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中金看海外:美国水业十年再崛起之路

来源:    作者:    更新时间:2019-12-30    浏览次数:82次    分享到:

MEIGUOSHUIYEZUOWEIMEIGUOZUIDADESIYINGSHUIWUGONGSI,GUOQU10NIANYEJI、GUXIWENJIANZENGZHANG,GUJIASHANGZHANG6BEI,NIANHUAFUHESHOUYI23%,PAOYINGS&P500ZHISHU11GEDIAN,CHENGWEIDIANXINGCHUANYUENIUXIONGDEHEXINZICHAN。BENWENTONGGUOHUIGUMEIGUOSHUIYECONGDIGUZAIJUEQIDESHINIAN,SHITUTANXUNYEJIHEGUJIABEIHOUDEHEXINQUDONGYINSU,WEIWOGUOSHUIWUGONGSIDEFAZHANLUJINGTIGONGJIEJIANHECANKAO。

图表: 美国水业百年发展历史

中金看海外:美国水业十年再崛起之路

资料来源:bloomberg,万得资讯,公司年报,中金公司研究部

GUONEIGONGSHUI、WUSHUIXINGYEZHENGHEHAIWEIJIESHU,BEIKONGSHUIWUZUOWEIGUONEIXINGYELONGTOU,TOUYUNGUIMO、YINGLIRENGYOUZENGZHANGKONGJIAN。BEIKONGSHUIWUDETOUZI、YUNYINGXIAOLVYIJIGONGSIZHILIJIEGOUYOUYUTONGXINGYEGONGSI,ZHONGZHANGQIYOUWANGCHENGWEIJIAZHIBUDUANZENGZHANGDEQUANQIULONGTOU。

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WANSHANDEGONGSIZHILI、CHENGSHUWENJIANPAIXI、HUIGOUZHENGCE、HELIJILISHIGONGSIJIAZHIZENGZHANGDEJISHI。MEIGUOSHUIYESHIDIANXINGDEZHIYEJINGLIRENDAILIJIZHI,GONGSITONGGUOCHENGSHUDUOYANGDE“ZONGHEGUQUANJILIJIHUA”BANGDINGGUANLICENG、YUANGONGLIYI,SHANGSHIZHIJINYIZHIZHIXINGWENDINGDEFENHONG、HUIGOUZHENGCE,BAOZHANGGULIGUOQU10NIANWEICHI9%FUHEZENGZHANG,YIJIDUIYINGYUNXIAOLV、TOUZIXIAOLVDENGKPICHIXUDUIXIAN。

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图表: 技术使用提升经营效率

中金看海外:美国水业十年再崛起之路

资料来源:公司年报,seeking alpha中金公司研究部

河北快3 SHANGDIAOSHUIJIASHIGONGSIHUOQUTOURUZIBENHELIHUIBAOGUANJIANYINSU。2008-2018NIAN,GONGSIPINGJUNSHUIJIANIANFUHEZHANGFUYUE5%。GONGSISHOUYIZAIQUANMEI46GEZHOUBUJUDEGEJU,MEINIANDOUNENGBAOCHI2-10GEZHOUJINXINGJIAGESHANGDIAO,BIMIANSHOUDANYIQUYUDIAOJIAYANCHIDUIYEJIBODONGYINGXIANG。LINGYIFANGMIAN,WOMENRENWEISHUIJIASHANGDIAONENGYOUXIAOZHIXINGDEZHONGYAOYINSUSHI:1)GONGYONGSHIYETOUZIZHEHELIHUIBAOSHOUZUIGAOFAYUANBAOZHANG;2)GONGKAI、TOUMINGDEJIAGESHENHEJIZHI;3)SHICHANGHUASIWEIDEDINGJIAFANGFA。

图表: 公司平均水价及增速

中金看海外:美国水业十年再崛起之路

资料来源:公司年报,中金公司研究部

YOUHUAGUANLIJIANGBENZENGXIAOXIANZHU。2011NIAN,TICHUYUNYINGWEIHUCHENGBENBILVDEYAOQIU(O&M Efficiency Ratio)。TONGGUOTIGAONEIBUXINXIHUAGUANLICHENGDU,YIJIZAIYIXIANYUNYINGZHONGYINGYONGRUAI、WEIXINGYINGXIANG、HONGWAIWURENJICELOUDENGRUANYINGJIANJISHUQIANGHUAYUNYINGXIAOLV,GONGSIO&M Efficiency RatioCHIXUXIAJIANG,CONG2010NIANDE46.1%XIAJIANGDAO1H2019NIANDE35.5%,XIAJIANGCHAOGUO10GEBAIFENDIAN。

图表: 公司运营维护成本比率持续下降

中金看海外:美国水业十年再崛起之路

资料来源:公司年报,seeking alpha中金公司研究部

ZAIGEJUGUHUADECHENGSHUSHICHANGRENGBUDUANXUNQIUBINGGOUDEKUOZHANGDONGLI。SUIRANSHICHANGGEJUCHENGSHU,GONGSICONGSHANGSHIKAISHIRENGZAIJIJIXUNQIUKUOZHANGDE,YEWUFUGAIQUYUCONG2009NIANDE32GEZHOU,ZENGJIADAOXIANZAI46GEZHOU;BINGJITUOZHANSHANGYONG、GONGYEHEJUNFANGDENGSHICHANGHUAKEHU。

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