Main points of investment
Benefiting from green building materials going to the countryside according to media reports, the Ministry of Housing and the Ministry of Industry and Information Technology recently issued a notice on the construction of green agricultural houses, requiring the construction of a number of pilot demonstrations of green agricultural housings. promote the application of green building materials products such as energy-saving doors and windows, light thermal insulation blocks (bricks), ceramic thin bricks, water-saving sanitary ware and water-based coatings, so as to promote green building materials to the countryside. Efforts will be made to significantly increase the proportion of green agricultural houses in environmentally sensitive areas around Beijing and Tianjin, the Yangtze River Delta and the Pearl River Delta. As a leading enterprise of green energy-saving and environmental protection building aluminum profiles, the company will benefit from the activities of green building materials to the countryside.
Risk hint: the real estate regulation and control policy is more clear and landing.
From November to December 2013, a total of 17 places across the country issued real estate regulation and control policies, and we expect that the long-term development mechanism of the real estate industry and real estate tax and other related policies are expected to be further clarified and implemented. The macro-control of the downstream real estate industry will lead to a decline in overall demand for construction aluminum profiles and intensified competition, which may affect the profitability of the aluminum profile industry.
Valuation and investment rating: maintaining buying
We predict that the company will achieve net profit of 105 million yuan, 160 million yuan and 192 million yuan from 2013 to 2015, equivalent to 0.44 yuan, 0.67 yuan and 0.81 yuan per share respectively, an increase of 21%, 53% and 20% respectively over the same period last year, and the corresponding dynamic PE is 15 times, 10 times and 8 times respectively. As a leading manufacturer of energy-saving and environmental protection building aluminum profiles in China, the company will benefit from the promotion of green building materials to the countryside, the promotion of national urbanization and the rapid development of indemnificatory apartment construction of government housing. We maintain the company's "buy" investment rating.