Main points of investment
Domestic plastic pipe head enterprises focus on new chemical plastic pipe products. The company is a domestic technology-leading large-scale plastic pipe fittings manufacturer integrating the R & D, production and sales of poly vinyl chloride (PVC), polyethylene (PE), random copolymerized polypropylene (PPR) and other products. In 2021, the company realized operating income of 2.354 billion yuan (unaudited), an increase of 13.77% over the same period last year.
Municipal projects ushered in the policy spring breeze, the development of underground pipelines into the fast lane. Real estate infrastructure demand expansion to consolidate stable growth expectations, hardcover permeability improvement superimposed municipal pipe network construction to promote the company to increase the size of PE pipeline business, sinking market space, shaping the company's new growth curve.
"combination of strong and strong" to improve the regional layout, scale to enhance and thicken the company's performance. The company operates steadily, subdivided into 6000 products, has six major production bases, and the scale of production capacity continues to rise. The sales network covers all prefecture-level cities and important county-level cities in the country, and the combination of distribution and direct sales can greatly expand the source of income. The company plans to acquire Kangtai Group, after the acquisition, the company will add 6 production bases, the annual production capacity will reach one million tons, further expand the company size, improve the competitiveness of the industry, and thicken the company's performance.
Profit forecast and valuation
The company ploughs the plastic pipeline industry, focuses on the core areas, actively expands production capacity to improve the regional layout, and successfully completes the acquisition of Kangtai Group, which will boost the company's revenue and profit level. We expect the company's operating income from 2021 to 2023 to be 23.59,38.14 and 5.761 billion yuan, an increase of 14%, 61.7% and 51% respectively over the same period last year. The net profit of homing was 1.17,2.72 and 417 million yuan respectively, and the year-on-year changes were-45.1%, 133.2% and 53.2%, respectively. 0.33 pounds 0.76 yuan per share, respectively. Corresponding to the share price on March 31, the valuation of 2021 Acme 2022 / 2023 was 29-12-8 times, with a "Buy" rating for the first time.
Risk hint
The risk of raw material price fluctuation; the risk aggravated by market competition; the risk that the implementation of investment projects such as fund-raising and investment and new production capacity cannot be digested in time; and the uncertain risk of major asset restructuring.
