北新建材（000786）2024 年报点评 推荐（下调） 证 券 研 究 报 告 一体两翼稳步推进，业绩有望稳定增长 目标价：36.45 元 事项： 公司发布 2024 年业绩报告，实现营收 258.21 亿元，同比上升 15.14%；归母净 利润为 36.47 亿元，同比上升 3.49%。 评论： 风险提示：地产竣工面积下滑超预期，原材料价格剧烈波动等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 25,821 | 29,038 | 31,671 | 34,130 | | 同比增速(%) | 15.1% | 12.5% | 9.1% | 7.8% | | 归母净利润(百万) | 3,647 | 4,398 | 5,020 | 5,601 | | 同比增速(%) | 3.5% | 20.6% | 14.1% | 11.6% | | 每股盈利(元) | 2.16 | 2.60 | 2.97 | 3.32 | | 市盈率(倍) | 14 ...

[Table_Summary] 公司发布 2024 年年报：实现营业收入 258.21 亿元，同比增长 15.1%；归属净利润 36.47 亿 元，同比提升 3.5%，扣非净利润 35.58 亿元，同比增长 1.8%。 单 4 季度实现营业收入 54.58 亿元，同比增长 1.5%；归属净利润 5.02 亿元，同比下降 34.7%， 扣非净利润 4.89 亿元，同比下滑 37.8%。 分析师及联系人 丨证券研究报告丨 公司研究丨点评报告丨北新建材（000786.SZ） [Table_Title] 稳健增长，经营质量优异 报告要点 [Table_Author] 范超 张佩 李浩 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1、地产竣工持续低预期； 2、品类扩张速度低预期。 丨证券研究报告丨 1 北新建材（000786.SZ） cjzqdt11111 [Table_Title2] 稳健增长，经营质量优异 [Table_Summary ...

建筑材料 | 装修建材 非金融|首次覆盖报告 证券研究报告 hyzqdatemark 2025 年 04 月 08 日 投资评级： 增持（首次） 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 月 | 日 | | | | | | | 07 | 年 | 04 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | 28.34 | | | | | | | | | | | | | 一 | 高 | | 36.50/23.03 | | ...

Group 1: Company Overview and Market Position - North New Building Materials has established a strong competitive moat through nationwide layout, production technology, and R&D innovation, leveraging over 40 years of experience [2][3] - The company has enhanced its market competitiveness with innovative products such as phase change gypsum board and high-end heating gypsum board, solidifying its industry position [3][4] - The company aims to optimize its gypsum board brand matrix and adjust competitive strategies to expand into high-end markets [3][6] Group 2: Financial Performance - In 2024, the waterproof business achieved revenue of CNY 4.662 billion, with a net profit of CNY 164 million, reflecting a year-on-year profit growth of 14.15% [4][5] - The coatings business, after integrating with Jiaboli, reported revenue of CNY 3.6 billion, with a staggering profit growth of 605.29%, netting CNY 252 million [4][5] Group 3: International Expansion - The company is advancing its international projects, with full production and sales at the Tanzania base and profitability at the Uzbekistan base [5][6] - Future plans include focusing on Southeast Asia, Central Asia, the Middle East, and Europe, with a phased approach to expand gypsum board and waterproof product lines [5][6] Group 4: Green Development Initiatives - The company is committed to green development, implementing carbon peak action plans and enhancing energy efficiency [6][7] - As of the end of 2024, 33 enterprises have been recognized as national green factories, and 39 as provincial green factories, reflecting the company's commitment to environmental sustainability [6][7] Group 5: Future Development Strategy - The company's strategic vision includes promoting green technology and circular economy, aiming to create a comprehensive green building industry chain [6][7] - The 2024 profit distribution plan proposes a cash dividend of CNY 8.65 per 10 shares, totaling CNY 1.461 billion, with a payout ratio of 40.07% of the net profit [7]

公司公布2024 年报。2024 年，公司实现收入258.2 亿元，同比+15.1%，归母净利润36.5 亿元，同比 +3.5%。对应Q4 实现收入54.6 亿元，同比+1.5%，归母净利润5.0 亿元，同比-34.7%。 石膏板均价承压下行，销量及毛利率具备韧性。2024 年公司石膏板销量21.71 亿平米，同比基本持平， 石膏板业务收入同比-4.8%至131亿元，测算石膏板均价同比-0.30 元至6.04 元/平米。结合公司24 年中报 石膏板业务营收同比+4.05%，我们判断24H2 市场竞争氛围较浓，量价压力或在24Q4 表现更为明显。 公司2024 年石膏板毛利率38.51%，同比+0.02pct，显示均价下行背景下一定程度的降本对冲，我们测算 石膏板单位毛利2.32 元，同比-0.11 元。 防水业务经营改善，涂料业务规模扩增。根据公司2024 年分部报告，防水业务2024 年收入46.3 亿元， 同比+18.6%，在行业竞争加剧的背景下逆势保持增长；净利润1.64 亿元，同比+6.6%。防水业务年末应 收账款+其他应收款合计约23.4 亿元，同比-3.14 亿元，在业务规模继续扩大的情况下，应收 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.80 CNY, indicating an expected relative return of over 20% within the next six months [7][22]. Core Insights - The company achieved a net profit attributable to the parent company of 3.65 billion CNY in 2024, reflecting a year-on-year growth of 3.49%. The total revenue for the year was 25.82 billion CNY, up 15.14% from the previous year [1][4]. - The company's "One Body, Two Wings" strategy continues to progress, with the lightweight building materials segment contributing a net profit of 3.31 billion CNY, despite a slight decline of 3.2% year-on-year. The waterproof and coating segments showed significant growth, with net profits increasing by 5.8% and 581% respectively [2][4]. - The overall gross margin for 2024 was stable at 29.88%, with specific margins for gypsum board, waterproof materials, and coatings at 38.5%, 17.1%, and 31.9% respectively [3]. Financial Performance Summary - The company reported a net cash inflow from operating activities of 5.13 billion CNY in 2024, marking an 8.45% increase year-on-year. The cash flow from the waterproof and coating segments was 470 million CNY and 630 million CNY respectively [3]. - The projected revenue for 2025 is estimated at 28.92 billion CNY, with a growth rate of 12% anticipated for the following years [6][17]. - The company’s earnings per share (EPS) for 2024 is projected to be 2.16 CNY, with a price-to-earnings (P/E) ratio of 13.46 [6][17]. Global Expansion and Future Outlook - The company is accelerating its global expansion strategy, with profitable operations established in Uzbekistan and ongoing projects in Thailand and Bosnia. A stock incentive plan for 2024 aims to align the interests of the core team with long-term growth [4][6]. - The forecasted net profit for 2025 is 4.56 billion CNY, with further growth expected in subsequent years, reaching 5.84 billion CNY by 2027 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved revenue of 25.82 billion and net profit attributable to shareholders of 3.65 billion in 2024, representing year-on-year growth of 15.1% and 3.5% respectively. The operating cash flow for the year was 5.13 billion, up 8.5% year-on-year [1]. - The gypsum board segment faced slight pressure, with revenues declining by 4.8% to 13.11 billion. However, the waterproofing materials segment grew by 19.2%, and the paint business saw a significant increase of 328% due to the consolidation of Jia Baoli [2]. - The company's gross margin remained stable at 29.9%, with a slight increase in the gypsum board gross margin to 38.51%. However, the overall net profit margin decreased to 14.4% due to increased expenses from acquisitions [3]. - The company's growth strategy, which includes a focus on the gypsum board business and expansion into waterproofing and paint segments, is expected to drive profitability and growth in the coming years. The net profit forecasts for 2025 and 2026 are 4.57 billion and 5.37 billion respectively, with an introduction of a new forecast for 2027 at 6.22 billion [4]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 25.82 billion, a 15.1% increase from the previous year. The net profit attributable to shareholders was 3.65 billion, reflecting a 3.5% increase. The operating cash flow was 5.13 billion, up 8.5% year-on-year [1]. - The fourth quarter saw revenues of 5.46 billion, with a net profit of 500 million, indicating a year-on-year revenue growth of 1.5% but a decline in net profit by 34.7% [1]. Product Segmentation - The gypsum board and keel segments generated revenues of 13.11 billion and 2.29 billion respectively, with declines of 4.8% and 0.1%. The waterproofing materials segment grew by 19.2%, while the paint segment surged by 328% due to the consolidation of Jia Baoli [2]. - The gross margin for gypsum boards was 38.51%, with a slight increase, while the overall gross margin for the company remained stable at 29.9% [3]. Strategic Outlook - The company's strategy focuses on the "One Body, Two Wings" approach, emphasizing stable growth in the gypsum board business, counter-cyclical growth in waterproofing, and expansion through acquisitions in the paint sector. This strategy is expected to enhance both growth and profitability [4].

Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Insights - The company reported a total revenue of 25.82 billion yuan for 2024, representing a year-on-year increase of 15.1%. However, the net profit attributable to shareholders was 3.65 billion yuan, a modest increase of 3.5% year-on-year. In Q4 alone, the revenue was 5.46 billion yuan, showing a year-on-year growth of 1.5% but a quarter-on-quarter decline of 19.4%. The net profit for Q4 was 500 million yuan, down 34.7% year-on-year and 46.2% quarter-on-quarter, indicating that the performance fell short of expectations due to declining demand and rising costs [7]. - The company continues to solidify its leading position in the gypsum board market, with a production volume of 2.166 billion square meters in 2024, a slight increase of 0.04% year-on-year. However, sales volume decreased by 0.05% to 2.171 billion square meters. The average price of gypsum board is expected to decline by 0.3 yuan per square meter due to intensified market competition [7]. - The company has successfully integrated its paint business, achieving a revenue of 4.141 billion yuan in the coatings segment, a significant increase of 328.0% year-on-year, primarily due to the consolidation of Jia Baoli [7]. - Recent price increases for Taishan gypsum products may signal a recovery in industry demand and a reduction in price competition, which could lead to improved profitability for the company's gypsum board business [7]. Financial Data and Profit Forecast - The company forecasts total revenue of 31.54 billion yuan for 2025, with a year-on-year growth rate of 22.2%. The net profit attributable to shareholders is projected to be 4.50 billion yuan, reflecting a growth rate of 23.5% [6][9]. - The gross margin for 2024 is expected to remain stable at 29.9%, while the net margin is projected to be 14.4%, a decrease of 1.4 percentage points year-on-year [7]. - The report provides a detailed financial summary, including operating income, costs, and profit margins for the years 2023 to 2027, indicating a steady growth trajectory for the company [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 25.821 billion yuan in 2024, representing a year-on-year growth of 15.14%, while the net profit attributable to shareholders was 3.647 billion yuan, up 3.49% year-on-year [7] - The gypsum board business remains stable, with the waterproof and coating businesses continuing to expand rapidly, with waterproof materials revenue increasing by 18.65% [7] - The company is focusing on international expansion in regions such as Southeast Asia, Central Asia, the Middle East, Europe, and the Mediterranean, with overseas revenue reaching 417 million yuan, a year-on-year increase of 87.6% [7] - The gross margin for 2024 was 29.88%, with the gypsum board gross margin at 38.51%, remaining stable despite price pressures [7] - The company’s cash flow from operating activities was 5.134 billion yuan, an increase of 8.5% year-on-year, indicating improved operational efficiency [7] - The company’s strategic focus on "one body and two wings" is expected to enhance its market share in the gypsum board sector and drive growth in the waterproof and coating businesses [7] Financial Summary - Total revenue forecast for 2024 is 25.821 billion yuan, with a projected growth rate of 15.14% [8] - The net profit attributable to shareholders is forecasted to be 3.647 billion yuan for 2024, with a growth rate of 3.49% [8] - The earnings per share (EPS) for 2024 is estimated at 2.16 yuan, with a price-to-earnings (P/E) ratio of 13.46 [8] - The company’s total assets are projected to reach 35.139 billion yuan in 2024, with a debt-to-asset ratio of 23.96% [8] - The company’s return on equity (ROE) is expected to be 14.21% for 2024 [8]

Core Viewpoint - The company reported a revenue of 25.82 billion and a net profit attributable to shareholders of 3.65 billion for the year 2024, reflecting a year-on-year growth of 15.1% and 3.5% respectively [1] Financial Performance - In Q4 2024, the company achieved a revenue of 5.46 billion, with a net profit of 0.50 billion, showing a year-on-year increase of 1.5% but a decline in net profit by 34.7% [1] - The operating cash flow for 2024 was 5.13 billion, up 8.5% year-on-year [1] - The company plans to distribute a dividend of 0.865 per share, resulting in a dividend yield of 3.0% based on the announcement date [1] Segment Performance - The gypsum board and keel segments generated revenues of 13.11 billion and 2.29 billion respectively, with declines of 4.8% and 0.1% year-on-year [2] - The sales volume and unit price of gypsum boards decreased by 0.05% and 4.7% respectively, with a calculated gross profit of 2.32 per square meter, down 4.7% year-on-year [2] - The waterproof membrane and waterproof engineering segments saw revenues of 3.32 billion and 0.41 billion, with increases of 19.2% and a decline of 8.1% respectively [2] - The coatings business reported a revenue of 4.14 billion, a significant increase of 328% primarily due to the consolidation of Jia Baoli [2] - The "gypsum board+" related businesses generated 2.55 billion in revenue, up 17.7% year-on-year [2] - The waterproof and coatings segments achieved revenues of 4.66 billion and 3.60 billion respectively, with year-on-year growth of 18.8% and 796.2% [2] Profitability and Cost Structure - The company's gross margin remained stable at 29.9%, with the gypsum board gross margin at 38.51%, reflecting a slight increase [3] - The sales, management, and R&D expense ratios were 5.6%, 4.4%, and 4.1% respectively, with increases attributed mainly to the acquisition of Jia Baoli [3] - The net profit margin for the company was 14.4%, down 1.4 percentage points year-on-year [3] - In Q4, the gross margin was 27.0%, with a net profit margin of 9.7%, down 4.9 percentage points year-on-year [3] Future Outlook - The company maintains a stable growth outlook for the gypsum board business, with the waterproof segment showing resilience and the coatings segment expanding through acquisitions [3] - Profit forecasts for 2025 and 2026 are set at 4.566 billion and 5.367 billion respectively, with a new forecast for 2027 at 6.219 billion [3]