\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 86 Beijing New Building Materials Public Limited Company(000786) )
Event:
The company released its annual report for 2021, and achieved an operating revenue of 21.086 billion yuan, an increase of 25.15% at the same time; The net profit attributable to the parent company was 3.510 billion yuan, an increase of 22.67% at the same time; Deduct the net profit not attributable to the parent company of RMB 3.414 billion, an increase of 22.99% at the same time. In the fourth quarter alone, the company's revenue was 5.163 billion yuan, an increase of 9.03% at the same time; The net profit attributable to the parent company was 787 million yuan, with a decrease of 7.95%; Deduct 748 million yuan of non parent net profit, with a decrease of 7.37%.
Comments:
The three business segments made concerted efforts to promote the steady growth of revenue. In 2021, the company's gypsum board output was 2.423 billion square meters, an increase of 19.18% at the same time; The sales volume was 2.378 billion square meters, an increase of 18.01% at the same time; The operating income of gypsum board was 13.78 billion yuan, an increase of 25.94%. The keel business income was 2.756 billion yuan, an increase of 40.32%. The business income of waterproof building materials was 3.871 billion yuan, an increase of 16.17%.
The cost pressure appeared, and the performance declined in the second half of the year. In 2021h2, the company realized a net profit attributable to the parent company of 1.673 billion yuan, a decrease of 14.51%. The gross profit margin of single Q3 sales was 28.29%, down 7.24pct year-on-year; The gross profit margin of single Q4 sales was 31.91%, down 3PCT year-on-year. Mainly due to the rising prices of coal, steel, petrochemical products and other raw and fuel materials, resulting in greater pressure on the cost side. Among the three major businesses, the waterproof business is the most impacted by the cost, with the annual gross profit margin of 23.63%, with a decrease of 10.34 PCT; The gross profit margin of keel business is 18.43%, with a decrease of 6.25 PCT; The gypsum board business once again demonstrated the bargaining power of the company under the high market share, with a gross profit margin of 37.26%, an increase of 1.36pct at the same time. Through the price increase of products, the cost was transmitted smoothly.
The main business of gypsum board continued to promote, and the profit was basically stable. At present, the total business scale of gypsum board production, expansion and contract signing of the company has reached 3.838 billion square meters, has formed a total effective production capacity of 3.358 billion square meters on the market, has 74 gypsum board production bases covering the whole country, and has completed the layout of five gypsum board production bases in Asia, Africa and Europe in the first stage overseas, moving towards the goal of global production capacity layout of 5 billion square meters. In addition, the company's light steel keel production capacity has reached 488000 tons, which has become the world's largest manufacturer in this field.
Waterproof + coating, "two wings" growth logic is clear. The remaining 30% of the equity of Saite and Binhai Beiwang waterproof Co., Ltd., which were incorporated in the third phase of the reorganization, were jointly owned by Shanghai Aote and Taiyang waterproof Co., Ltd. At present, the company has realized the layout of 15 industrial bases in China and completed the first stage of integration. According to the plan, the company's waterproof material industry base will grow to 30 in the future. In the future, it will continue to expand its waterproof territory, establish a "1 + n" waterproof industry pattern, develop and build a "Beixin" waterproof brand, and build n independent brands in the professional market and business field. The company has realized the importance of stabilizing the cost of raw materials and has planned the layout. In the year of 21, we established a supply chain subsidiary with Keshun Waterproof Technologies Co.Ltd(300737) , Jiangsu Canlon Building Materials Co.Ltd(300715) to be responsible for the unified procurement of common raw materials, equipment and spare parts for all shareholders, and established a joint venture to engage in the production and sales of tire base cloth, the raw material of waterproof roll, and comprehensively improve the control of raw material procurement.
In 2021, Beixin coating Co., Ltd. was officially established, mainly adopting the development mode of "new project + joint reorganization". At present, it holds 100% equity of longpai coating and 49% equity of Lighthouse coating. In the future, it plans to develop 20 industrial bases and carry out national layout. In addition, the company took the lead in establishing the China paint revival alliance to steadily cultivate new profit growth points.
The development of green and prefabricated buildings is expected to provide new growth opportunities for the company. Green buildings and prefabricated buildings have been supported by relevant national policies. Under the background of "double carbon", the government led and vigorously developed affordable rental housing projects may tend to increase the proportion of prefabricated construction methods as much as possible. In "affordable rental housing: major development opportunities for green and prefabricated buildings - in-depth research on prefabricated buildings and green building industry VI" (December 17, 2021), we predict that during the 14th Five Year Plan period, only affordable rental housing will bring more than 190% of the incremental market space (area caliber) for prefabricated decoration; If the improvement of assembly rate is considered, the increment of industrial output value is more obvious. Gypsum board products are mainly used in prefabricated building partitions and ceilings, which is expected to usher in a new round of development opportunities.
Profit forecast and valuation rating: the rising cost of raw and fuel materials has temporarily put pressure on the performance. We slightly reduced the company's EPS from 22 to 23 years to 2.37 and 2.77 yuan (11.57% and 7.97% respectively), and increased the EPS for 24 years to 3.08 yuan. The steady progress of the company's "one body and two wings" will bring long-term growth space and continue to maintain the "buy" rating.
Risk tip: the price rise of raw materials is higher than expected, the downstream demand is lower than expected, and the business expansion is lower than expected.
