With the aggravation of the epidemic situation in Hebei, the site of the centralized isolation site has been formed, and the construction methods of integrated housing and assembly are expected to play an important role after Huoshenshan and Leishenshan. According to Xinhua Viewpoint, Shijiazhuang began to build a centralized isolation point on the 13th day, and on the 14th, the site of the centralized isolation point in Shijiazhuang City has completed land formation and began to harden the ground. Board house accessories are coming into the market one after another waiting to be installed. The isolation point, which covers an area of about 500 mu, will be built at noon on the 13th, using integrated houses that are easy to assemble, each of which is about 18 square meters, complete with water and electricity. Modular box-type integrated house is a highly industrialized construction product, which has produced positive social benefits through rapid and efficient assembly construction. The rapid construction of emergency epidemic prevention hospitals not only fully reflects the advantages of modular box-type integrated houses as industrial construction products, but also reveals the industrial collaborative development model of active cooperation and close cooperation among construction-related industrial chain enterprises under the background of industrialized construction. Prior to this, Vulcan Mountain and Leishenshan Hospital adopted assembly construction methods, with a high degree of industrialization, which on the one hand was reflected in factory prefabrication and on the other hand in on-site modular assembly, and third, it adopted a flow operation mode, with house construction and supporting installation basically synchronized, and cross-operation was used in emergency situations, so the construction speed was greatly speeded up. For example, Huoshenshan Hospital could carry out installation on the fourth day of construction.
Recently, the central government, provinces and cities have issued prefabricated construction-related policies to promote the further high-quality development of the industry. Since 2020, the CPC Central Committee, the State Council and the Ministry of Housing and Urban-Rural Construction have promulgated a series of policies related to prefabricated buildings, including the Ministry of Finance's "notice on government procurement to support the pilot work of green building materials to promote the improvement of building quality", the Ministry of Housing and Construction and other 12 ministries and commissions to speed up the cultivation of construction workers in the new era. In addition, various provinces and cities have also introduced some measures to promote the development of the prefabricated construction industry.
At present, various provinces, municipalities and autonomous regions in China have issued documents indicating the development of prefabricated buildings in the next 10 years, and have formulated work objectives and policy support. Recently, Hebei Shijiazhuang, Inner Mongolia, Luoyang, Jilin, Jiangxi, Hainan and other provinces and cities have issued relevant policy opinions to support the development of prefabricated buildings to promote the steady and high-quality development of the industry.
Investment advice: maintain the overweight rating. It is estimated that the company's net profit from 2020 to 2022 will reach 0.77 yuan, 1.01 yuan and 134 million yuan respectively, an increase of 14%, 31% and 33% over the same period last year, corresponding to a price-to-earnings ratio of 32, 25 and 19 times.
The prefabricated construction industry is currently supported by policies, and the industry is in a period of high growth. The company's Jiangsu Suqian production base was successfully put into production in the first half of 2019, improving the capacity layout. The company has strong technical and order-taking ability; after the controlling shareholder becomes China Rallway, it is expected to achieve business coordination.
Risk hints: policy support in the prefabricated construction industry is lower than expected; competition in the industry intensifies; downstream demand for prefabricated construction is lower than expected; raw material costs grow higher than expected; China Rallway brings lower-than-expected business support to the company; loss or aggravation of impairment of assets such as bad debts.
