Leju Finance YanjieOn January 2, it was reported that Debang ** issued a research report to maintain the "** rating of Beijing New Building Materials."
Debang**'s view is as follows: the acquisition of Carberry is progressing steadily, and the paint wing is ready to go. Debang ** believes that the company's acquisition of Jiabaoli is conducive to strengthening the company's two-wing strategy in the paint business, and further strengthening the competitiveness of the company's architectural coatings business: Jiabaoli has a good business foundation and strong profitability: according to the coating industry, Jiabaoli is currently one of the top 10 coatings in China and one of the top 25 coatings enterprises in the world, and by the end of 2022, the retail terminals of Jiabaoli Group cover more than 3,000 county and town markets across the country, with more than 20,000 stores and more than 4,000 dealers. Performance commitment is expected to hedge integration risk: The original shareholders of Carberry promised that the net profit after tax of Carberry in 24 years, 24-25 years and 24-26 years would not be less than9.4 billion yuan, corresponding to 24-26 years of net profit respectively1.9 billion yuan, 24-25 year-on-year +119%/12.3%, and the part of the performance that is not achieved will be compensated by the original shareholdersSignificant growth in production capacity: The company's current coating production capacity is about 1030,000 tons, mainly concentrated in North China, after the completion of the acquisition of coating production capacity will jump to more than 1.3 million tons per year, the company's coating business is expected to enter a new round of endogenous growth stage, paint business scale and influence is expected to be significantly improved.
Actively promote the strategy of "one body, two wings, global layout" to enhance comprehensive competitiveness. As of the end of 23H1, the company's limited gypsum board production capacity was 338.8 billion square meters, continue to maintain the world's largest gypsum board industry group and the world's largest light steel keel industry group leading position;At the same time, accelerate the expansion of waterproof business and accelerate the promotion of coating business, bigger architectural coatings, stronger industrial coatings, the company has completed the transfer of 51% of the equity of lighthouse coatings in 23H1, and after the completion of the transaction, Beixin Paint will hold 100% of the equity of lighthouse coatings to enhance its competitiveness in the field of industrial coatingsAt the same time, the company's subsidiary, Beixin Waterproof, intends to acquire the minority shareholders' interests of Beixin Waterproof (Henan) ** and the company intends to acquire the control of Jiabaoli Chemical Group's shares, so as to further enhance the strength of architectural coatingsIn addition, the company has accelerated the process of internationalization, the Tanzania base has achieved revenue and profit growth in 22 years, the gypsum board production line with an annual output of 40 million square meters in Uzbekistan has entered production, the Thai company has been established, and the project construction is progressing in an orderly mannerThe strategy of "one body, two wings, global layout" has been steadily promoted, bringing new performance growth points to the company.
Considering the company's steady promotion of the "one body, two wings" strategy, the company's revenue has maintained steady growth, costs and expenses have been further optimized, and profitability is expected to gradually increase. Considering that the acquisition of Garberry has not yet been fully completed, maintaining the previous profitability**, it is expected that the company's net profit attributable to the parent company in 23-25 years will be 3963、 44.27、 49.600 million yuan.
Related companies: Beixin Waterproof SZ000786, Debang**.