Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) (002271)
1、 Event overview
On November 17, 2021, the company signed a strategic cooperation agreement with China green energy. The two sides will jointly promote the national “bapv” and “BIPV” photovoltaic power generation projects, develop photovoltaic roof integrated products, and promote the integrated marketing of photovoltaic waterproof in the fields of new construction, repair and transformation. In the last six months, the company has signed strategic cooperation agreements with Shenzhen Ruihe Construction Decoration Co.Ltd(002620) (November 5), Shanghai Jingri Cecep Solar Energy Co.Ltd(000591) (October 28), Jingao Cecep Solar Energy Co.Ltd(000591) (September 30) and Anhui Xinyi power supply (September 10).
2、 Analysis and judgment
New waterproof application space for photovoltaic roof integration
Speed up distributed photovoltaic and add waterproof application scenarios. The “whole county promotion” accelerated the penetration of distributed PV. In the first three quarters, the total installed capacity of distributed PV accounted for 67% in China, an increase of 8.2 percentage points year-on-year. The national energy administration put forward requirements on the installable proportion of photovoltaic on various roofs, which gave birth to three kinds of application scenarios of roof waterproof, and the stock repair and transformation are synchronized with the new ones: ① the roof of industrial plant; ② Roofs of schools, hospitals, stations and other public buildings; ③ Rural residents’ roofs.
Improve the material requirements, and the polymer waterproof pattern is better
On the one hand, the design service life of photovoltaic modules and power stations is generally not less than 25 years, ordinary waterproof materials can not meet the durability requirements, and the maintenance operation of waterproof layer is complex and the cost is high. On the other hand, metal roof is the mainstream of industrial and large municipal places, with low load-bearing capacity, and asphalt based waterproof materials need to be added with cement protective layer. Therefore, the common asphalt based materials are not suitable for distributed photovoltaic roof waterproofing. At present, polymer materials are one of the high-end waterproof materials with better matching performance and economy. The pattern of high-end materials is better, and there are few enterprises with advantages in technology, production capacity and scale effect.
Technology + channel, highlighting the first mover advantage
In terms of technology accumulation, The company has been deeply engaged in TPO (one of polymer materials) flexible roof system for more than 10 years, covering automotive, aerospace, electronic communication, tobacco, etc., with rich success cases. In terms of cooperation channels, it covers components / EPC / battery materials / power station operation, etc., and partners such as Ja Solar Technology Co.Ltd(002459) , Shenzhen Ruihe Construction Decoration Co.Ltd(002620) , zhonglvneng, Xinyi power supply and Jingri Cecep Solar Energy Co.Ltd(000591) Yuhong actively connects the photovoltaic industry chain with internal integration companies and business divisions, focuses on resources, and is expected to accelerate the implementation of orders.
3、 Investment advice
Leading the new trend, photovoltaic roof integration is expected to accelerate its growth. At the same time, we continue to be optimistic about the improvement of the market share of the main waterproof business and the coordinated development of non waterproof business. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 4.098 billion, RMB 5.437 billion and RMB 7.090 billion respectively, and the corresponding dynamic PE of the stock price on November 26 will be 25.68x, 19.35x and 14.84x respectively. The average dynamic valuation of consumer building materials comparable company 2021-22 is 22x and 14.4x. Considering that Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) is a leader in market value and scale, with clear long-term strategy and reasonable valuation premium, it is given a “recommended” rating for the first time.
4、 Risk tips
The waterproof demand of photovoltaic roof, new real estate construction and new business development are less than expected; The price of raw materials fluctuates greatly.
