Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's Q3 performance shows resilience in core business demand, with a revenue increase of 19.8% year-on-year to 6.77 billion yuan and a net profit increase of 8.2% to 0.93 billion yuan [2][3] - The company's revenue for the first three quarters reached 20.36 billion yuan, up 19.4% year-on-year, while net profit increased by 14.1% to 3.15 billion yuan [2][3] - The company's two-wing strategy has led to robust growth, particularly in waterproofing and coatings, with significant contributions from acquisitions [3] Financial Performance - The company achieved revenues of 14.24 billion yuan from lightweight building materials, 3.58 billion yuan from coatings, and 2.55 billion yuan from other businesses in the first three quarters, reflecting year-on-year growth of 3.7%, 18.7%, and 735.0% respectively [3] - The gross margin for Q3 was 30.1%, and the net margin was 13.95%, showing a slight decline compared to the previous year [3] - The company’s international business revenue reached 171 million yuan, a year-on-year increase of 121.2%, with a net profit of 18 million yuan, up 27.39% [3] Earnings Forecast - The company is expected to generate revenues of 27.7 billion yuan and 29.7 billion yuan in 2024 and 2025, respectively, representing year-on-year growth of 23.42% and 7.34% [4][6] - The forecasted net profit for 2024 and 2025 is 4.395 billion yuan and 4.662 billion yuan, reflecting growth rates of 24.72% and 6.08% [4][6] - The projected P/E ratios for 2024 and 2025 are 11.9X and 11.2X, respectively [4]

Group 1: Company Development Strategy - The company emphasizes continuous innovation under strategic guidance to achieve high-quality development [1] - Key initiatives include optimizing development strategies, strengthening the technology innovation system, accelerating digital transformation, and enhancing international presence [1] - The company aims to leverage competitive advantages through brand and cultural development, as well as improving mechanism construction [1] Group 2: Financial Management and Performance - Accounts receivable increased due to expanded credit sales and the acquisition of a new subsidiary, leading to a broader consolidation scope [2] - The company has established credit management and accounts receivable management systems to mitigate credit risk [2] - Cumulative cash dividends since listing have exceeded 8 billion yuan, reflecting the company's commitment to sharing development results with investors [2] Group 3: Shareholder Engagement - The company is focused on balancing short-term shareholder interests with long-term returns, considering its current development stage [2] - The stock incentive plan is pending approval from the State-owned Assets Supervision and Administration Commission [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's main business remains solid, with high growth in its two wings and international expansion despite market challenges [1][2] - The company reported a revenue of 20.36 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.4% [1] - The net profit attributable to shareholders reached 3.15 billion yuan, with a year-on-year growth of 14.1% [1] Financial Performance Summary - **Revenue (million yuan)**: - 2022A: 19,934 - 2023A: 22,426 - 2024E: 25,180 (12% growth YoY) - 2025E: 28,660 - 2026E: 32,925 [1] - **Net Profit (million yuan)**: - 2022A: 3,136 - 2023A: 3,524 - 2024E: 4,256 (21% growth YoY) - 2025E: 5,066 - 2026E: 5,559 [1] - **Earnings Per Share (yuan)**: - 2022A: 1.86 - 2023A: 2.09 - 2024E: 2.52 - 2025E: 3.00 - 2026E: 3.29 [1] - **P/E Ratio**: - 2022A: 16.7 - 2023A: 14.9 - 2024E: 10.1 - 2025E: 8.5 - 2026E: 7.7 [1] - **P/B Ratio**: - 2022A: 2.5 - 2023A: 2.2 - 2024E: 1.6 - 2025E: 1.3 - 2026E: 1.2 [1] Business Strategy and Growth Drivers - The company is focusing on high-end product strategies in its gypsum board business, with significant revenue contributions from waterproofing and coating segments [1] - The waterproofing segment achieved a revenue of 3.578 billion yuan, showing a year-on-year increase [1] - The international business is performing well, with notable growth in overseas markets [1][2] Future Outlook - The company maintains its profit forecast for 2024-2026, expecting net profits of 4.26 billion, 5.07 billion, and 5.56 billion yuan respectively, with corresponding P/E ratios of 10, 9, and 8 times [2] - The report emphasizes the company's strong market position in the gypsum board industry and its potential for continued growth driven by cost advantages and high pricing power [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company reported a revenue of 20.364 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 19.44%, with a net profit attributable to shareholders of 3.145 billion yuan, up 14.12% year-on-year [2]. - The market share of gypsum board has increased against the backdrop of weak industry demand, with the company maintaining stable sales and prices in its gypsum board business, while also expanding its waterproof and paint segments [2][3]. - The gross margin has remained stable at 30.65%, with a slight decrease in Q3 due to changes in business structure, while cash flow from operating activities showed a significant increase of 38% year-on-year [2][3]. Financial Forecasts and Valuation - The company is expected to achieve net profits of 4.268 billion yuan, 4.941 billion yuan, and 5.505 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12.3X, 10.6X, and 9.5X based on the closing price on October 25 [3]. - The revenue forecast for the company is projected to be 27.884 billion yuan in 2024, 30.884 billion yuan in 2025, and 34.070 billion yuan in 2026, with year-on-year growth rates of 24.34%, 10.76%, and 10.31% respectively [1][3].

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2024 年 10 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 张艺露 S0350523110003 zhangyl01@ghzq.com.cn 联系人 ： 谭宸 S0350124070009 tanc@ghzq.com.cn [Table_Title] 收入增速亮眼，盈利能力保持稳健 ——北新建材（000786）2024 年三季报点评 事件: 最近一年走势 2024 年 10 月 24 日，北新建材发布 2024 年三季报：2024 年前三季度， 公司实现营业收入/归母净利润/扣非归母净利润 203.6/31.5/30.7 亿元， 分别同比+19.4%/+14.1%/+12.7%；2024Q3，公司实现营业收入/归母净 利 润 / 扣 非 归 母 净 利 润 67.7/9.3/9.1 亿 元 ， 分 别 同 比 +19.8%/+8.2%/+3.5%。 投资要点: 相对沪深 300 表现 2024/10/25 毛利率有所承压，费用率小幅提升：2024 年前三季度，公司毛利率 表现 1M 3M 12M /归母净利率/扣非归母净利率分别为 30.7%/15.4%/15.1%，分别同比 北新 ...

公司报告 | 季报点评 Q3 收入保持高增，"一体两翼＂稳步推进 公司三季度实现归母净利润 9.3 亿元，同比增长 8.23% 公司发布 24 年三季报，前三季度实现收入 203.6 亿，同比增长 19.44%， 实现归母净利润 31.5 亿元，同比增长 14.12%，扣非归母净利润 30.7 亿元， 同比增长 12.65%，其中 Q3 单季度实现收入 67.7 亿元，同比增长 19.82%， 归母净利润 9.3 亿元，同比增长 8.23%，扣非归母净利润 9.1 亿元，同比增 长 3.52%。 公司三季度单季度实现收入 67.67 亿元，环比小幅下滑 11.58%。在新房景 气度下滑背景下，二手房销售保持强韧性，公司深挖城市更新、修缮、工 业、民用等领域需求，持续下沉县乡等渠道，石膏板市场份额或保持稳定 增长，且公司较高的市占率使其具有较强的定价权优势，进一步巩固石膏 板盈利的稳定性，而两翼业务已逐渐成为公司的第二成长极。近期地产政 策频出，有望逐步促进房地产市场止跌回稳，且随着建材品质重要性的提 升，公司作为头部央企有望进一步强化品牌影响力。 毛利率有所下降，费用率提升 公司三季度单季度实现归母净利润 9 ...

上 市 公 司 建筑材料 2024 年 10 月 26 日 北新建材 (000786) ——收入创同期新高，逆势扩张费用开支增厚 证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 31.00 | | 一年内最高/最低（元） | 36.50/21.77 | | 市净率 | 2.1 | | 息率（分红/股价） | 2.69 | | 流通 A 股市值（百万元） | 50,606 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 14.89 | | 资产负债率 % | 27.96 | ...

2024 年 10 月 25 日 公司研究 弱需求下 Q3 业绩保持增长 ——北新建材（000786.SZ）2024 年三季报点评 要点 事件：北新建材发布 2024 年三季报，24Q1-3 实现营收/归母净利润/扣非归母净 利润 203.6/31.5/30.7 亿元，同比+19.4%/+14.1%/12.7%，经营性净现金流 27.1 亿元，同比+38.0%。单 Q3 实现营收/归母净利润/扣非归母净利润 67.7/9.3/9.1 亿元，同比+19.8%/+8.2%/+3.5%，经营性净现金流 6.7 亿元，同比-2.8%。 防水业务持续提升，涂料业务融合发展：单 Q3 公司收入/归母净利增速较 Q2 有所提速；预计石膏板主业实现稳健增长。单 Q3 防水/涂料业务收入 12.2/10.5 亿元，同比+15.7%/+1088.4%，防水增速较 24H1 有所下行；防水/涂料分部毛 利率 17.2%/31.7%，同比-1.4/+5.0pcts，防水毛利率下滑或因需求疲软及行业 价格战影响，涂料毛利率提升或系并购嘉宝莉毛利率更高。此外，Q1-3 防水分 部经营性净现金流同比+62.0%，涂料业务经营性净现金流 3 ...

北新建材（000786.SZ）2024 年三季报点评 扩品类收入增长抵御周期，毛利率同环比回落影响盈利 2024 年 10 月 25 日 ➢ 公司发布 2024 年三季报：24Q1-Q3 实现营收 203.64 亿元，同比+19.44%， 归母净利 31.45 亿元，同比+14.12%，扣非归母净利 30.69 亿元，同比+13.31%。 其中，24Q3 营收 67.67 亿元，同比+19.82%，归母净利 9.31 亿元，同比+8.23%， 扣非净利 9.10 亿元，同比+3.52%。24Q3 毛利率为 30.07%，同比-1.93pct，环比 -2.66pct。 ➢ 分业务收入表现：据北新官方公众号披露数据推算，前三季度公司收入中，防水、 涂料分别占比 17.6%、12.5%，剩余约 70%以"石膏板、轻钢龙骨"为代表的轻质建 材业务为主。①防水前三季累计收入 35.78 亿，同比+18.67%，②涂料前三季度累 计收入 25.48 亿（同比+735.04%），③国际化前三季度累计收入 1.71 亿，同比 +121.16%。 ➢ 单 3 季度综合毛利率实现 30.07%，同比下降 1.93pct：预计和宏 ...