\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 86 Beijing New Building Materials Public Limited Company(000786) )
Event:
Beijing New Building Materials Public Limited Company(000786) released the annual report of 2021: the company achieved an annual operating revenue of 21.086 billion yuan, a year-on-year increase of 25.15%; The net profit attributable to shareholders of listed companies was 3.51 billion yuan, a year-on-year increase of 22.67%.
Key investment points:
Steady growth in performance and overall stability in profitability. In 2021, the company realized an operating revenue of 21.086 billion yuan, a year-on-year increase of 25.15%; The net profit attributable to shareholders of listed companies was 3.51 billion yuan, a year-on-year increase of 22.67%. Thanks to the stable market demand, the production and sales of the company's main products increased in 2021. Looking back on the past four years, the net profit attributable to the parent company in 2017 was 2.344 billion yuan, which increased to 3.51 billion yuan in 2021. The net profit attributable to the parent company maintained a compound annual growth rate of 10.62%. In 2021, affected by the international crude oil market, the price of asphalt, the main raw material of the company's waterproof products, increased greatly, which had a certain impact on the company's profitability, and the gross profit margin and net profit margin decreased slightly.
The leading position is stable, and the sales volume of gypsum board continues to grow. The company has steadily promoted the construction of national industrial base, successively established gypsum board production bases in many regions, basically realizing the coverage of the whole country, and the leading position is stable. By the end of 2021, the company's gypsum board has been put into operation, with a production capacity of 3.358 billion square meters. With the expansion of production capacity and the steady expansion of sales channels, the company's gypsum board sales continued to grow, from 1437 million square meters in 2014 to 2.378 billion square meters in 2021, and the sales revenue increased from 7.071 billion yuan to 13.78 billion yuan; In terms of price, the average sales price of gypsum board shows an upward trend as a whole, and decreases slightly in 2019 and 2020. The profitability of the company's gypsum board business has increased steadily as a whole, and the gross profit margin has remained above 30% in recent years.
The waterproof and coating businesses were carried out smoothly, the merger and acquisition of high-quality companies in the industry, and the layout of one body and two wings continued to be promoted. Beixin waterproof, the company's waterproof platform, was established in 2021. At present, it has 15 waterproof material production bases in Chengdu, Sichuan, Meishan, Xianyang, Shaanxi, Jiujiang, Liaoning Panjin, Chuzhou, Anhui, Anqing, Qingyuan, Guangdong, Xiantao, Hubei, Zhengzhou, Henan and Jiading, Shanghai. It has basically completed the layout of northeast, East, South, southwest and northwest, overcoming the limitation of seasonality and transportation radius of waterproof material industry. The coating business of the company adopts the development mode of "new project + joint reorganization", and the business layout has made substantial progress at present. In 2021, Beixin coating Co., Ltd. was established and inaugurated, completed the coating business integration, carried out the national layout, took the lead in establishing the China coating revival alliance, and steadily cultivated new profit growth points.
Profit forecast and investment rating. The company's gypsum board business grew steadily, and the proportion of the contribution of waterproof and coating business to the company's operating revenue gradually increased. We predict that the net profit attributable to the parent company from 2022 to 2024 will be 4.124 billion yuan, 4.905 billion yuan and 5.683 billion yuan respectively, with corresponding EPS of 2.44 yuan, 2.90 yuan and 3.36 yuan respectively, and corresponding PE of 12.04x, 10.12x and 8.73x, maintaining the "buy" rating.
Risk warning: industry competition intensifies; Gypsum board market demand is less than expected; The capacity expansion rate of waterproof materials is lower than expected; The price of raw materials continues to rise; The repeated epidemic has an impact on the economy; The uncertainty of the implementation process of the company's strategic planning, etc.
