\u3000\u3 China Vanke Co.Ltd(000002) 271 Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) )
Event:
Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) released the annual report of 2021: the company achieved an annual operating revenue of 31.934 billion yuan, a year-on-year increase of 46.96%; The net profit attributable to shareholders of listed companies was 4.205 billion yuan, a year-on-year increase of 24.07%.
Key investment points:
The performance achieved contrarian growth, and the revenue and net profit continued to improve. In 2021, the company achieved an operating revenue of 31.934 billion yuan, a year-on-year increase of 46.96%; The net profit attributable to shareholders of listed companies was 4.205 billion yuan, a year-on-year increase of 24.07%. In 2021, the global epidemic continued to evolve, with many external uncertainties. In the face of a complex and changeable macro environment, the company expanded against the trend and continued to improve its revenue and net profit. In 2017, the net profit attributable to the parent company was 1.239 billion yuan, which increased to 4.205 billion yuan in 2021. The net profit attributable to the parent company maintained a compound annual growth rate of 35.73%. 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. The company’s gross profit margin and net profit margin were 30.53% and 13.19% respectively, both of which decreased slightly.
The position of waterproof leader is stable and the industrial layout is extended. In 2021, the company’s sales revenue of waterproof materials reached 25.487 billion yuan, accounting for 79.81% of the total operating revenue. At the same time, Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) was listed as the top 500 preferred supplier and service provider brand in the comprehensive strength of real estate development enterprises from 2021 to 2022, and Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) preferred rate of waterproof materials continued to be top 1. The company has strengthened the national layout, and has established production logistics R & D bases in North China, East China, Northeast China, central China, South China, northwest, southwest and other regions, with wide and reasonable capacity distribution.
Optimize marketing channels and steadily promote diversified business development. According to the different uses and user groups of products, the company has established a multi-level marketing channel network combining direct sales mode and channel mode to sell products and provide systematic services. It is committed to the R & D, production and sales of new building waterproof materials and the construction business of waterproof engineering. At present, it has formed a multi-level marketing channel network focusing on the main waterproof business, including civil building materials, energy conservation and thermal insulation, nonwovens, special mortar, architectural coatings Building repair, building powder and other diversified businesses are extended building materials system service providers.
Profit forecast and investment rating. As a leader in the waterproof industry, the company achieved contrarian growth in 2021 against the background of weakening downstream demand and rising raw material prices. We predict that the company’s net profit attributable to the parent company from 2022 to 2024 will be 5.254 billion yuan, 6.556 billion yuan and 8.527 billion yuan respectively, with corresponding EPS of 2.09 yuan, 2.60 yuan and 3.38 yuan respectively, and corresponding PE of 21.58x, 17.29x and 13.30x. The company will be given a “buy” rating for the first time.
Risk warning: industry competition intensifies; The price of raw materials continues to rise; The repeated epidemic has an impact on the economy; Adverse changes in industrial policies; Fluctuations in the real estate industry bring risks.
