Haitong Securities: Depth Report on Environmental Monitoring Instruments Industry

Environmental Monitoring Instruments: A New Chapter of Policy Dongfeng, Spectral Gas Safety and Environmental Monitoring

Tianrui Instrument (300165, stock) has the most cash, Concentration Technology (300203, stocks) products are the most comprehensive, Skyray Instrument and Hanwei Electronics (300007, stocks) the lowest price-earnings ratio, the three companies performed better since August. We divided the environmental monitoring instruments into gas safety monitoring and environmental protection analysis and monitoring. There are five related listed companies, Hanwei Electronics, Xianhe Environmental Protection, Tianrui Instruments, Concentration Technology and Xuedilong (002658). ); Tianrui instrument account cash 1.1 billion, accounting for 57% of the total market value; concentrating technology products comprehensive coverage of environmental protection and gas safety monitoring; Hanwei Electronics and Skyray Instrument rolling price-earnings ratio are about 30 times; three companies have run since August Win the Shanghai Composite Index.

Gas safety monitoring equipment: The short-term look at the demand for non-coal mines started, and the long-term look at the rapid development of domestic natural gas. The 12th Five-Year Plan for Safe Production of Non-Coal Mines requires about 10,000 mines to establish a complete safety monitoring system. Assuming that the integrated monitoring system costs 1 million yuan, the total market demand will reach around 10 billion yuan. The development of natural gas is a natural and effective strategy for energy conservation and emission reduction. With the use of 10,000 cubic meters of natural gas, it can reduce the consumption of standard coal by 12.7 tons, reduce the emission of carbon dioxide by 33 tons, and save energy and reduce emissions. In 2015, the total supply of natural gas in China was higher than that in 2010. It is expected to grow by more than 150%, about half of which will be used for urban gas. By 2015, households with gas consumption are expected to reach 200 million households, and the proportion of residential gas in total gas consumption will be less than 20%; in the context of the rapid development of natural gas and gas, The total demand for relevant gas safety monitoring instruments is expected to reach 20 billion yuan.

Environmental analysis and monitoring equipment: a short look at PM2.5 and thermal desulfurization, long-term automatic monitoring of heavy metals. The chemical oxygen demand and ammonia-nitrogen emissions from water mainly come from the living area. The emissions of sulfur dioxide and nitrogen oxides from the atmosphere mainly come from the industrial sector. Coal-fired power plants are the main air pollution emission households. Under the guidance of national policies and financial support, by 2010, more than 15,000 companies will implement automatic monitoring, increase the city's urban sewage treatment rate to 72%, increase the proportion of installed thermal power desulfurization facilities to 82.6%, and automatically monitor pollution sources and desulfurization of coal-fired units. universal. From the "12th Five-Year Plan" environmental protection related policies, PM2.5, coal-fired unit denitrification and heavy metal-related monitoring will be the focus of environmental monitoring equipment applications; the amount of demand, we estimate the largest demand for heavy metal related equipment, followed by denitrification related instruments, The least is the PM2.5-related instrument; from the list of qualified products issued by the National Environmental Monitoring Center, the current competition and analysis of major environmental monitoring and analysis equipment products are fierce, and the heavy metal monitoring and analysis equipment has not yet officially started to popularize applications.

The proposal focuses on Tianrui Instruments, which has benefited from the development of Hanwei Electronics and the monitoring of beneficiated heavy metal pollution. The continuous deepening of domestic natural gas applications and the gradual start-up of heavy metal-related monitoring are expected to drive the demand for related environmental monitoring equipment. Among the five listed companies, Hanwei Electronics and Tianrui Instruments are expected to maximize their revenue.