Dangerous waste treatment opens the "golden age"
Time: 2016-09-13
The industry's prosperity has steadily increased, and the hazardous waste treatment market has gradually been valued by enterprises and capital markets, opening the "golden age." In recent years, many cross-border people have entered strongly and seized the market for hazardous waste disposal. Many enterprises have entered the hazardous waste field or expanded their market share through mergers and acquisitions. At present, 14 listed companies have successively laid out this field.
The hazardous waste disposal industry has a high degree of prosperity, and the policy is forced to deal with a huge gap.
High barriers and large gaps: There are high barriers to entry in the hazardous waste treatment and disposal industry, which are embodied in qualifications, technology, capital and management. At present, the processing scale of the national hazardous waste approval qualification is seriously insufficient compared with the output, and there is still a huge gap of 30-40 million tons/year.
Policy has been forced and regulation has become stricter: In recent years, the introduction of policies and the tightening of regulations have forced companies to deal with hazardous wastes and promote the collection of hazardous wastes to formal channels. In June of this year, the “National Hazardous Waste List” (2016 edition) was released, and the dynamic supervision in the future will be gradually strengthened, and the hazardous waste control will be more standardized, strict and refined.
Incineration and landfill as the main means, the model is clear and profitable
Incineration and landfill is the main means, and the cement kiln cooperates or becomes a powerful supplement. Hazardous waste disposal is mainly divided into two ways: resource and harmless. The harmless disposal includes three categories: physicochemical, incineration and landfill. In recent years, national policies have promoted the joint disposal of solid waste by cement kilns. In the short-term, there are still problems such as imperfect policies and insufficient technical reserves. However, in the long run, the coordinated treatment of cement kiln has the promotion value and may form a powerful supplement to the existing hazardous waste technology in the future.
The model is clear and the profit is considerable. Overall, the profit model of the hazardous waste treatment and disposal industry is mature. At present, the gross profit margin of listed companies remains at a high level. With reference to the experience of developed countries, the United States' hazardous waste disposal giant cleanharbors has a comprehensive gross profit margin of around 30%.
Dangerous waste opens the "golden age"
The market was scattered across the world, and the staking was at the right time: the industry's prosperity was steadily increasing, and the hazardous waste treatment market was gradually valued by enterprises and capital markets, opening the "golden age." China's hazardous waste disposal capacity is highly fragmented, and there are not many large-scale companies. According to statistics, Dongjiang Environmental Protection, Veolia (China), Xintiandi Environmental Group and other top ten companies accounted for only 6.8% of the total design processing capacity. In recent years, many cross-border people have entered strongly and seized the market for hazardous waste disposal. Many enterprises have entered the hazardous waste field or expanded their market share through mergers and acquisitions. At present, 14 listed companies have successively laid out this field.
High prosperity is expected to continue, layout leader and transformation target: We believe that the industry boom in the next 3-5 years is expected to continue. Investors are advised to pay attention to leading enterprises with first-mover advantage, qualifications and experience accumulation, as well as related indicators with performance flexibility through “endogenous growth” and “extension expansion”. It is recommended to pay attention to the snow wave environment, high energy environment and indigo environment.
