有国内机构指出，水务和固废行业以政府类客户为主，据机构测算，全国污水处理服务费财政负担率71%，行业通过周期性调价来保证盈利水平。财政支付能力改善有利于改善现金流、提振企业盈利可持续性。The Ministry of Finance and two other departments: the implementation of a water resource tax is based on the amount, determining the tax amount for groundwater based on high levels.
According to the Zhitong Finance and Economics APP, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Water Resources recently jointly issued the "Implementation Measures for Pilot Reform of Water Resource Tax." It mentioned that the water resource tax is based on quantity. The tax amount for extracting groundwater is determined at a higher level. For the same type of water use, the tax amount for groundwater should be higher than surface water. Tax amounts will be higher for water use in areas where water resources are severely scarce and overloaded. For unauthorized water use, use exceeding permitted quantities, or beyond water withdrawal plans, the tax amount will be appropriately increased based on the actual circumstances.
Many cities like Shanghai, Guangzhou, Changsha, Nanjing have initiated adjustments in tap water prices, with price adjustments ranging from 13% to 36%. The policy side is also actively promoting reforms in sewage, garbage treatment fees, and other charging mechanisms. Price mechanisms rationalization and user payment will be the trend.
Some domestic institutions pointed out that the water affairs and solid waste industries are mainly focused on government clients. According to institutional estimates, the national sewage treatment service fee financial burden rate is 71%. The industry ensures profitability through periodic price adjustments. Improvements in fiscal payment capacity are beneficial for improving cash flow and boosting the sustainability of enterprise profits.
Guotai Junan Securities also believes that the accounts receivable of environmental protection water affairs and solid waste operation companies are expected to accelerate recovery.
Shenwan Hongyuan pointed out that the amount of accounts receivable overdue in the environmental protection sector is relatively large, which puts certain pressure on the sector's cash flow and profits, suppressing the sector's valuation. The bank stated that the main customers of the environmental protection business are local governments, with historical arrears of accounts to varying degrees. This time, the Ministry of Finance is intensifying debt reduction efforts, coupled with the PBOC's creation of an initial 500 billion yuan swap facility, the valuation of the environmental protection sector is expected to increase.
Leading water sector companies:
bj ent water (00371), china water (00855), eb environment (00257), etc.