\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 86 Beijing New Building Materials Public Limited Company(000786) )
Key investment points
Event: release the first quarterly report of 2022. The revenue was 4.610 billion yuan, a year-on-year increase of + 10.47%, and the net profit attributable to the parent company was 560 million yuan, a year-on-year increase of + 7.28%; The net profit attributable to the parent company after deducting non-profit was 540 million yuan, a year-on-year increase of + 4.59%
The sales volume of gypsum board remained stable, and the gross profit margin fell month on month. 22q1 affected by the epidemic and downstream demand, the sales volume of gypsum board was basically flat year-on-year. The gross profit margin of 22q1 sales was 28.39%, down 2.46 percentage points year-on-year and 3.52 percentage points month on month. The prices of 22q1 longpai and Taishan gypsum board continued to rise compared with 21q4. The gross profit margin was affected by the sharp rise of 22q1 coal, natural gas and other energy costs; The average price of 22q1 asphalt at the end of waterproof material rises sharply due to the fluctuation of crude oil price, affecting the level of gross profit margin.
During the period, the cost rate is continuously optimized. 22q1 sales expense ratio was 4.30%, with a year-on-year change of -0.19pct; The management expense ratio was 6.94%, with a year-on-year change of -0.64pct; The R & D expense ratio was 3.12%, with a year-on-year change of -0.07pct; The financial expense rate was 0.53%, with a year-on-year change of + 0.1pct, and the total expense rate during the period decreased by 0.8 percentage points year-on-year. The net profit margin on sales was 12.10%, down 0.58 percentage points year-on-year. In addition to the profit contributed by the decrease of expense rate during the period, the income tax expense decreased year-on-year, with 22q1 income tax rate of 6.01% and 10.13% in the same period last year.
22q1 operating cash flow is under periodic pressure. 22q1 net cash flow from operating activities was – 412 million yuan, a year-on-year decrease of 362.37%, mainly due to the significant increase in receivables in the current period. The balance of accounts receivable and notes in 22q1 was 3.532 billion yuan, an increase of 1.434 billion yuan compared with the end of 21 years, mainly due to the increase of accounts receivable due to the implementation of the annual credit sales policy during the credit line increase period.
Beixin waterproof Co., Ltd. reorganized Yuanda flood and rain, and the waterproof layout was further deepened. Beixin waterproof plans to acquire and increase the capital of Tangshan Yuanda Hongyu at the price of 528 million yuan and 187 million yuan. After completion, it holds a total of 70% shares of Yuanda Hongyu; It is proposed to acquire 70% equity of Yuanda Hongyu (Suzhou) with 721449 million yuan. Tangshan Yuanda Hongyu has a 21-year revenue of 867 million yuan and a net profit of 106 million yuan, while Suzhou Yuanda Hongyu has a 21-year revenue of 69.67 million yuan and a net profit of 289200 yuan. The joint reorganization will help to enhance the market influence of Beixin waterproof in North and East China and enhance the synergy of waterproof sector.
Profit forecast and investment rating: with the further deepening of the reform of state-owned enterprises, under the guidance of the company’s strategy of “one body, two wings and global layout”, the market share of the main industry of gypsum board in the world will continue to increase, and the keel supporting, waterproof and coating businesses will also contribute to the continuous rapid increase. We maintain that the net profit attributable to the parent company from 2022 to 2024 is expected to be RMB 4.059/44.91/5.014 billion respectively, and the corresponding PE is 12x / 11x / 10x respectively, maintaining the “buy” rating.
Risk tips: real estate industry fluctuation risk, macroeconomic fluctuation risk, raw material and energy price rise risk, new business development less than expected risk
