環(huán)保公用行業(yè)專題報(bào)告水務(wù)運(yùn)營(yíng)，被忽視的黃金，量?jī)r(jià)提升帶來價(jià)值回歸

1、正文目錄引言...............................................................................................................................6一、污水提標(biāo)加速推進(jìn)，供水投資趨于穩(wěn)定.............................................................61.1污水

2、處理全面普及，產(chǎn)能低速增長(zhǎng)...........................................61.2由“量”到“質(zhì)”加速推進(jìn)，提標(biāo)改造創(chuàng)造新機(jī)會(huì).............................71.3快速發(fā)展期已過，供水投資趨于穩(wěn)定........................................101.4PPP項(xiàng)目加速落地，水務(wù)存量市場(chǎng)得到釋放........................

3、..........11二、多因素驅(qū)動(dòng)，水價(jià)提價(jià)在即.............................................................................132.1成本上升推高供水價(jià)格....................................................132.2提標(biāo)改造與完善綠色價(jià)格機(jī)制推動(dòng)污水處理結(jié)算價(jià)格上漲....................

4、..16三、水務(wù)上市公司經(jīng)營(yíng)穩(wěn)健，抗風(fēng)險(xiǎn)能力極強(qiáng)........................................................173.1水務(wù)上市公司發(fā)展遠(yuǎn)優(yōu)于行業(yè)，龍頭發(fā)展更具優(yōu)勢(shì)............................173.2財(cái)務(wù)健康穩(wěn)健創(chuàng)收，“現(xiàn)金為王”無懼風(fēng)險(xiǎn).............................................................

5、..........203.3現(xiàn)金分紅比例高，長(zhǎng)期投資價(jià)值凸現(xiàn)........................................21四、投資建議.........................................................................................................224.1板塊持續(xù)下跌，估值優(yōu)勢(shì)顯現(xiàn)..................

6、............................224.2四個(gè)維度精選優(yōu)質(zhì)個(gè)股....................................................23五、風(fēng)險(xiǎn)提示.........................................................................................................27圖表34水務(wù)運(yùn)營(yíng)板塊

7、毛利率處于較高水平.........................................20圖表35水務(wù)運(yùn)營(yíng)板塊凈利率處于較高水平.........................................20圖表36水務(wù)運(yùn)營(yíng)板塊資產(chǎn)負(fù)債率處于較低水平.....................................20圖表37水務(wù)運(yùn)營(yíng)在環(huán)保細(xì)分行業(yè)中回款最好..........................

8、.............21圖表38水務(wù)運(yùn)營(yíng)板塊在手現(xiàn)金充足...............................................21圖表39水務(wù)運(yùn)營(yíng)板塊普遍執(zhí)行了較高的分紅比例...................................21圖表40水務(wù)運(yùn)營(yíng)板塊股息率較高.................................................22圖表41水務(wù)運(yùn)營(yíng)板塊內(nèi)各公司股

9、息率差異較大.....................................22圖表42年初至今申萬水務(wù)指數(shù)持續(xù)下跌...........................................22圖表43水務(wù)板塊在公用事業(yè)子板塊中跌幅居前.....................................22圖表44水務(wù)板塊估值處于歷史底部（PE（TTM））...........................

10、..........................................23圖表45公用事業(yè)子板塊估值情況（2018年11月23日）............................23圖表46主流水務(wù)公司水務(wù)項(xiàng)目布局區(qū)域...........................................23圖表472017年水務(wù)公司運(yùn)營(yíng)規(guī)模排名....................................

11、........24圖表482017年供水（在建擬建）運(yùn)營(yíng)規(guī)模排名..................................24圖表492017年污水（在建擬建）運(yùn)營(yíng)規(guī)模排名..................................25圖表50主要水務(wù)凈資產(chǎn)收益率排名...............................................25圖表51上市公司供水產(chǎn)能利用率在50%80%（2017