環(huán)保公用行業(yè)專題報告水務運營，被忽視的黃金，量價提升帶來價值回歸

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

2、處理全面普及，產能低速增長...........................................61.2由“量”到“質”加速推進，提標改造創(chuàng)造新機會.............................71.3快速發(fā)展期已過，供水投資趨于穩(wěn)定........................................101.4PPP項目加速落地，水務存量市場得到釋放........................

3、..........11二、多因素驅動，水價提價在即.............................................................................132.1成本上升推高供水價格....................................................132.2提標改造與完善綠色價格機制推動污水處理結算價格上漲....................

4、..16三、水務上市公司經營穩(wěn)健，抗風險能力極強........................................................173.1水務上市公司發(fā)展遠優(yōu)于行業(yè)，龍頭發(fā)展更具優(yōu)勢............................173.2財務健康穩(wěn)健創(chuàng)收，“現金為王”無懼風險.............................................................

5、..........203.3現金分紅比例高，長期投資價值凸現........................................21四、投資建議.........................................................................................................224.1板塊持續(xù)下跌，估值優(yōu)勢顯現..................

6、............................224.2四個維度精選優(yōu)質個股....................................................23五、風險提示.........................................................................................................27圖表34水務運營板塊

7、毛利率處于較高水平.........................................20圖表35水務運營板塊凈利率處于較高水平.........................................20圖表36水務運營板塊資產負債率處于較低水平.....................................20圖表37水務運營在環(huán)保細分行業(yè)中回款最好..........................

8、.............21圖表38水務運營板塊在手現金充足...............................................21圖表39水務運營板塊普遍執(zhí)行了較高的分紅比例...................................21圖表40水務運營板塊股息率較高.................................................22圖表41水務運營板塊內各公司股

9、息率差異較大.....................................22圖表42年初至今申萬水務指數持續(xù)下跌...........................................22圖表43水務板塊在公用事業(yè)子板塊中跌幅居前.....................................22圖表44水務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主流水務公司水務項目布局區(qū)域...........................................23圖表472017年水務公司運營規(guī)模排名....................................

11、........24圖表482017年供水（在建擬建）運營規(guī)模排名..................................24圖表492017年污水（在建擬建）運營規(guī)模排名..................................25圖表50主要水務凈資產收益率排名...............................................25圖表51上市公司供水產能利用率在50%80%（2017