<p style="margin: 0;height: 0;"><span id="9999" style="display: none !important; font-size:0; line-height:0">寻找“独角兽”——碧水源 会是下一个吗？(ad)</span></p><p style="margin: 0;height: 0;"><span id="9999" style="display: none !important; font-size:0; line-height:0">寻找“独角兽”——碧水源 会是下一个吗？(ad)</span></p>
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<td class="txtall1" height="13" style="color: rgb(204, 204, 204); line-height: 12px; font-size: 10px;">“独角兽”正成为当下最热的话题，或许未来在中国它会十分“普及”，成为最不稀缺的物种。</td>
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<td align="left" class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: bold;" valign="bottom" width="620">文|姜伟</td>
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<img _attr="src" _v="https://picture-1255820567.cos.ap-beijing.myqcloud.com/tp/ZF/jiangwei.png" align="left" alt="姜伟" src="https://picture-1255820567.cos.ap-beijing.myqcloud.com/tp/ZF/jiangwei.png" style="padding: 0px 20px 0px 0px; float: left;" width="147" />“独角兽”正成为当下最热的话题，或许未来在中国它会十分“普及”，成为最不稀缺的物种。有人说“独角兽”的大规模出现预示着另一个科技泡沫，也有人说其估值有据可依。<br />
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到底哪一个正确？寻找真正的“独角兽”将是“新时代”又一个重要财富源泉。<br />
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<p style="text-align:center;font-size:24px;font-weight:bold;">小知识：</p>
2017年12月，胡润研究院发布<b>《2017胡润大中华区独角兽指数》，大中华区独角兽企业总数达120家，整体估值总计超3万亿元。</b><br />
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北京成为独角兽企业最多的城市，占上榜企业总数45%，其次是上海、杭州和深圳。<b>蚂蚁金服、滴滴出行、小米公司</b>估值占据前三。<br />
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榜单结合资本市场独角兽定义筛选出外部融资且估值超10亿美元的优秀企业。</td>
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现在，中国经济正处在结构调整，新旧动能逐步转换的过程中。以<b style="color: rgb(204, 0, 0); ">“互联网、智能制造、生物医药、生态环保”</b>为代表的新兴产业发展动力不断增强。<br />
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随着证监会出台政策，积极推进新技术新产业新业态企业的IPO上市，<b>这些领域的独角兽将获得更多资金，并进一步拉开与传统公司、弱势企业的发展差距</b>。<br />
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随着而那些已经在A股上市的科技龙头企业，也有望受益于各领域的独角兽企业IPO上市，其公司价值有望被市场全面衡量，形成新的提振。（当然，独角兽企业的发展需要资本的推动。当“风口”还未来临时，是龙也得盘着。）<br />
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按照“科技龙头+资本风口”的思路，本文为您首先分析一下环保板块中，很有可能出现“独角兽”——<b style="color: rgb(204, 0, 0); ">碧水源</b>。<br />
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<p><strong><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" ><u>“独角兽” A股兴风作浪！我帮你抓了一只活的</u></a></strong></p>
最近，证监会声明向“独角兽”企业提供IPO特殊通道，使得该概念一跃成为A股市场的一大热点，备受投资精英们的热烈讨论和关注。然而，即使他们成功IPO仍然还需等待，而我现在就帮你抓了只“活的” ——已经上市的物联网龙头企业……<br />
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如今，物联网在我们生活中已经不可或缺。共享单车、人工智能、无人驾驶等等都是其应用的一部分。据高德纳公司预测，2020年，全球将有260亿台设备接入物联网……届时，这家公司，手握物联网核心技术、产品市场即将扩至全球，高额利润必将反映在股价上，现在入手，正是时候！ <b><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" >立即点击此处，获取详情>>></a></b></td>
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<b style="color: rgb(204, 0, 0); ">碧水源</b>成立于2001年，2010年登陆创业板，成为环保行业的领军企业之一。经历长期的技术积累，已经形成了强大的技术竞争优势。<br />
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在生态水环境治理和水资源再生的长期驱动下，技术优势必将加速转化为产品优势、工程优势和新市场占有率。<br />
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目前，<b style="color: rgb(204, 0, 0); ">碧水源</b>具有完全自主知识产权的<b>全产业链膜技术</b>，是<b>中国唯一一家集膜材料研发、膜设备制造、膜工艺应用于一体的企业</b>。<br />
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<b>MBR（膜生物反应器）是</b><b style="color: rgb(204, 0, 0); ">碧水源</b><b>的核心技术</b><b style="color: rgb(204, 0, 0); ">碧水源</b>的MBR膜技术可以实现地表水四类以上，减少占地面积三分之一以上。<br />
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目前<b style="color: rgb(204, 0, 0); ">碧水源</b>是全球范围内，承建10万吨/天以上大规模MBR工程最多的企业，此类项目的数量占比约为全球的50%。<br />
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2014年，碧水源市政项目处理规模已占据全国53%以上，据公司统计，2017年处理规模约占全国大型市政污水项目的70%。<br />
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至2016年底，<b style="color: rgb(204, 0, 0); ">碧水源</b>已在全国30多个省市与国有水务公司以PPP的模式，组建了超过100家合资公司，开展污水、自来水项目投资建设。<br />
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PPP项目累计处理能力超过2000万吨/天，服务人口近一亿。而<b style="color: rgb(204, 0, 0); ">碧水源</b>膜技术已达到近2500万吨/天的污水处理能力，覆盖了全国近二百个城市。</td>
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2016年，<b style="color: rgb(204, 0, 0); ">碧水源</b>实现收入88.9亿元，同比增长70.5%，归母净利润18.5亿元，同比增长35.5%。其中，污水处理整体解决方案、市政工程建设、净水器销售三项主营业务的收入占比分别为51%、47%、3%，毛利率分别为48%、13%、48%，各板块毛利润贡献分别为77%、19%、4%。<br />
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据相关研究机构预测，2016~2020年全国污水处理能力的复合增速约4.5%。其中，城市处理能力的复合增速约4%，县城处理能力的复合增速约6%，乡镇处理能力的复合增速约7%。<br />
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<b style="color: rgb(204, 0, 0); ">从趋势上看，水治理领域的增速已经进入低增长阶段，竞争格局趋于温和，未来的机会更多来自于县和乡镇领域的增量和存量升级。</b><br />
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具体来看，污水处理能力的增长，来自新建污水厂与现存污水厂的提标改造两个方向。</td>
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一方面，2015年，我国城市/县城污水处理率达92%/85%，预计2020年将达到95%/90%，而乡镇的污水处理率也将快速提高到70%。因此，<b style="color: rgb(204, 0, 0); ">未来几年，乡镇新建污水处理能力将出现快速增长。</b><br />
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另一方面，<b style="color: rgb(204, 0, 0); ">城市现有污水厂的提标改造量也将超过3500万吨/天，以满足新的排放标准。</b>行业的低增长和垄断竞争格局将保证未来<b style="color: rgb(204, 0, 0); ">碧水源</b>获得更大的市场份额和更强大的可持续竞争优势，分享行业的新增长红利。<br />
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<p><strong><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" ><u>存款上位记：由“万”至“千万”只需一年？</u></a></strong></p>
如果你也是每月工资几千块的工薪阶层，辛辛苦苦一整年也只有几万块的存款。那么接下来，赶紧让它走上这条“上位捷径”，从5位数直奔8位数……而且，在一年之内！<br />
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不要怀疑，因为市场中有这样一类自带聚变因子的特殊资产，正是助力存款上位的最佳拍档。该资产由美国普林斯顿大学的学者研究发现。结果证明，它们的价值会在一夜间翻倍，甚至五倍、十倍或更多。<br />
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凭借该资产这种快速聚变升值的特质，你的财富也将在一年内由5万到16万、34万、114万……直至上位到一笔意想不到的高额财富…… <b><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" >立即点击此处，获取该资产详情>>></a></b></td>
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“十三五”是我国水环境治理的重点攻关阶段。生态建设已是环保最大的投资方向。“十三五”期间，我国将治理的黑臭河总长度达5904公里，若按照每公里投资3000万元计算，则市场规模有望超过1700亿元。<br />
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<b style="color: rgb(204, 0, 0); ">碧水源</b>水质敏感区域治理经验丰富，曾成功实施了滇池治理、环太湖流域治理工程。2017年前三季度生态类合同额约150亿，占公司整体订单量的比例近60%。<br />
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<td align="left" class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;" valign="bottom" width="620"><b style="color: rgb(204, 0, 0); ">可再生水利用，提高城市环境承载能力。</b>中国是全球13个严重缺水的国家之一，北方部分地区的水资源开发利用率甚至超过100%。<br />
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“十三五”期间我国可再生水利用率将从10%提高到15%，缺水地区可再生水利用率将从9%提高到20%，其中京津冀地区要求可再生水利用率达到30%。这将带来2100余万立方米/天的新增处理能力。<br />
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<b style="color: rgb(204, 0, 0); ">这有望提升京津冀环境承载能力。</b>在千年大计雄安新区的建设中，生态环境保护、白洋淀流域环境整治将是不可或缺的重要环节。而京津冀人均水资源仅286立方米，远低于“极度缺水”500立方米的国际标准。水资源不足成了区域环境承载能力的最主要桎梏。<br />
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<td align="left" class="txtd"><span class="txti2" style="height: auto; text-align: left; color: rgb(204, 0, 0); line-height: 1.8em; padding-top: 20px; font-family: 微软雅黑; font-size: 24px; font-weight: bold;">处于低位，便宜就是竞争力</span></td>
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<b style="color: rgb(204, 0, 0); ">碧水源</b>估值无论从时间维度还是空间维度，都处于底部。从公司静态估值来说，目前处于历史最低位。从动态估值来说，以Wind一致预期口径来测算2018年动态估值，两个口径的估值均处于行业低位。<br />
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另外， 2015年，国开行参与<b style="color: rgb(204, 0, 0); ">碧水源</b>定增，以54.3亿拿下<b style="color: rgb(204, 0, 0); ">碧水源</b>10.48%的股权，成为碧水源第三大<b style="color: rgb(204, 0, 0); ">碧水源</b>当时的定增股价为每股42.16元，考虑2015年送转除权后，国开行的定增成本折合当前股价为19.12元/股，目前股价倒挂。<br />
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综述，与<b style="color: rgb(204, 0, 0); ">碧水源</b>通过技术积累和规模优势已经在水治理领域构建了强大的护城河，随着中国经济发展方式由数量向质量转型，环保的可持续发展是必然趋势。独角兽或许正在向其招手。<br />
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<b>声明：本文仅做投资思路分享，不构成任何投资建议。具体的投资咨询，请联系顾问（周一至周五，9:00-12:00，13:30-18:00）。 QQ：800027608 微信：dds3rdstone</b><br />
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