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]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%, while the net profit attributable to shareholders was 3.65 billion yuan, up 3.49% year-on-year [3] - The gypsum board business faced short-term pressure, but the overall business remains resilient, with the gypsum board revenue slightly declining by 4.79% to 13.11 billion yuan [3] - The company is focusing on internal and external growth strategies, with significant expansion in its waterproof and paint businesses, achieving revenue growth of 19.32% and 327.99% respectively in 2024 [3] - The company reported a strong operating cash flow of 5.13 billion yuan, an increase of 8.45% year-on-year, and a high dividend payout ratio of 40.07% [3] Financial Performance Summary - The company forecasts revenue growth rates of 14.30% in 2025, 11.58% in 2026, and 7.10% in 2027, with net profit expected to reach 4.48 billion yuan in 2025 [4][6] - The gross margin for the gypsum board and keel business was 38.51% and 18.98% respectively, showing slight improvements [3] - The company’s total assets are projected to grow from 35.14 billion yuan in 2024 to 47.69 billion yuan by 2027 [5] Business Strategy - The company is implementing a "One Body, Two Wings" strategy to enhance its core gypsum board business while expanding its waterproof and paint segments [3] - The international sales revenue reached 417 million yuan in 2024, marking an 87.59% increase, indicating successful international expansion efforts [3] - The company plans to invest in a new production line for gypsum fiberglass boards, which is expected to further strengthen its market position [3]

Core Viewpoint - The company reported a total revenue of 25.82 billion yuan for 2024, representing a year-on-year increase of 15.1%, and a net profit attributable to shareholders of 3.65 billion yuan, up 3.5% year-on-year. However, Q4 2024 revenue was 5.46 billion yuan, a slight increase of 1.5%, with net profit down 34.7%, falling short of market expectations [1] Revenue Breakdown - By product: Revenue from gypsum board was 13.11 billion yuan (-4.8%), metal framework 2.29 billion yuan (-0.1%), waterproof membrane 3.32 billion yuan (+19.2%), waterproof engineering 0.41 billion yuan (-8.1%), and coatings 4.14 billion yuan (+328.0%). The gypsum board business remained stable, while the waterproof and coatings segments showed significant growth potential [1] - By region: Revenue from northern China was 8.24 billion yuan (-7.5%), southern China 12.63 billion yuan (+35.8%), western China 4.54 billion yuan (+13.4%), and overseas 0.42 billion yuan (+87.6%). The impact of acquisitions on regional revenue was significant, with overseas revenue growth being particularly impressive [1] - By channel: Direct sales generated 3.20 billion yuan (+45.7%) and distribution sales 22.62 billion yuan (+11.8%) [1] Profitability Analysis - Overall gross margin remained stable year-on-year, with gypsum board gross margin slightly increasing by 0.02 percentage points to 38.5%. The gross margin for waterproof membranes decreased by 1.7 percentage points to 17.1%, while coatings increased by 2.7 percentage points to 31.9% [2] - The sales expense ratio increased by 1.4 percentage points to 5.6%, primarily due to higher sales expenses in the coatings business and acquisitions. Management and financial expense ratios remained stable, leading to a comprehensive expense ratio increase of 1.9 percentage points [2] - The net sales margin decreased by 1.4 percentage points to 14.4%, indicating slight pressure on profitability [2] Business Strategy and Outlook - The company adheres to a "one body, two wings, global layout" strategy, enhancing brand building and promoting national expansion. It has expanded product categories with new offerings in gypsum board and integrated coatings and waterproof products into a comprehensive home decoration system [3] - The company is focusing on global expansion in Southeast Asia, Central Asia, the Middle East, and Europe, with significant progress in overseas projects. The company is strategically positioned in the gypsum board sector and is following up with waterproof and coatings industries [3] - The company aims to enhance core competitiveness through internal growth and acquisitions, having completed the restructuring of Jia Baoli and expanded its coatings capacity nationwide. The current recovery in the real estate market and supportive policies are expected to benefit the company significantly as a leading player in gypsum board, waterproofing, and coatings [3] Earnings Forecast - The expected EPS for 2025-2027 is projected to be 2.63 yuan, 3.11 yuan, and 3.62 yuan, corresponding to PE ratios of 11x, 9x, and 8x respectively. The company’s comprehensive competitiveness is strong, and the effectiveness of its "one body, two wings" strategy is notable, leading to a positive outlook on earnings elasticity [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Insights - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.65 billion yuan, with a year-on-year increase of 3.49% [4]. - The gypsum board business saw a revenue decline of 4.79% to 13.11 billion yuan, primarily due to price reductions, while the waterproofing business experienced a robust growth of 18.80%, generating 4.66 billion yuan in revenue [4]. - The acquisition of Jiaboli has completed the company's strategic layout of "two wings," enhancing its presence in the waterproofing and coating sectors, with the coating business revenue soaring by 327.99% to 4.14 billion yuan [4]. Financial Performance Summary - The company forecasts revenue growth from 22.43 billion yuan in 2023 to 36.83 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 12% [2]. - The net profit attributable to shareholders is projected to increase from 3.52 billion yuan in 2023 to 6.57 billion yuan in 2027, reflecting a CAGR of around 19% [2]. - The earnings per share (EPS) is expected to rise from 2.09 yuan in 2023 to 3.89 yuan in 2027, indicating a strong growth trajectory [2]. Business Segment Analysis - The gypsum board segment's revenue is projected to stabilize, while the waterproofing and coating segments are expected to drive significant growth, contributing to the overall revenue increase [4]. - The company is actively expanding its market presence in Southeast Asia, Central Asia, and Europe, with overseas sales reaching 417 million yuan, a year-on-year increase of 87.59% [4]. - The company is enhancing its operational efficiency, as evidenced by the improvement in cash flow from the waterproofing segment, which increased by 33.68% to 470 million yuan [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company achieved an annual revenue of 25.8212 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.6469 billion yuan, up 3.49% year-on-year, with a basic earnings per share of 2.16 yuan [3][4]. - Despite a downturn in the real estate sector affecting gypsum board demand, the company's sales volume remained stable, with a slight decline of only 0.05% year-on-year. The gypsum board production capacity utilization rate reached 66.52%, supporting an increase in market share [4]. - The waterproof materials business grew by 19.23% year-on-year, while the paint business saw a significant increase of 327.99% due to the acquisition of Jiaboli. This indicates a successful dual growth strategy through both organic and external means [4]. - The integration of Jiaboli has increased the company's sales and management expense ratios, leading to a rise in the sales expense ratio by 1.35 percentage points year-on-year. However, the overall operating efficiency has improved, with a reduction in the operating cycle by 10.54 days [5]. Financial Forecasts - The company is projected to achieve net profits of 4.479 billion yuan, 5.063 billion yuan, and 5.657 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding earnings per share are expected to be 2.65 yuan, 3.00 yuan, and 3.35 yuan [6][12]. - The current stock price corresponds to price-to-earnings ratios of 10.85, 9.60, and 8.59 for the years 2025 to 2027, indicating a favorable valuation given the company's operational resilience during a period of low demand [6].

Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Views - The company reported a revenue of 25.82 billion yuan for 2024, an increase of 15.14% year-on-year, with a net profit attributable to shareholders of 3.65 billion yuan, up 3.49% year-on-year [5]. - In Q4 2024, the company's revenue was 5.46 billion yuan, a year-on-year increase of 1.5%, but the net profit decreased by 34.65% to 502 million yuan [5][6]. - The decline in Q4 profit was attributed to a slight decrease in gypsum board prices and increased sales and management expenses due to the consolidation of Jia Baoli [6]. Financial Performance Summary - The company’s total assets are valued at 35.1 billion yuan, with a debt-to-asset ratio of 24.0% [4]. - The earnings per share (EPS) for 2024 is projected to be 2.16 yuan, with a price-to-earnings (P/E) ratio of 13.33 [4][9]. - The company expects revenues of 29.7 billion yuan and 33.2 billion yuan for 2025 and 2026, respectively, with corresponding net profits of 4.56 billion yuan and 5.18 billion yuan [7][9]. Product Performance Summary - Gypsum board revenue was 13.11 billion yuan in 2024, down 4.79% year-on-year, with a sales volume of 2.171 billion square meters [6]. - The revenue from waterproof membranes increased by 19.23% to 3.322 billion yuan, while the revenue from coatings surged by 327.99% to 4.141 billion yuan due to the consolidation of Jia Baoli [6]. Cost and Cash Flow Summary - The company’s operating cash flow for 2024 was 5.13 billion yuan, reflecting an increase of 8.5% year-on-year [7]. - The total expense ratio for 2024 was 14.3%, an increase of 1.8 percentage points year-on-year, primarily due to higher sales expenses from the newly acquired coating business [7].

Investment Rating - The report maintains a "Strong Buy" rating for Beixin Building Materials [2][6]. Core Views - Beixin Building Materials achieved an annual revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.65 billion yuan, up 3.49% year-on-year, with a basic earnings per share of 2.16 yuan [3][4]. - Despite a downturn in the real estate sector affecting gypsum board demand, the company's sales volume remained stable, with a slight decline of 0.05% year-on-year, selling 21.71 million square meters of gypsum board [4]. - The company is transitioning into a comprehensive manufacturer and service provider of consumer building materials, driven by the rapid growth of its waterproof materials and coatings businesses, which saw revenue increases of 19.23% and 327.99% respectively [4][6]. Financial Performance Summary - Revenue for 2024 was 25.82 billion yuan, with a growth rate of 15.14% compared to 2023 [12]. - The net profit for 2024 was 3.65 billion yuan, reflecting a growth rate of 3.49% [12]. - The company’s gross margin remained stable at 29.88%, while the net asset return rate decreased slightly by 1.26 percentage points year-on-year [5][12]. - The operating cycle improved to 83.03 days, a reduction of 10.54 days year-on-year, indicating enhanced operational efficiency [5]. Profit Forecast - The projected net profits for Beixin Building Materials for 2025, 2026, and 2027 are 4.48 billion yuan, 5.06 billion yuan, and 5.66 billion yuan respectively, with corresponding earnings per share of 2.65 yuan, 3.00 yuan, and 3.35 yuan [6][12]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated at 10.85, 9.60, and 8.59 times respectively [6][12]. Company Overview - Beixin Building Materials is a leading manufacturer of gypsum board in China, holding over 60% market share in the gypsum board industry. The company is actively developing its "one body, two wings" strategy, focusing on waterproof materials and coatings [7].