\u3000\u3 Guocheng Mining Co.Ltd(000688) 033 Beijing Tianyishangjia New Material Corp.Ltd(688033) )
Event: according to the 2021 annual report and relevant announcements, Beijing Tianyishangjia New Material Corp.Ltd(688033) 2021 achieved an operating revenue of 671 million yuan, a year-on-year increase of + 61.88%; The net profit attributable to the parent company was 175 million yuan, a year-on-year increase of + 53.05%. The company expects to achieve an operating revenue of 173 million yuan in 2022q1, a year-on-year increase of + 130.38%; The net profit attributable to the parent company was 34 million yuan, a year-on-year increase of + 233.75%. The company’s carbon matrix composite business is progressing smoothly and has become a new performance growth point.
The advantageous business of rail transit brake has a deep moat and maintains a stable profitability. Rail transit brake pads are short-term consumables to ensure the normal operation of high-speed railway and subway. Beijing Tianyishangjia New Material Corp.Ltd(688033) is the leader in the subdivision of rail transit brake pads in China, with rich product types and high market share. By the end of 2021, the company has 11 railway product certification certificates and 7 railway product trial certificates issued by CRCC. The products cover 33 models of EMUs with a speed of 160350 kilometers per hour and AC drive locomotive models in China. With the steady development of China’s high-speed rail transportation industry, the rail transit brake business with high gross margin is expected to bring sustained and stable cash flow to the company. In 2021, the company’s rail transit brake business realized an operating revenue of 422 million yuan, accounting for 62.87% of the total operating revenue and a gross profit margin of 69.18%.
The carbon carbon photovoltaic thermal field is progressing smoothly, and the automotive carbon ceramic brake disc continues to work. Carbon carbon photovoltaic thermal field is the production equipment of photovoltaic crystalline silicon manufacturing enterprises. In the fields related to Beijing Tianyishangjia New Material Corp.Ltd(688033) 2021 strategic layout, the products mainly include carbon sector, crucible, guide cylinder, etc. by the end of 2021, the production line of 2000 ton carbon carbon composite products and preforms has been put into operation. At present, the company has carried out sample delivery with a number of photovoltaic silicon wafer manufacturers and entered the pilot stage. After completion, the company will enter the photovoltaic silicon wafer manufacturer supplier system, which is expected to increase in large quantities in 2022. Automotive carbon ceramic brake disc is a new growth point of the company based on the extension and expansion of existing carbon technology. It can replace the traditional cast iron brake disc, realize the weight reduction of 30% to 50%, significantly reduce the overall weight of the vehicle and improve the braking stability of the vehicle Beijing Tianyishangjia New Material Corp.Ltd(688033) carbon ceramic brake disc project has a design capacity of 150000 sets / year, which is mainly used for the braking system of new energy vehicles, medium and high-end passenger vehicles, commercial vehicles and special vehicles. At present, the company has completed the comparative test with foreign top competitive products, the product performance is equivalent to that of competitive products, and has signed a strategic cooperation agreement with Beiqi Foton Motor Co.Ltd(600166) with broad growth space in the future. In 2021, the company’s carbon matrix composite business realized an operating revenue of 142 million yuan, accounting for 21.18% of the total operating revenue and a gross profit margin of 60.18%.
Lay out the precision manufacturing sector of large aviation structural parts and cut into the field of military industry, and the synergy is beginning to show. In 2021, Beijing Tianyishangjia New Material Corp.Ltd(688033) completed the acquisition and capital increase of Ruihe technology, and officially entered the field of military aviation. Ruihe technology products involve fuselage frame, girder, wing beam, wing rib and other main parts. At present, Ruihe technology has completed the design and development of a number of new products / samples, continued to expand the scope of customers, successfully entered the supplier sequence of the two main engine plants of AVIC and the two research institutes of CETC, and completed the signing of order contracts and product delivery with many main engine plants subordinate to AVIC and Lingyun group. In 2021, the sales revenue of this business segment of the company was 74 million yuan, accounting for 10.95% of the total operating revenue and 49.50% of the gross profit margin.
Investment advice
Beijing Tianyishangjia New Material Corp.Ltd(688033) is the leading manufacturer of rail transit brake pads in China. With the in-depth layout of high prosperity track, the business of carbon photovoltaic hot field is progressing smoothly. Carbon ceramic brake disc is expected to become a new growth pole of the company and maintain the buy rating. We estimate that the operating revenue of the company from 2022 to 2024 will be 1.257 billion yuan, 1.731 billion yuan and 2.179 billion yuan respectively, and the net profit attributable to the parent company will be 374 million yuan, 497 million yuan and 603 million yuan respectively, corresponding to 18 times, 14 times and 11 times of PE from 2022 to 2024.
Risk warning: the supply and demand pattern becomes worse; New business expansion is less than expected
