Investment Rating - The report maintains an "Outperform" rating for the company [7][9]. Core Views - The acquisition of a 51.4% stake in Zhejiang Daqiao Paint by the company's wholly-owned subsidiary, Beixin Paint, enhances its industrial coatings segment [7][8]. - The acquisition price is considered reasonable, with Zhejiang Daqiao Paint's high-end products accounting for approximately 70% of its output, and the estimated valuation being around 4.05 billion yuan [8]. - The company's industrial coatings segment will be strengthened, complementing its existing brands and expanding its market presence [9]. Financial Summary - For 2024, the company is projected to achieve a revenue of 28.582 billion yuan, with a year-on-year growth rate of 27.5% [10]. - The net profit for 2024 is estimated at 4.579 billion yuan, reflecting a growth of 29.9% compared to the previous year [10]. - The earnings per share (EPS) for 2024 is forecasted to be 2.71 yuan, with a price-to-earnings (P/E) ratio of 11 times based on the closing price on December 4 [10].

北新集团建材股份有限公司（以下简称"北新建材"或"公司"）于2024年10月 8日发布《关于公司大股东、副董事长贾同春先生及其一致行动人减持股份预披露公 告》（公告编号：2024-034），合计持有北新建材86,072,976股股票（占北新建材总 股本比例5.0946%）的大股东、副董事长贾同春先生及其一致行动人广发资管申鑫利 22号单一资产管理计划（以下简称"申鑫利22号"）、广发资管申鑫利24号单一资产 管理计划（以下简称"申鑫利24号"）计划在减持计划披露之日起15个交易日后的三 个月内（2024年10月30日至2025年1月29日），以集中竞价和大宗交易的方式合计减 持不超过3,500,000股北新建材股票（占北新建材总股本的0.2072%）。 公司于2024年11月5日发布《关于公司大股东、副董事长贾同春先生及其一致行 动人减持至5%的权益变动提示性公告》（公告编号：2024-040），公司大股东、副董 事长贾同春先生及其一致行动人申鑫利22号、申鑫利24号于2024年10月30日至2024年 11月1日通过深圳证券交易所系统以集中竞价方式累计减持北新建材股票1,597,500 股，减持后贾同春先生 ...

证券代码：000786 证券简称：北新建材 公告编号：2024-043 北新集团建材股份有限公司 关于公司全资子公司北新涂料有限公司拟通过公开摘 牌及协议收购方式联合重组浙江大桥油漆有限公司的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次交易的摘牌程序尚需通过在产权交易机构以公开方式进行，公开摘牌与 协议转让为一揽子交易事项且互为生效条件，公司能否成功取得标的公司股权尚 存在不确定性。公司将在摘牌成功后，及时发布进展公告，另行披露交易价格、 交易协议的主要内容及资产评估结果等相关事项。 一、本次交易概述 为进一步协调推进北新集团建材股份有限公司（以下简称"公司"）"一体 两翼"战略布局，公司全资子公司北新涂料有限公司（以下简称"北新涂料"） 拟联合重组浙江大桥油漆有限公司，本次交易分别通过公开摘牌及协议收购方式 进行，且互为生效条件。具体如下： （一）北新涂料拟通过在杭州产权交易中心摘牌方式收购杭州市实业投资集 团有限公司（以下简称"杭实集团"）持有的浙江大桥油漆有限公司（以下简称 "浙江大桥"或"标的公司"）10.7390%股权（对 ...

会议经审议，以 9 票同意、0 票反对、0 票弃权审议通过了《关于公司全资 子公司北新涂料有限公司拟通过公开摘牌及协议收购方式联合重组浙江大桥油 漆有限公司的议案》。 该议案已经公司董事会战略与 ESG 委员会审议通过。 该议案内容详见公司于 2024 年 12 月 4 日刊登在《证券日报》、《证券时报》、 《上海证券报》、《中国证券报》及深圳证券交易所 网站（网址： http://www.szse.cn）及巨潮资讯网站（网址：http://www.cninfo.com.cn）的 《关于公司全资子公司北新涂料有限公司拟通过公开摘牌及协议收购方式联合 重组浙江大桥油漆有限公司的公告》。 三、备查文件 第七届董事会第十四次临时会议决议。 特此公告。 证券代码：000786 证券简称：北新建材 公告编号：2024-042 北新集团建材股份有限公司 第七届董事会第十四次临时会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届董事会第十四次临 时会议于 2024 年 12 月 2 日下午以 ...

按照前述决议和授权，公司向中国银行间市场交易商协会（以下简称交易商 协会）申请注册发行绿色债务融资工具（绿色中期票据），并于近日收到交易商 协会出具的《接受注册通知书》（中市协注〔2024〕GN22 号，以下简称通知书）。 根据通知书，交易商协会决定接受公司绿色债务融资工具注册：注册金额为人民 币 20 亿元，注册额度自通知书落款之日（2024 年 11 月 8 日）起 2 年内有效； 由兴业银行股份有限公司主承销；在注册有效期内可分期发行绿色债务融资工具。 公司不是失信责任主体。公司将根据有关法律、法规、规范性文件、通知书 的要求及公司实际情况，在注册额度和有效期内择机发行，并及时履行相关信息 披露义务。 特此公告。 北新集团建材股份有限公司 关于申请发行绿色债务融资工具获准注册的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北新集团建材股份有限公司（以下简称公司）于 2024 年 3 月 18 日召开的第 七届董事会第五次会议、于 2024 年 4 月 26 日召开的 2023 年度股东大会审议通 过了《关于公司及全资子公司泰山石膏有限公司发行非金 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 37.57 CNY over the next six months [1]. Core Views - The company has demonstrated strong operational momentum with a diversified business model, focusing on gypsum board, waterproof materials, and coatings, while expanding its global footprint [1][4]. - The company achieved a total revenue of 20.36 billion CNY in the first three quarters of 2024, reflecting a year-on-year increase of 19.4%, and a net profit attributable to shareholders of 3.15 billion CNY, up 14.1% year-on-year [1]. - The company is well-positioned to benefit from favorable policies in the real estate market, which are expected to stimulate demand for its products [1][7]. Summary by Sections Company Overview - The company is a global leader in the gypsum board industry, with a production capacity exceeding 3.5 billion square meters, and ranks among the top in waterproof materials and coatings in China [4][13]. - It operates under a "one body, two wings" strategy, focusing on gypsum boards, waterproof materials, and coatings, while enhancing its brand presence with well-known brands like "Longpai" and "Taishan" [4][23]. Financial Performance - In Q3 2024, the company reported a revenue of 6.77 billion CNY, a year-on-year increase of 19.8%, and a net profit of 930 million CNY, up 8.2% year-on-year [1]. - The gross margin slightly decreased by 0.1 percentage points to 30.7% due to soft downstream demand, while the net profit margin fell by 0.6 percentage points to 15.7% [1][17]. Business Diversification - The company has successfully expanded its revenue sources, with gypsum board accounting for 61.4% of total revenue, waterproof materials at 14.1%, and coatings at 13.1% as of H1 2024 [13][22]. - The company is actively pursuing international markets, with production lines established in Uzbekistan and ongoing projects in Thailand and Bosnia [1][13]. Market Outlook - The real estate market is showing signs of stabilization, with policies aimed at supporting housing sales and urban renewal expected to boost demand for construction materials [7][9]. - The company anticipates a recovery in demand for its products, particularly in the waterproof and coatings segments, driven by urban renewal initiatives and the ongoing recovery of the real estate market [19][23]. Earnings Forecast - The company forecasts earnings per share (EPS) of 2.41 CNY, 2.89 CNY, and 3.40 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 13, 11, and 9 [1][22]. - Revenue is expected to grow to 27.22 billion CNY in 2024, reflecting a year-on-year increase of 21.4%, and further growth in subsequent years [22][23].

证券代码：000786 证券简称：北新建材 公告编号：2024-040 北新集团建材股份有限公司 关于公司大股东、副董事长贾同春先生及其一致行动人 减持至 5%的权益变动提示性公告 大股东、副董事长贾同春先生及其一致行动人广发资管申鑫利22号 单一资产管理计划、广发资管申鑫利24号单一资产管理计划保证向公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息 一致。 特别提示： 1、本次权益变动属于北新集团建材股份有限公司（以下简称北新建材）大股 东、副董事长贾同春先生及其一致行动人广发资管申鑫利22号单一资产管理计划 （以下简称申鑫利22号）、广发资管申鑫利24号单一资产管理计划（以下简称申鑫 利24号）减持股份，不触及要约收购。 2 、 本 次 权 益变动 前 ， 贾 同 春先 生及 其 一 致 行 动人 合计 持 有 北 新 建 材 86,072,976股股票，占北新建材总股本的比例5.0945591%。本次权益变动后，贾同 春先生及其一致行动人合计持有北新建材84,475,476股股票，占北新建材总股本比 例5.00000 ...

北新集团建材股份有限公司 简式权益变动报告书 上市公司名称：北新集团建材股份有限公司 股票上市地：深圳证券交易所 股票简称：北新建材 股票代码：000786 信息披露义务人：贾同春及其一致行动人广发资管申鑫利 22 号单一 资产管理计划、广发资管申鑫利 24 号单一资产管理计划 住所及通讯地址：山东省泰安市 股份变动性质：股份减少 权益变动报告书签署日期：二〇二四年十一月四日 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 第一节 释义 | 信息披露义务人 | 指 | 贾同春及其一致行动人广发资管申鑫利 22 号单 一资产管理计划、广发资管申鑫利 24 号单一资 | | --- | --- | --- | | | | 产管理计划 | | 申鑫利 号 22 | 指 | 广发资管申鑫利 号单一资产管理计划 22 | | 申鑫利 24 号 | 指 | 广发资管申鑫利 24 号单一资产管理计划 | | 上市公司/公司/北新建材 | 指 | 北新集团建材股份有限公司 | | | | 贾同春及其一致行动人自 2021 年 6 月 15 日至 | | 本次权益变动 | 指 | 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved counter-cyclical growth in performance, with a revenue of 20.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.44%. The net profit attributable to shareholders reached 3.145 billion yuan, up 14.12% year-on-year [1] - The company is firmly promoting a "dual-wing, global layout" strategy, with significant growth in its waterproof and coating businesses, and a strong international presence [1][2] - The waterproof business saw a revenue increase of 18.67% to 3.578 billion yuan, while the coatings business experienced a remarkable growth of 735.04%, reaching 2.548 billion yuan [1] - The company has established a leading market share in the domestic gypsum board industry, with effective production capacity of 3.562 billion square meters as of June 30, 2024 [1] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 20.364 billion yuan, up 19.44% year-on-year - Net profit: 3.145 billion yuan, up 14.12% year-on-year - Waterproof business revenue: 3.578 billion yuan, up 18.67% - Coating business revenue: 2.548 billion yuan, up 735.04% - International business revenue: 171 million yuan, up 121.16% [1][2] Earnings Forecast - The company is expected to achieve the following revenues and net profits for 2024-2026: - 2024E Revenue: 27.616 billion yuan, Net Profit: 4.399 billion yuan - 2025E Revenue: 30.768 billion yuan, Net Profit: 4.990 billion yuan - 2026E Revenue: 34.327 billion yuan, Net Profit: 5.658 billion yuan - The projected P/E ratios for 2024, 2025, and 2026 are 11.9, 10.5, and 9.3 respectively [2][3][4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 20.364 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19.4%. The net profit attributable to shareholders was 3.145 billion yuan, an increase of 14.1% year-on-year, while the net profit excluding non-recurring items was 3.069 billion yuan, up 12.7% year-on-year [4][5]. - In the third quarter alone, the company reported a revenue of 6.767 billion yuan, a year-on-year increase of 19.8%. The net profit attributable to shareholders was 931 million yuan, reflecting an 8.2% year-on-year growth, and the net profit excluding non-recurring items was 910 million yuan, up 3.5% year-on-year [4][5]. - The company expects a slight increase in gypsum board sales, with continued expansion in the waterproof segment, supported by its state-owned enterprise background and financial advantages. The consolidation of Jiaboli is also expected to contribute significantly [4][5]. Financial Performance - The gross margin for the first three quarters was 30.7%, slightly down from 30.8% in the same period last year. The gross margin for the third quarter was 30.1%, down from 32.0% year-on-year [5]. - The company maintained a good control over its expense ratios, with a total expense ratio of 13.4% for the first three quarters, an increase of 0.6 percentage points year-on-year. The expense ratio for the third quarter was 14.7%, also up by 0.6 percentage points [5][6]. - The cash collection ratio for the first three quarters was 86.2%, a slight decrease of 2.6 percentage points year-on-year, while the net cash ratio was 86.1%, an increase of 14.9 percentage points year-on-year [6]. Growth Outlook - The company is expected to strengthen its long-term growth logic, with stable profitability and continued realization of pricing power. Despite weak demand, the gross margin for gypsum board remains high [6]. - The company is expanding its product categories, with expected revenue growth from existing channel resources such as light steel keel and boards, as well as robust growth in the waterproof business and contributions from the coatings segment [6]. - Forecasted earnings for 2024 and 2025 are 4 billion yuan and 4.2 billion yuan, respectively, with price-to-earnings ratios of 13 and 12 times [6].