北新工业涂料进一步补齐，“一体两翼”布局再完善。当前北新涂料板块拥有嘉宝莉、天津灯塔工业涂料、龙牌涂料三块涂料资产。嘉宝莉是我国建筑涂料领域头部企业，根据公司公告，嘉宝莉拥有涂料类各类产能合计约138.65 万吨。根据北新建材在投资者交流平台的回复，龙牌漆专注高端水性内外墙建筑涂料的研发、生产与应用，产能10 万吨。根据灯塔涂料官网，其具有年产5 万吨涂料、2万吨树脂的产能，主营工业涂料。相比之下，此前公司工业涂料板块较为单薄，并购浙江大桥油漆后，公司工业涂料板块将进一步增强。Key points of investment:
Beixin Paint, a wholly-owned subsidiary, acquired 51.4% of Zhejiang Daqiao Paint's shares. Beixin Coatings plans to acquire 10.7% of Zhejiang Daqiao Paint's shares held by Hangshi Group through delisting at a reserve price of 43.319 million yuan; acquire 34.0% shares of Zhejiang Daqiao Paint jointly held by Zhejiang Juqiao, Deqing Hongqiao, and Deqing Lanqiao through an agreement; acquire 6.7% of Zhejiang Daqiao Paint's shares held by Bao Tianxiong through an agreement. After the transfer is completed, the company will hold a total of 51.4% of Zhejiang Daqiao Paint's shares.
Zhejiang Daqiao Paint accounts for a high proportion of high-end products. It is estimated to be about 1.9 times PB and 10.5 times PE, and the purchase price is reasonable. According to the official website of Zhejiang Daqiao Paint, it has a modern green intelligent manufacturing base with an annual output of 0.07 million tons of industrial coatings, water-based industrial coatings, special coatings, marine coatings, resin production and warehousing logistics. Currently, high-end paint accounts for 70%. According to the announcement, from January to September 2024, Zhejiang Daqiao had revenue of 0.32 billion yuan and net profit of 27.565 million yuan; as of September 30, 2024, total assets were 0.38 billion yuan and net assets were 0.21 billion yuan; and the company's profit for the full year of 2023 was 38.675 million yuan. Based on the transfer reserve price of 43.319 million yuan to acquire 10.7% of the shares, we expect the overall valuation of the underlying assets to be 0.405 billion yuan, the net asset estimate for the third quarter of 2024 is about 1.9 times PB, and the net profit estimate for the full year of 2023 is about 10.5 times PE, which is quite reasonable.
Beixin Industrial Coatings has been further improved, and the “two wings in one” layout has been further improved. Currently, the Beixin Coatings Division has three paint assets: Garbaoli, Tianjin Dengta Industrial Coatings, and Dragon Brand Coatings. Garboree is a leading company in the field of architectural coatings in China. According to the company's announcement, Gabrielle has a total production capacity of about 1.3865 million tons of paint. According to Beixin Building Materials's response on the investor exchange platform, Longpai Paint focuses on the R&D, production and application of high-end water-based interior and exterior wall architectural coatings, with a production capacity of 0.1 million tons. According to the official website of Lighthouse Coatings, it has an annual production capacity of 0.05 million tons of paint and 0.02 million tons of resin, and is mainly engaged in industrial coatings. In contrast, the company's industrial coatings sector was relatively thin. After the merger and acquisition of Zhejiang Daqiao Paint, the company's industrial coatings sector will be further strengthened.
Investment analysis opinion: We recommend following the two clues of endogenous extension, grasping the company's “one, two wings” + international layout expansion and development path to discover the company's long-term value. We maintained 2024-2026 net profit of 4.58/4.86/5.48 billion yuan, with year-on-year growth of 29.9%/6.1%/12.7%, respectively. The price-earnings ratio per share corresponding to the closing price on December 4 was 11, 10, and 9 times, respectively, maintaining the company's “gain” rating.
Risk warning: Demand recovery falls short of expectations, industry supply is increasing rapidly, demand development in emerging sectors falls short of expectations, and acquisition progress falls short of expectations.