Sanhe pipe pile: the leader of pipe pile industry. Sanhe pipe pile is an enterprise engaged in the production and sales of various types of prestressed high strength concrete pipe piles. Its products are widely used in industrial and civil buildings, highways and railways, bridges, ports and wharves and other infrastructure projects. The company has 15 production bases in Guangdong, Jiangsu, Zhejiang, Fujian, Hunan, Hubei, Liaoning, Shandong, Shanxi, Anhui and other provinces, and the corresponding transportation subsidiaries are responsible for the distribution of pipe pile products. Now it has become one of the leading concrete pipe pile production enterprises in China.
Concrete pipe pile industry: the market demand of pipe pile is expected to increase under the background of steady growth. Under the tone of steady growth, infrastructure investment has been vigorously promoted, coupled with the rapid issuance of special bonds, infrastructure projects are expected to be implemented quickly. In 2022, all provinces across the country have a large layout plan for infrastructure construction, and it is expected that the demand of precast concrete pipe piles in the infrastructure market will increase greatly. In addition, in the context of steady growth, real estate policies continue to work this year, and real estate construction is expected to be better than last year, further increasing the market demand for precast concrete pipe piles.
The company has an obvious competitive advantage. The company ranks second in the concrete pipe pile industry, second only to Jianhua building materials, a leading company in the industry, and its "Sanhe" brand has high popularity and good reputation in the industry.
Relying on years of technology accumulation, the company has gradually established an important position in the formulation of standards for major products in the field of subdivision. As of June 2021, the company has a total of 111 patents, including 25 invention patents, 85 utility model patents and 1 design patent.
Investment suggestion: in the case of good demand for infrastructure investment and real estate investment, the company's revenue is expected to be 8.15 billion / 9.174 billion / 10.125 billion in 2021-2023, an increase of 13.96% 12.56% 10.37% over the same period last year. The net profit of returning to the mother is 83 million / 113 million / 152 million, which is-74.92%, 35.95% and 34.60% compared with the same period last year. The corresponding EPS is 0.16yuan / 0.22yuan / 0.30yuan respectively.
Based on the fact that its downstream demand is booming, and the company is in line with the new trend of green and low-carbon development, we think the company is worthy of attention and is given a "cautious recommendation" rating for the first time.
Risk tips: the risk of lower-than-expected downstream demand; the risk of higher-than-expected rise in raw material costs; and the risk of industry capacity expansion exceeding expectations.