North new building materials capacity expansion performance steady growth

2010 North New building Materials (000786) to achieve operating income of 4.369 billion yuan, an increase of 33.41% per cent, net profit of 417 million yuan, the year-on-year increase of 29.48%.　　Earnings per share of 0.724 yuan, slightly above the market expectations of 0.70 yuan. Gypsum board business stable growth due to the company's gypsum board in the domestic market has the scale, brand, price and other multiple advantages, so the gypsum board business gross margin is also relatively stable.　　Even by the high price of veneer paper, coal, oil and other adverse factors such as energy costs, gross margin still reached 30.16%. The company's gypsum board capacity is still in rapid expansion. 2010, the company achieved the gypsum board industry 1 billion square meters project construction, ranking Asia first. 2010, 2011 added 17 production lines, 2012 added 5 lines. At that time, the company's capacity reached more than 1.2 billion square meters. Among them, Taishan Gypsum board production capacity of 700 million square meters, long brand gypsum board production capacity of about 550 million square meters.　　The company actively promotes a new round of gypsum board industry planning layout and site selection work, efforts to promote 2 billion square meters of gypsum board capacity layout, and strive to make the company Gypsum board business scale to become the world's first.　　In addition, the company's Mineral wool board business Scale of 16 million square meters, ranked first in China, light steel keel business scale of 69000 tons per year, ranked first in China. 2010 the company participates in the Datong safeguard housing construction, has constructed the safeguard housing construction "the Datong mode".　　However, gypsum board in the implementation of the protection of housing business, but also need more municipal cooperation, especially the need for national policy guidance. North New house is added bright spot March 3 The company announced that the subsidiary of the North New Housing Co., Ltd. and China Machinery industry complete sets of engineering company signed a construction project in Zambia housing main structure and plate materials such as the design, supply and service business contract, the contract amount of RMB 664 million yuan. According to the announcement information estimates, this big order accounted for the company's 2009 main business income of 20.55%.　　The large factory building orders for the company to enrich the performance of the composition, improve profitability is very helpful. At present, the ownership of the new North House, 82.5% owned by the listed companies, 10% to Japan's new Nippon Iron Co., Ltd., 7.5% owned by Toyota Housing Co.　　Japan's new Japanese Iron Co., Ltd., Toyota Housing Corporation as a shareholder, if the earthquake in Japan to play a role in reconstruction, the company's engineering business orders to further increase.　　Earnings forecasts and investment-rating companies ' future growth comes from new capacity release and downstream demand penetration and spread, the 2011 ~2013 year earnings per share is expected to be 1.05 yuan, 1.43 yuan, 1.75 yuan, to give "buy" rating.　　Risk hint: The price fluctuation of veneer paper, coal and oil bring cost pressure; the promotion policy of Gypsum board in the construction of the guarantee room is uncertain. (Author unit: SAC practising Certificate number: S0260511020004)