poses a challenge to the supply capacity of enterprises
under this trend, capital will be preferentially allocated to environmental protection enterprises with leading technology and equipment, and the technological innovation orientation of investment and financing of environmental protection industry will further appear. Improving operating efficiency and capital return efficiency has become the key to the "survival" of environmental protection enterprises
according to Luo Jianhua, vice president and chief environmental policy expert of the chamber of Commerce for the environment, the relevant industrial game rules of the past few years have failed, and a new game rule and method need to be formulated, which is "restarting market-oriented reform."
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