\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 86 Beijing New Building Materials Public Limited Company(000786) )
The company issued the annual report of 2021. In 2021, the company achieved an operating revenue of 21.086 billion yuan (+ 25.15%); The net profit attributable to the parent company is 3.510 billion yuan (+ 22.67%), and the net profit not attributable to the parent company is 3.414 billion yuan (+ 22.99%). In Q4 of 2021, the company achieved a revenue of 5.163 billion yuan (+ 9.25%), a net profit attributable to the parent company of 787 million yuan (- 7.87%), and a net profit not attributable to the parent company of 748 million yuan (- 7.37%).
The growth rate of gypsum board business was higher than the overall growth rate of the industry, and the market share increased. In 2021, the gypsum board business achieved a revenue of 13.78 billion yuan (+ 25.94%), an operating cost of 8.646 billion yuan (+ 23.28%), and a sales volume of 2.378 billion square meters (+ 18.01%), which was much higher than the growth rate of 4.78% of the industry, including 480 million square meters of dragon brand (+ 24.50%) and 1.82 billion square meters of Taishan (+ 17.60%). The average sales price of gypsum board is 5.65 yuan / m2 (+ 0.37 yuan / m2), of which the average sales price of dragon brand is 7.70 yuan / m2 (+ 0.37 yuan / m2), the average sales price of Taishan is 5.16 yuan / m2 (+ 0.32 yuan / m2), and the unit cost of gypsum board is 3.64 yuan / m2 (+ 0.16 yuan / m2). The gross profit margin of gypsum board was 37.26%, with a year-on-year increase of 1.36 PCTs. The increase in gross profit margin was mainly due to the increase in the price of gypsum board and the decrease in the unit sales cost of gypsum board. Facing the market environment of the price rise of bulk raw and fuel materials outside China, Beixin has weakened the impact by developing a large number of new suppliers, developing new processes and technologies, expanding the scope of application of raw and fuel materials and the selection of alternative materials. As a leader in the industry, Beijing New Building Materials Public Limited Company(000786) has the advantage of pricing power, and timely and appropriately promote product price transmission to pass on costs, so that the company's gypsum board performance maintains good growth.
Accelerate the development of "gypsum board +" businesses such as keel and powder mortar. In 2021, the revenue of keel was 2.756 billion yuan (+ 40.32%), and the sales volume was 367000 tons (+ 18.00%), of which the sales volume of dragon brand was 203000 tons (+ 16.00%), and the sales volume of Taishan was 160000 tons (+ 21.50%). The gross profit margin of keel was 18.43%, a year-on-year decrease of 6.25 PCTs, mainly due to the decline of gross profit margin caused by the rise in the price of raw materials. At present, the concentration of keel industry is low, and Beijing New Building Materials Public Limited Company(000786) it is difficult to fully transfer the cost by raising the price. During the reporting period, the company's light steel keel production capacity totaled 488000 tons, ranking the world's largest light steel keel company. It is expected that the market share of the company's keel business will further increase in the future.
The net profit of waterproof business decreased significantly, and the risk of accounts receivable was strictly controlled. In 2021, the revenue of waterproof business was 3.871 billion yuan (+ 16.17%), the net profit was 245 million yuan (- 51.95%), and the net cash flow from operating activities reached 463 million yuan, compared with - 161 million yuan in 2020. The main reasons for the decline in the net profit of waterproof business: on the one hand, the price of raw materials rose, on the other hand, in the face of the real estate explosion in the second half of the year, the company adjusted the rhythm, paid more attention to the operation quality and strictly controlled the risk of accounts receivable. At present, the waterproof material industry is developing rapidly, but the industry concentration is not high, and the industry ecology needs to be improved. Beixin has promoted the layout of 15 waterproof material production bases, and will establish a "1 + n" waterproof industry pattern. The waterproof management team of the company has excellent management and large growth space in the future.
The coating business has bucked the trend and has great room for development. In 2021, the paint revenue was 130 million yuan (+ 30.00%), contributing a net profit of 3.8 million yuan. Beixin adopts the development mode of "new project + joint reorganization", establishes Beixin coating Co., Ltd., completes the coating business integration, holds 100% equity of longpai coating and 49% equity of Lighthouse coating, carries out national layout, takes the lead in establishing China coating revival alliance, and steadily cultivates new profit growth points.
Investment suggestion: the continuous development of new urbanization construction, prefabricated buildings and green buildings is expected to increase the demand for gypsum board Beijing New Building Materials Public Limited Company(000786) adhere to the strategy of "one body and two wings", take the gypsum board business as the core, develop the "gypsum board +" supporting extended product business such as keel and mortar, and make full use of its collaborative advantages. In the future, the business layout will be further optimized to maintain the leading position in the industry. At the same time, it is optimistic that the gross profit margin of Beixin waterproof business will increase this year and the coating business will grow steadily. It is estimated that from 2022 to 2024, the company's revenue will be 24.565 billion yuan, 28.372 billion yuan and 32.884 billion yuan respectively, and the net profit attributable to the parent company will be 3.981 billion yuan, 4.844 billion yuan and 5.741 billion yuan respectively, corresponding to 12.47, 10.25 and 8.65 times of PE respectively, maintaining the "overweight" rating.
Risk tips: raw material prices rise, real estate demand is lower than expected, industry competition intensifies, etc.
