The performance repaired steadily, and the net profit of Q2 homing increased by 31.2% compared with the same period last year.
21H1's revenue increased by 50.2% to 902 million yuan, net profit from its mother increased by 147.1% to 70 million yuan, and net profit after deducting non-profit increased by 194.5% to 72 million yuan. On a quarter-by-quarter basis, 21Q1/Q2 's single-quarter revenue increased by 171.6% to 391 million yuan respectively, its net profit to its mother increased by 252.9% to 0.18 billion yuan, and its non-net profit increased by 255.4% to 0.18 billion yuan. We estimate that the EPS of the company from 2021 to 2023 is 0.18,0.21,0.25 yuan, and the BPS is 2.71,2.92,3.17 yuan. Since 2011, the historical center of the company's PB (LF) is 1.98x. Considering the slowdown in the growth of real estate sales since 2018, with reference to the average of 1.45x PB (LF) of the company since 2018, the company has given a valuation of 1.45x of the target PB in 2021, corresponding to the target price of RMB3.93and maintaining the "overweight" rating.
The wood-based panel business is steadily repaired, and the net interest rate of the forest business is the same as the increase in 6.0pct business. In terms of wood-based panel, after COVID-19 's epidemic situation was effectively controlled, the orders of downstream household enterprises rebounded steadily, driving the company's plate sales to rise. The revenue of 21H1 wood-based panel business increased by 50.1% to 841 million yuan, the net profit increased by 16.5% to 43 million yuan, and the business net interest rate decreased by 1.5pct to 5.1% compared with the same period last year. We judge that it is mainly due to the rise in the prices of upstream wood raw materials and bulk materials in the first half of the year
In terms of afforestation, as an upstream link of wood-based panels, 21H1 forest revenue increased by 122.9% to 60 million yuan compared with the same period last year, still up 63.6% over the same period in 19 years, and net profit increased by 149.8% to 33 million yuan compared with the same period last year. Net profit increased by 67.0% over the same period in 19 years, and net interest rate increased by 6.0pct to 55.7% over the same period last year. Under the robust repair of the business, the company's net profit margin on sales increased by 3.4pct to 7.8% year-on-year.
The product structure has been continuously optimized, and the port-adjacent project in Beibu Gulf has been steadily promoted.
In terms of products, the company continues to strengthen product research and development, focusing on the development of aldehyde-free, environmental protection, moisture-proof and other differentiated functional wood-based panels to realize the production and promotion of new products such as aldehyde-free fibreboard, formaldehyde-free particleboard and moisture-proof particleboard. according to the company's report, the sales of formaldehyde-free board accounted for more than 20% of wood-based board sales in the first half of the year, and the product structure was continuously optimized. In terms of production capacity, the Qinzhou annual output of 500000 cubic meters of super particleboard project is about to enter the equipment installation phase, the company decided to build a wood production base in Beihai, Guangxi, the company expects that the annual production capacity of wood-based panels will reach 2.55 million cubic meters in 2025, nearly double the existing annual production capacity of 1.3 million cubic meters, and constantly consolidate the competitiveness of the industry and brand status.
The product structure continues to upgrade and maintain the "overweight" rating.
We maintain the profit forecast and estimate that the net profit of the company in 2021-2023 is 2.10,2.42 and 283 million yuan, corresponding to EPS 0.18,0.21,0.25,2.71,2.92,3.17 yuan respectively.
Since 2011, the historical center of the company's PB (LF) is 1.98x. Considering that the growth rate of the real estate sales area has slowed significantly since 2018, with reference to the average of 1.45x PB (LF) of the company since 2018, the company has given a valuation of 1.45x of the target PB in 2021, corresponding to the target price of 3.93yuan (the previous value is 4.07yuan) and maintaining the "overweight" rating.
Risk tips: the development of the epidemic is uncertain, downstream demand is lower than expected, and customer expansion is not as expected.