公 司 研 究 北新建材（000786.SZ）：“一体”现 2024年3月21日 强烈推荐/维持 金牛，“两翼”双起飞 东 北新建材 公司报告 兴 证 券 公司发布2023年年报，全年实现营业收入224.26亿元，同比增长11.27%； 公司简介： 股 归属于母公司股东的净利润为35.24亿元，同比增长12.07%；扣除非经常损 北新建材是我国石膏板生产制造的龙头企 份 益后的归属母公司股东净利润为34.95亿元，同比增长31.75%。实现每股收 业，石膏板行业市占率超过 60%，积极发展 有 石膏板+。落地“一体两翼”发展战略，收 益为2.09元。 限 购防水材料公司，发展防水材料和涂料两翼 公 点评： 业务，防水材料规模位居行业前三。 资料来源：公司公告、iFinD 司 防水材料和“石膏板+”业务快速增长、成本下降和控费提效带动收入和盈利 证 水平提升。在公司“石膏板+”的战略引领下，2023 年轻质建材营业收入为 未来3-6个月重大事项提示： 券 181.29 亿元，同比增长 8.82%，保持稳健增长。同时，在防水材料行业竞争 无 研 加剧，规模以上企业减少的情况下，加大市场拓展，防水材料业务实现营业收 ...

公司研 究 证 券研究 报 告 其他装饰材料 2024年03月21日 北 新建材（000786）2023年报点评 强 推 （维持） 加速转型消费建材服务商，多品类多市场布 目标价：39.6元 局突破成长天花板 当前价：27.72元 事项： 华创证券研究所  北新建材发布 2023 年年报：公司 2023 年实现营业收入 224.26 亿，同比 证券分析师：王彬鹏 +11.27%，实现归母净利润35.24亿，同比+12.07%，经营性现金流净额47.34 亿，同比+10.70亿。 邮箱：wangbinpeng@hcyjs.com 执业编号：S0360519060002 评论： 证券分析师：鲁星泽  多板块同步向上，加速业务形态转型升级。公司2023年实现营业收入224.26 亿，同比+11.27%，实现归母净利润35.24亿，同比+12.07%，分业务板块看， 电话：021-20572575 轻质建材实现净利润34亿，同比+8%，防水建材1.5亿，扭亏为盈，涂料建材 邮箱：luxingze@hcyjs.com 0.37亿。分季度看，Q1-Q4收入增速各为+2.5%、+13.8%、+12.9%、+15.0%， ...

公司报告 | 年报点评报告 北新建材（000786） 证券研究报告 2024年03月21日 投资评级 经营质量改善，“两翼”增长仍具潜力 行业 建筑材料/装修建材 6个月评级 买入（维持评级） 当前价格 27.72元 公司23年扣非归母净利润35亿元，同比增长31.75% 公司发布23年年报，23 年实现收入/归母净利润224.3/35.2亿元，同比增 目标价格 元 长 11.27%/12.07%，扣非归母净利润 35 亿元，同比增长 31.75%，其中 Q4 单季度实现收入/归母净利润 53.8/7.7 亿元，同比+15.02%/-3.44%，扣非归 基本数据 母净利润7.9亿元，同比+117%。 A股总股本(百万股) 1,689.51 流通A股股本(百万股) 1,632.45 量价齐升驱动业绩增长，涂料贡献有望进一步增厚 A股总市值(百万元) 46,833.16 2023 年轻质建材收入 181.3 亿，同比增长8.82%，主要受销量增长驱动， 流通A股市值(百万元) 45,251.49 其中石膏板收入137.7亿元，同比增长3%，销量21.72亿平，同比增长3.8%， 我们计算23年石膏板市占率达到67 ...

[Table_MainInfo] 公司研究/建材/建筑材料 证券研究报告 北新建材（000786）公司年报点评 2024年03月20日 [Table_InvestInfo] “一体”稳定、“两翼”助成长，提高分 投资评级 优于大市 维持 红率 股票数据 0[3Ta月b1le9_日S收to盘ck价（In元fo）] 27.74 [Table_Summary] 52周股价波动（元） 21.77-32.08 投资要点： 总股本/流通A股（百万股） 1690/1632 总市值/流通市值（百万元） 46867/45284 相关研究  事件：公司发布 2023 年报，2023 年公司实现营收约 224 亿元、同比增长 11.27%，实现归母净利润约35.2亿元、同比增长12.07%，扣非归母净利润 [《Ta一bl体e_两Re翼p助ort力Inf增o]长 ，盈利较稳健》 约 35.0 亿元、同比增长 31.75%，经营活动净现金流 47.3 亿元、同比增长 2023.11.02 28.76%。利润分配预案：向全体股东每10股派发现金红利8.35元（含税）。 《石膏板盈利逆势提升，防水量利双升》 2023.08.25 点评： ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company's main business of gypsum board shows steady growth, while the waterproof business performs exceptionally well. The company focuses on gypsum board and related products, enhancing its home decoration channels and expanding into county and rural markets [4][6]. - In 2023, the company achieved a revenue of 22.43 billion yuan, a year-on-year increase of 11.3%, and a net profit of 3.52 billion yuan, up 12.1% year-on-year. The fourth quarter alone saw a revenue of 5.38 billion yuan, a 16.3% increase [3][4]. - The company plans to distribute a cash dividend of 0.835 yuan per share, with a payout ratio of 40%, an increase of 4.75 percentage points year-on-year [3]. Summary by Sections Revenue Performance - The company reported a total revenue of 22.43 billion yuan in 2023, with a year-on-year growth of 11.3%. The net profit reached 3.52 billion yuan, marking a 12.1% increase [3][4]. - The gypsum board production volume was 2.165 billion square meters, up 3.3%, and sales volume was 2.172 billion square meters, up 3.8% [4]. Business Segments - The gypsum board segment generated revenue of 13.77 billion yuan, a 3.0% increase, while the metal framework business saw a revenue decline of 9.1% to 2.29 billion yuan [4]. - The waterproof membrane business revenue surged to 2.79 billion yuan, a 29.0% increase, driven by the expansion of quality customer bases and new channel development [4][6]. Profitability Metrics - The overall gross margin for the company was 29.9%, an increase of 0.6 percentage points year-on-year. The net profit margin stood at 15.85%, reflecting a slight increase [5][6]. - The company’s operating cash flow reached 4.73 billion yuan, a year-on-year growth of 28.8% [5]. Strategic Developments - The company is pursuing a "one body, two wings" development strategy, focusing on gypsum board, waterproof systems, and coatings. It aims to strengthen and expand its waterproof and coating businesses [6][7]. - A significant acquisition was made with a cash purchase of 40.7 billion yuan for 78.3% of the shares in a coatings company, with performance commitments set for the next three years [6][8].

北新建材（000786.SZ）2023年年报点评 盈利表现符合预期，提高分红重视股东回报 2024年03月20日 推荐 维持评级 ➢ 公司发布2023年年报：2023年实现营收224.26亿元，同比+11.27%，归母净利 35.24亿元，同比+12.07%，扣非归母净利34.95亿元，同比+31.75%。其中，23Q4营 当前价格： 27.74元 收53.77亿元，同比+16.28%，归母净利7.68亿元，同比-3.03%，扣非净利7.87亿元， 同比+117.40%。2023年公司毛利率为29.88%，同比+0.64pct，净利率为15.85%，同 比+0.08pct；23Q4毛利率为26.97%，同比-0.47pct、环比-5.03pct。 [Table_Author] ➢ 做强做大主业，石膏板盈利能力提升 公司有序推动“工装到家装、城市到县乡、基材到面材、产品到服务”四大转变，2023年 轻质建材分部实现营收181.29亿元，同比+8.82%，其中： 石膏板业务方面公司市占率稳居国内第一，实现收入137.66亿元，同比+3%；石膏板销 量21.72亿平，同比+3.78%；毛利率为38.49%，同比+3 ...

Financial Performance - The company's operating revenue for 2023 was ¥22,425,895,636.99, representing an increase of 11.27% compared to the adjusted revenue of ¥20,154,701,058.91 in 2022[13]. - The net profit attributable to shareholders for 2023 was ¥3,524,001,193.59, which is a 12.07% increase from the adjusted net profit of ¥3,144,419,788.48 in 2022[13]. - The net cash flow from operating activities for 2023 reached ¥4,734,387,489.80, marking a 28.76% increase from the adjusted figure of ¥3,676,817,286.44 in 2022[13]. - The basic earnings per share for 2023 was ¥2.086, up 12.09% from ¥1.861 in 2022[13]. - Total assets at the end of 2023 were ¥30,660,627,191.82, reflecting a 5.61% increase from the adjusted total assets of ¥29,030,768,804.70 at the end of 2022[14]. - The net assets attributable to shareholders at the end of 2023 were ¥23,365,212,924.63, which is a 10.88% increase from the adjusted net assets of ¥21,071,968,880.89 at the end of 2022[14]. - The company reported a total of ¥28,944,943.13 in non-recurring gains and losses for 2023, significantly lower than ¥491,719,131.42 in 2022[18]. - The company experienced a net cash flow from operating activities of ¥2,773,322,488.18 in Q4 2023, indicating strong performance in the last quarter[17]. - The diluted earnings per share for 2023 was also ¥2.086, consistent with the basic earnings per share[13]. - The weighted average return on equity for 2023 was 16.00%, slightly up from 15.83% in 2022[13]. Dividend Distribution - The company plans to distribute a cash dividend of 8.35 CNY per 10 shares to all shareholders, based on a total of 1,689,507,842 shares[3]. - The cash dividend distribution plan for 2023 is CNY 0.835 per 10 shares (before tax), totaling CNY 1.411 billion, which accounts for 40.03% of the net profit attributable to shareholders[89]. - A cash dividend of CNY 8.35 per 10 shares (including tax) will be distributed, totaling CNY 1,410,739,048.07, which represents 100% of the profit distribution[120]. Business Strategy and Market Position - The company aims to strengthen its gypsum board and customized whole-house assembly systems while expanding into emerging international markets such as Africa, Central Asia, the Middle East, and Southeast Asia[6]. - The company reported no changes in its main business since its listing, maintaining a focus on building materials[10]. - The company emphasizes risk management and has outlined significant risks and countermeasures in its management discussion[3]. - The company is committed to enhancing its waterproof and coating product lines as part of its growth strategy[6]. - The company has established subsidiaries in Tanzania, Uzbekistan, and Thailand to support its global expansion efforts[6]. - The company maintains a leading market position in the gypsum board industry, ranking first in market share in China[25]. - The company aims to enhance its gypsum board and related businesses, focusing on a comprehensive marketing model that integrates factory and contractor services[35]. - The company is actively responding to national policies aimed at promoting green and low-carbon development in the construction materials industry[22]. - The company is focusing on the promotion of gypsum board applications in partition walls, which currently have significant growth potential compared to developed countries[30]. - The company is enhancing its marketing structure by transitioning from industrial to consumer products, focusing on high-end and mid-range market segments[38]. Research and Development - The company has developed over 6,418 patents, showcasing its commitment to innovation and technology in the building materials sector[33]. - R&D investment intensity was 4.23% in 2023, with a total of 8,588 patent applications filed, of which 6,418 were granted[41]. - Research and development expenses rose by 10.34% to ¥951,508,472.79, reflecting the company's commitment to innovation[54]. - The number of R&D personnel increased to 963 in 2023, up by 1.48% from 949 in 2022[58]. - The company is currently developing a new inorganic/natural composite antibacterial agent aimed at enhancing the value of gypsum-based materials, with ongoing research[55]. - The company has achieved a significant milestone by completing the research on desulfurized gypsum crystal morphology control, resulting in crystals primarily in prismatic form with a particle size over 40μm[55]. - The company is working on a data operation center system to upload and monitor production, material consumption, and sales data, enhancing digital factory construction[56]. - The company is researching high-density, high-strength fire-resistant gypsum-based materials, aiming to establish the first domestic production line for such materials[56]. - The company is developing a predictive maintenance system for key equipment, enhancing the digital and intelligent level of production equipment[56]. - The company is working on a new type of soundproof gypsum board to improve sound insulation performance, increasing product diversity[56]. Environmental Compliance and Sustainability - The company is committed to sustainable development and the promotion of green building materials, aligning with national policies on circular economy and energy efficiency[30]. - The company increased the proportion of non-fossil energy usage from 12.33% in 2022 to 13.29% in 2023 as part of its carbon peak action plan[24]. - The company has implemented measures to ensure all emissions are within regulatory standards, with no exceedances reported[133]. - The company reported a significant reduction in sulfur dioxide emissions, with a maximum emission level of 132.2 mg/m³ at the Tieling branch, which is 850 mg/m³ for the allowable limit, resulting in a compliance rate of approximately 84.5%[134]. - The company is focusing on reducing nitrogen oxide emissions, with the Guangan branch achieving 92 mg/m³ against a limit of 240 mg/m³, reflecting a compliance rate of approximately 61.7%[134]. - The company has implemented advanced dust collection systems, achieving a particulate matter emission level of 12.9 mg/m³ at the Tieling branch, well within the allowable limit of 200 mg/m³, indicating a compliance rate of approximately 93.5%[134]. - The company is actively pursuing mergers and acquisitions to enhance its operational capabilities and market reach, focusing on environmentally sustainable practices[134]. - The company has established a comprehensive environmental monitoring system, ensuring real-time monitoring of emissions data[139]. - The company has developed emergency response plans for environmental incidents, including hazardous waste leaks and facility failures[139]. - The company has achieved a reduction in chemical oxygen demand (COD) in wastewater, with a reported value of 25.07 mg/L against a limit of 50 mg/L[138]. Corporate Governance - The company has established a clear separation from its controlling shareholder in terms of business operations, personnel, assets, and financial management[91]. - The company has implemented measures to improve corporate governance and transparency, including enhancing internal controls and risk prevention[89]. - The company has a clear succession plan in place, as evidenced by the recent appointments and elections within the board and supervisory roles[96][99]. - The company has committed to maintaining a complete and independent labor and personnel management system[147]. - The company guarantees that all transactions with related parties will be conducted at fair market prices and in accordance with relevant laws and regulations[147]. - The company has established an independent financial department and accounting system, ensuring compliance with legal and regulatory requirements[147]. - The company has confirmed that unused raised funds are held in a regulatory account[76]. - The company has not reported any issues with the use of raised funds or their disclosure[76]. - The company has not sold any major assets during the reporting period[79]. - The company has not reported any violations regarding external guarantees during the reporting period[154]. Legal Matters - The company is involved in ongoing litigation related to quality issues with gypsum boards, with a notable judgment requiring a payment of $2,758,356.52 plus interest[158]. - The company has engaged legal counsel in the U.S. to address the ongoing gypsum board litigation since 2010[158]. - The company has faced multiple lawsuits in the U.S. regarding gypsum board products, leading to significant settlement payments[159]. - The settlements with Lennar and Meritage were finalized in 2017 and 2018, respectively, concluding those specific legal disputes[159]. - The company has agreed to a buyout of its payment obligations under the Most Favored Nation clause for a maximum of $12,866,528.89[160]. - The total legal fees, travel expenses, and settlement costs incurred by Taishan Gypsum reached approximately CNY 2.5 billion (USD 2.48 million) as of December 31, 2023[162]. - The company has maintained a responsible approach to managing ongoing litigation and its financial implications for investors and consumers[162]. - The company has confirmed that there are no issues regarding the compensation for the difference in performance as the actual net profit exceeded the agreed amount[152]. - The company has not faced any bankruptcy reorganization matters during the reporting period[157]. - The company has not disclosed any non-standard audit reports for the current period[154].

[Table_Main] 证券研究报告 | 公司点评 北新建材(000786.SZ) 2024年03月20日 买入（维持） 北新建材（000786.SZ）：23 年业绩符合 所属行业：建筑材料/装修建材 预期，期待“一体两翼”蓄势长期成长 当前价格(元)：27.74 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件：2024年3月19日，公司发布2023年年度报告，2023年公司实现营收约  邮箱：yanguang＠tebon.com.cn 224.26亿元，同比+11.27%，实现归母净利润约 35.24 亿元，同比+12.07%，实 王逸枫 现扣非归母净利润约34.95亿元，同比+31.75%。其中，23Q4单季度公司实现营 资格编号：S0120524010004 收约53.77亿元，同比+16.28%，实现归母净利润约7.68亿元，同比-3.02%，实 邮箱：wangyf6＠tebon.com.cn 现扣非归母净利润约 7.71 亿元，同比+117.32%。23 年拟按每 10 股派发现金红 研究助理 利8.35元（含税），共分配利润14.11亿元，分红率约40.03%。 石膏 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 20 日 北 新建材(000786.SZ) 证券研究报告 营收/业绩增长稳健，两翼营收快速增 其他装饰材料 投资评级 买入-A 长，经营性现金流表现亮眼 维持评级 6个月目标价 35.56元 事件：公司发布 2023 年年报，实现营业收入 224.26 亿元 股价 (2024-03-20) 27.72元 （yoy+11.27%），实现归母净利润 35.24 亿元（yoy+12.07%），实 现扣非归母净利润 34.95亿元（yoy+31.75%），实现基本每股收益 交易数据 2.09 元。向全体股东每 10股派发现金红利 8.35元（含税），2023 总市值(百万元) 46,833.16 现金分红比例为 40.03%。 流通市值(百万元) 45,251.49 总股本(百万股) 1,689.51 石膏板主业经营稳健，两翼业务增速亮眼。2023年，公司实现 流通股本(百万股) 1,632.45 营业收入 224.26亿元（yoy+11.27%），增速稳健。分产品看，2023 12个月价格区间 22.18/31.32元 年，1） ...

证券研究报告·公司点评报告·装修建材 北新建材（000786） 2023 年年报点评：两翼业务及“石膏板+”业 2024年 03月 20日 务快速发展，分红比例提升 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 执业证书：S0600522100001 营业总收入（百万元） 20,155 22,426 29,008 32,948 36,853 fangdl@dwzq.com.cn 同比 -4.44% 11.27% 29.35% 13.58% 11.85% 证券分析师 任婕 归母净利润（百万元） 3,144 3,524 4,380 5,138 5,764 执业证书：S0600522070003 同比 -10.48% 12.07% 24.28% 17.31% 12.18% renj@dwzq.com.cn EPS-最新摊薄（元/股） 1.86 2.09 2.59 3.04 3.41 P/E（现价&最新摊薄） 14 ...