证券代码：000786 证券简称：北新建材 公告编号：2025-049 北新集团建材股份有限公司 关于 2025 年度第一期超短期融资券（科创票据） 兑付完成的公告 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。 北新集团建材股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日发行 了 2025 年度第一期超短期融资券（科创票据）（债券简称：25 北新 SCP001<科 创票据>，债券代码： 012580926.IB），本期发行总额为人民币 10 亿元，发行 利率 1.78%，起息日为 2025 年 4 月 15 日，兑付日为 2025 年 8 月 22 日，具体内 容详见公司于 2025 年 4 月 17 日刊登在《证券日报》《证券时报》《上海证券报》 《中国证券报》、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 2025 年度第一期超短期 融资券（科创票据）发行情况的公告》。 目前，公司已按期完成了上述 2025 年度第一期超短期融资券（科创票 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Core Viewpoint - North New Building Materials Co., Ltd. has experienced fluctuations in stock performance and financial metrics, indicating potential investment opportunities and challenges in the building materials sector [1][2]. Financial Performance - As of January to June 2025, North New Building Materials reported revenue of 13.558 billion yuan, a year-on-year decrease of 0.29%, and a net profit attributable to shareholders of 1.930 billion yuan, down 12.85% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 9.562 billion yuan, with 3.979 billion yuan distributed over the past three years [3]. Stock Performance - On August 25, the stock price increased by 2.03% to 27.14 yuan per share, with a trading volume of 4.97 billion yuan and a turnover rate of 1.14%, resulting in a total market capitalization of 45.853 billion yuan [1]. - Year-to-date, the stock has decreased by 7.83%, with a 1.23% increase over the last five trading days and a 2.07% increase over the last 20 days [1]. Shareholder Structure - As of August 20, the number of shareholders stood at 67,000, with an average of 24,130 circulating shares per person, showing no change from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 177 million shares, a decrease of 17.259 million shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.90 CNY, indicating an expected return of over 20% within the next six months [4][6][23]. Core Views - The company experienced a decline in revenue and net profit in the first half of the year, with a net profit of 1.93 billion CNY, down 12.8% year-on-year [1]. - The light building materials segment saw a revenue drop of 8.67% to 8.90 billion CNY, while the two wings (waterproof and coating materials) showed growth, with revenues increasing by 5.99% and 44.42% respectively [2]. - The company is investing in new production lines to enhance capacity and competitiveness in the East China region, which is expected to improve profitability through new product premium effects [2]. Financial Performance - The company's gross margin for the first half was 30.3%, a slight decrease of 0.6 percentage points year-on-year, with net profit margin dropping to 14.6%, down 2 percentage points [3]. - Operating cash flow saw a significant decline of 52.9% year-on-year, amounting to 960 million CNY, primarily due to a decrease in cash collection ratio [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 3.90 billion CNY, 4.48 billion CNY, and 5.11 billion CNY respectively, reflecting a downward revision from previous estimates [4]. Business Strategy - The company is focused on a "one main two wings" development strategy, aiming for global expansion and diversification in its product offerings [4]. - The report highlights the ongoing investment in industrial coatings and the restructuring of its paint business to enhance product variety and market presence [2][4].

Group 1 - From August 18 to August 24, brokers issued a total of 463 target prices for listed companies, with the highest target price increases for Hengmingda at 63.83%, Jiangsu Shentong at 62.24%, and Dongfang Caifu at 60.29%, belonging to the consumer electronics, general equipment, and securities industries respectively [1] - A total of 559 listed companies received broker recommendations during the same period, with Beixin Building Materials receiving 22 recommendations, Yanghe Co. receiving 21, and Runben Co. receiving 20 [1] - During this period, brokers upgraded ratings for 9 companies, including Dongbei Securities upgrading Changhai Co. from "Hold" to "Buy", and Pacific Securities upgrading Chuanjinno from "Hold" to "Buy" [1] Group 2 - Brokers downgraded ratings for 11 companies, including Minsheng Securities downgrading Taoli Bread from "Recommended" to "Cautious Recommendation", and Zhongyin International Securities downgrading Southern Airlines from "Hold" to "Increase" [1] - From August 18 to August 24, brokers provided 97 instances of initial coverage, with Southern Airlines receiving an "Increase" rating from Zhongyin International Securities, and Cuihua Jewelry receiving a "Buy" rating from Tianfeng Securities [2] - Other companies receiving initial coverage include Feiyada with a "Buy" rating from Dongbei Securities, Lihua Co. with an "Increase" rating from Huaxi Securities, and Sanhuan Group with a "Buy" rating from Huayuan Securities [2]

Group 1: Weicai Technology - The overall capacity utilization rate of Weicai Technology reached 90% in the first half of 2025, expected to approach full production by September [1] - The company anticipates a doubling of revenue from computing power business for the entire year, with gross margin expected to rise in the second half due to price, capacity utilization, and business structure [1] - The company plans to invest 1.3 to 1.4 billion yuan in capital expenditures for equipment this year, with stable pricing [1] Group 2: Beixin Building Materials - The domestic gypsum board industry is facing a decline in demand and increased competition in the first half of 2025 [2] - Beixin Building Materials aims to enhance product competitiveness and focus on niche markets while expanding its international presence in regions such as Southeast Asia and Central Asia [2] - The company is pursuing mergers and acquisitions to achieve value integration and has successfully restructured partnerships with Jia Baoli Paint and Zhejiang Daqiao [2] Group 3: Huayang Group - Huayang Group is intensifying efforts to expand its international brand client base in the automotive electronics sector, securing multiple projects with international car manufacturers [3] - The company has achieved mass production of advanced HUD products and expects continued high growth in this segment [3] - There is significant growth in orders for magnesium alloy die-casting products and rapid revenue growth in optical communication module components [3]

Group 1: Weicai Technology - The overall capacity utilization rate of Weicai Technology reached 90% in the first half of 2025, expected to approach full production by September [1] - The company has made smooth progress in its fundraising projects in Wuxi and Nanjing, with equipment investment nearly completed [1] - The fixed asset depreciation for the first half of the year was 207 million, with an expected total depreciation of 480 million for the year [1] - The computing power business accounted for 9% to 10% of total revenue in the first half, with an expected doubling of growth for the year [1] - The gross profit margin is influenced by price, capacity utilization, and business structure, with an anticipated quarter-on-quarter increase in the second half [1] - Revenue from high-end testing, including wafer and chip testing, is expected to continue increasing in absolute terms in the second half, with faster growth in FT revenue [1] - Government subsidies in the second half are expected to be several million, with minimal equipment disposal [1] - The capital expenditure plan for equipment this year is 1.3 to 1.4 billion, with stable pricing [1] - Revenue distribution: Wuxi plant 51%, Shanghai plant 24%, Nanjing plant 22%, Shenzhen and Tianjin 2.5% to 3% [1] - The consumer electronics business accounted for over 60% last year, over 50% in the first half of this year, with an increase in absolute value but a decrease in proportion [1] - The Shanghai headquarters covers customers in the Yangtze River Delta, while the Nanjing Phase II project serves the local industrial ecosystem, and the Chengdu project covers the western market [1] Group 2: Beixin Building Materials - In the first half of 2025, the domestic gypsum board industry faced a decline in demand and intensified competition [2] - Beixin Building Materials plans to flexibly adjust strategies, increase new product development, and promote high-end, green, and digital transformation [2] - The company's "two wings" business still has room for market share improvement, focusing on enhancing product competitiveness in niche markets [2] - The international business has made initial entries into Tanzania, Uzbekistan, and Thailand, with plans to expand into Southeast Asia, Central Asia, Africa, Europe, and the Mediterranean [2] - The company adheres to the "one body, two wings" strategy for external mergers and acquisitions, aiming for dual empowerment and value integration [2] - Beixin has successfully initiated the restructuring of Jiaboli Paint and Zhejiang Bridge, with smooth integration efforts [2] - In response to market competition, the company is deepening reforms, improving governance systems, and advancing long-term incentives and market-oriented operational mechanism reforms [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but certain segments like waterproof coatings and paints showed resilience and growth despite industry challenges [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 13.558 billion yuan, a year-on-year decrease of 0.3%, and a net profit of 1.93 billion yuan, down 12.8% [1]. - In Q2 2025, revenue was 7.312 billion yuan, a decline of 4.5%, with net profit at 1.087 billion yuan, down 21.9% [1]. Segment Analysis - **Gypsum Board Business**: Revenue decreased by 8.57% to 6.677 billion yuan in H1 2025, with a slight decline in gross margin to 38.68%. Despite demand pressure, the company maintained pricing power due to high market share [2][3]. - **Keel Business**: Revenue fell by 10.72% to 1.137 billion yuan, but gross margin improved by 0.43 percentage points to 21.65%. There is significant potential for growth in the keel business due to low current matching rates [2]. - **Waterproof Business**: Revenue was approximately 2.49 billion yuan, growing by 6%, with net profit of 140 million yuan, also up 6%. The business showed resilience despite a downturn in new real estate starts [3]. - **Coating Business**: Revenue reached around 2.16 billion yuan, a significant increase of 44.4%, with net profit of 170 million yuan, up 31.8%. The integration of Jia Baoli has led to notable improvements in both revenue and profit [3]. Growth Outlook - The company is expected to strengthen its long-term growth logic through stable profitability and continued pricing power, even in a weak demand environment [3]. - There are opportunities for category expansion and accelerated mergers and acquisitions, particularly in light steel keels and panels, which can leverage existing sales channels [3]. - Projections for non-deductible net profit for 2025-2027 are estimated at 4.56 billion, 5.472 billion, and 6.567 billion yuan, respectively [3]. Investment Considerations - The company is not currently considering mergers and acquisitions, with expected earnings of 3.95 billion and 4.58 billion yuan for 2025 and 2026, corresponding to PE ratios of 11.4 and 9.8 times [4]. - The valuation is at a historically low level, suggesting potential for future elasticity with the possibility of recovery in the economic cycle [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 13.558 billion yuan in the first half of 2025, a slight decrease of 0.3% year-on-year. The net profit attributable to shareholders was 1.93 billion yuan, down 12.8% year-on-year, while the net profit excluding non-recurring items was 1.892 billion yuan, down 12.3% year-on-year [2][4]. - In the second quarter alone, the company reported a revenue of 7.312 billion yuan, a decline of 4.5% year-on-year, with a net profit of 1.087 billion yuan, down 21.9% year-on-year [4]. - The gypsum board business showed resilience despite industry pressures, with revenue of 6.677 billion yuan in the first half of 2025, down 8.57% year-on-year. The gross margin for gypsum board slightly decreased by 0.94 percentage points to 38.68% [9]. - The waterproof business grew by approximately 6% year-on-year, achieving a revenue of around 2.49 billion yuan, while the paint business saw a significant increase in revenue of 44.4% year-on-year, reaching around 2.16 billion yuan [9]. - The company is expected to maintain stable profitability and pricing power, with projections for net profits of 3.95 billion yuan and 4.58 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 11.4 and 9.8 times [9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 13.558 billion yuan, with a net profit of 1.93 billion yuan, reflecting a year-on-year decline of 12.8% [2][4]. - The second quarter results showed a revenue of 7.312 billion yuan and a net profit of 1.087 billion yuan, marking a year-on-year decline of 21.9% [4]. Business Segments - Gypsum Board: Revenue of 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68% [9]. - Waterproof Business: Revenue of approximately 2.49 billion yuan, up 6% year-on-year, with a net profit of 140 million yuan [9]. - Paint Business: Revenue of around 2.16 billion yuan, up 44.4% year-on-year, with a net profit of 170 million yuan [9]. Growth Outlook - The company is expected to see continued growth in its waterproof and paint segments, with a focus on expanding its product categories and potential acquisitions [9].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Viewpoints - The construction materials sector is experiencing weak demand due to the real estate market, but there are expectations for more supportive policies to stabilize the industry [2]. - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal projects [2]. - The supply-demand imbalance in the float glass market is anticipated to ease as photovoltaic glass manufacturers begin self-regulated production cuts [2]. - The report recommends focusing on consumer building materials, which are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies [2]. - Cement production is being adjusted through staggered shutdowns, with a focus on improving supply-side conditions [2]. - The fiberglass market is showing signs of recovery, particularly with increasing demand from the wind power sector [2]. Summary by Sections Cement Industry Tracking - As of August 22, 2025, the national cement price index is 341.46 CNY/ton, with a week-on-week increase of 1.7% [3]. - The national cement output reached 2.6815 million tons, up 2.82% from the previous week [3]. - The cement market is characterized by weak demand, high inventory, and low prices, with expectations for continued weakness in the coming week [18]. Glass Industry Tracking - The average price of float glass is 1205.78 CNY/ton, reflecting a week-on-week decline of 2.42% [3]. - Inventory levels for float glass are increasing, indicating pressure on manufacturers [3]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight improvements in demand observed in certain areas [6]. - The report notes that the demand for electronic fiberglass is strong, particularly for high-end products [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with fluctuations in raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,700 CNY/ton and a negative gross margin [7]. - Import and export data for carbon fiber indicate a net import of 444.33 tons in July 2025 [7].