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 ...

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].

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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Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company reported strong revenue growth and maintained stable profitability, with a year-on-year increase in revenue of 19.4% and net profit of 14.1% for the first three quarters of 2024 [1][2] - The gross margin has faced some pressure, with a slight increase in expense ratios, attributed to higher sales expenses due to recent acquisitions [2][5] - The company is expected to benefit from the recovery of the real estate market and renovation demand, particularly in gypsum board products, which have a strong market position [5][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 20.36 billion yuan, net profit attributable to shareholders of 3.15 billion yuan, and net profit excluding non-recurring items of 3.07 billion yuan, with respective year-on-year growth rates of 19.4%, 14.1%, and 12.7% [1] - In Q3 2024, the company reported operating revenue of 6.77 billion yuan, net profit of 930 million yuan, and net profit excluding non-recurring items of 910 million yuan, with year-on-year growth rates of 19.8%, 8.2%, and 3.5% [1] - The gross margin for the first three quarters was 30.7%, with a slight decline compared to the previous year, while the net profit margin was 15.4% [2] - The company’s asset-liability ratio increased to 28.0% due to acquisitions, while operating cash flow for the first three quarters was 2.71 billion yuan, reflecting a 38.0% increase year-on-year [2][5] Earnings Forecast - The company is projected to achieve operating revenues of 27.72 billion yuan, 30.05 billion yuan, and 32.75 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.37 billion yuan, 4.85 billion yuan, and 5.45 billion yuan [5][6] - The expected price-to-earnings (P/E) ratios for the next three years are 12.0, 10.8, and 9.6 times [5][6]

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 ...