\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, which realized an operating revenue of RMB 21.086 billion in 2021, with a year-on-year increase of 25.15%; The net profit attributable to the parent company was 3.510 billion yuan, a year-on-year increase of 22.67%; The net profit attributable to the parent company after deduction was 3.414 billion yuan, a year-on-year increase of 22.99%.
The volume and price of gypsum board rose at the same time and continued to grow at a high rate. In 2021, the company’s gypsum board business realized an operating revenue of 13.78 billion yuan, a year-on-year increase of 25.94%; The annual sales volume of gypsum board reached 2.378 billion square meters, with a year-on-year increase of 18.01%. The gross profit margin of gypsum board business is 37.26%, an increase of 1.36 percentage points compared with last year. The increase of gross profit margin mainly comes from the increase of product price and the reduction of unit sales cost in 21 years, which shows that the company, as a leading enterprise of gypsum board, has strong brand power and market influence. The company has formed 74 gypsum board production bases covering the whole country, and completed the layout of 5 gypsum board production bases overseas, ranking first in the industry. At present, about 70% of China’s gypsum board is used in the field of ceiling. Compared with 80% of foreign gypsum board is used in wall construction, the application of gypsum board in the field of partition wall still has great room for improvement. With the gradual advancement of carbon neutralization, the introduction of policies related to green buildings and prefabricated buildings is conducive to the wider application and promotion of gypsum board. It is expected that the company’s gypsum board business will continue to grow rapidly in 22 years.
The revenue of waterproof business increased and the gross profit margin decreased. In 2021, the revenue of the company’s waterproof sector was 3.871 billion, a year-on-year increase of 16.17%. However, due to the high cost of raw materials, the gross profit margin of waterproof business decreased by 10.34 percentage points year-on-year. Beixin waterproof was established in 2021, and the equity of many waterproof enterprises was transferred to Beixin waterproof, and the company’s waterproof business integration achieved initial results. At present, the company has realized the layout of 15 industrial bases in China in terms of waterproof business, ranking third in the industry. In 2022, driven by the demand of downstream infrastructure investment, urban renewal and old transformation, the waterproof business is expected to achieve high growth; The concentration of waterproof industry is still low. In the future, with the improvement of waterproof industry standards, leading enterprises with brand advantages and product quality advantages will benefit, and the market share of industry leaders will be further improved.
To effectively promote the strategy of “one body, two wings and global layout”, one body is to take the gypsum board business as the core and do a good job in the gypsum board + supporting extended product business such as light steel keel, powder mortar, mineral wool board, rock wool and Jinbang board. At present, the company’s gypsum board business is still the company’s leading product, and gradually carry out the global layout of the whole product series. Tianjin waterproof coating and waterproof coating will become the new business of the company in the future.
As a leading enterprise in the gypsum board industry, the company has obvious advantages in products, technology, brand and marketing channels. With the improvement of waterproof industry standards and industry concentration, the market share of the company’s waterproof sector still has great room for improvement. It is estimated that the net profit attributable to the parent company in 22-24 years is RMB 4.309/5.060/5.546 billion, and the earnings per share in 22-24 years is RMB 2.55/2.99/3.28, with a year-on-year increase of 22.76% / 17.42% / 9.62%, and the corresponding P / E ratio is 11.41 times / 9.72 times / 8.86 times. Maintain the “recommended” rating based on the company’s good development expectations.
Risk warning: the demand of downstream application fields is lower than the expected risk; Risk of high raw material costs.
