China’s environmental protection sector contains three major subsectors, namely waste water treatment, solid waste treatment and recycling, and air pollution control. Besides some government guidance on the direction of development, the sector is basically market-driven. Due to the slow technological progress resulting in low entry barriers, the sector accommodates market players of all scales. However, to carry out long-term comprehensive environmental protection projects, which will become more common as the government has taken to ecological improvement and pollution control as a whole, being large in size and financially well secure is a great advantage. According to data from the China Association of Environmental Protection Industry, enterprises with individual revenue of over RMB 100mn, accounting for only 11.6% of the total number of market players, generated over 90% of the market profits in 2017.

随着近年来上市公司并购案例的不断增加，产生的商誉值也不断冲高。根据Wind 统计，2013 年至2018 年Q3 年期间，A 股市场上商誉从0.21 万亿元增长至1.45 万亿元，涨幅达575.34%。从整体来看，2014-2016 年是商誉形成的高峰期，根据并购标的业绩承诺期3-5 年推算，商誉减值的考验集中在2017 年至2019 年，并购标的业绩能否达标以及商誉是否计提减值，已经成为影响上市公司近两年业绩的重要因素之一。

在港股、美股上市的环保公司大多处于成长期或成熟期，拥有稳定的现金流和稳健的业绩增长，因此基本都采用 PE 法进行定价，与此同时业绩增速较快、成长性较好的环保公司能享受估值溢价。