Three quarters. The company's 21Q1-3 realized income, net profit attributable to parent shareholders and net profit attributable to non-parent shareholders were 2.839 billion yuan, 227 million yuan and 186 million yuan respectively, representing year-on-year changes of 27.30%,-1.54% and-4.32%, respectively. Among them, the realized income of 21Q3 Company, the net profit attributable to the parent company shareholders and the net profit attributable to the parent company shareholders after deduction were 1.095 billion yuan, 115 million yuan and 95 million yuan respectively, up 19.98%, 12.86% and 23.70% respectively over the same period last year.
The growth rate of 21Q3's net profit deducted from non-return is at a good level in the past two years. The company's 21Q3 gross profit margin and net profit margin were 29.68% and 10.46% respectively, down 4.89% and 0.87% respectively from the same period last year. 21Q3's asset disposal income increased by 45 million yuan compared with the same period last year, while non-operating expenses increased by 37 million yuan compared with 20Q3. 21Q3's non-homed net profit grew 23.70% year-on-year, the best year-on-year growth rate for 20Q1-21Q3 except 21Q1 in the seven quarters.
Increase the capital of Xin Shengda, optimize the company's ceramic production capacity layout, and enrich the ceramic tile category. On the afternoon of August 27, the company announced that it planned to increase its investment in Beiliu Xinshengda New Materials Co., Ltd. with a capital of not more than 200 million yuan, and the proportion of shares held by the company after the increase was not less than 70%. Guangxi New Goldman Sachs Group is a company focusing on the R & D and sales of ceramic thin rock slabs. It has two production lines with annual rock slabs of about 5 million square meters. Xin Shengda is a shareholder of Guangxi New Goldman Sachs Group and holds a 100% stake in Guangxi New Goldman Sachs Group. This investment will help to optimize the regional layout of the company's ceramic production base, enhance the company's product research and development capabilities, and effectively enrich the company's building ceramic product categories. On August 31, the company announced that the company will jointly increase the capital of Xinshengda with 130 million yuan of monetary funds with Huida shareholding platform and the new Goldman Sachs Group shareholding platform. After the capital increase, the company will directly hold 70.61% of Xinshengda's equity.
B and C make joint efforts, and it is expected that the business will continue to improve. According to the company's 21 and a half year data, the company's retail channel "Huida" brand opened 112 new stores in the blank market in the first half of the year, and 108 stores were upgraded. "Huida" brand has a total of 2323 stores, including 1900 bathroom brand stores and 423 ceramic tile stores. In terms of engineering channels, the company has reached a cooperative relationship with Country Garden Holdings, Sunac China, Poly Real Estate, Jindi Group, Cambridge Real Estate, first Real Estate, Wanda Real Estate and other well-known real estate enterprises. We believe that the B-end and C-side of the company continue to develop, and the business situation is expected to continue to improve in the future.
Profitability and valuation. We estimate that the EPS of the company from 2021 to 2023 is 0.86,1.06,1.26 yuan per share respectively, which is comparable to the median forecast PE of listed companies in 2021 is 17.7 times. We give the company 16-17 times forecast PE in 2021, corresponding to the reasonable value range of 13.76-14.62 yuan per share in 2021, which is "better than the market".
Rating.
Risk tips. The acceptance of domestic brands by engineering customers is lower than the expected risk, and the risk of a sharp rise in the price of raw materials