Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 30.42 CNY, compared to the current stock price of 26.68 CNY [4]. Core Views - The company's revenue and performance are under pressure, primarily due to a decline in the gypsum board and keel business, while the paint business has shown significant growth [2][3]. - In H1 2025, the company achieved a revenue of 13.558 billion CNY, a slight decrease of 0.29% year-on-year, and a net profit of 1.930 billion CNY, down 12.85% year-on-year [2][3]. - The company is focusing on expanding its two wings of business, with waterproofing materials and paint showing positive revenue growth [2][3]. Summary by Sections Revenue and Performance - In H1 2025, the company reported revenue of 135.58 billion CNY, with a year-on-year decline of 0.29%. The revenue drop is mainly attributed to the decline in gypsum board and keel business [2]. - The revenue breakdown for H1 2025 includes: gypsum board at 66.77 billion CNY (down 8.57% YoY), keel at 11.37 billion CNY (down 10.72% YoY), waterproofing materials at 17.20 billion CNY (up 0.63% YoY), and paint at 25.11 billion CNY (up 40.82% YoY) [2]. Profitability - The company's gross profit margin for H1 2025 was 30.35%, a decrease of 0.59 percentage points year-on-year. The decline in gross margin is attributed to decreased demand and intense market competition [3]. - The gross profit margin for Q2 2025 improved to 31.55%, an increase of 2.61 percentage points from Q1, mainly due to a price increase for gypsum board products implemented on March 5 [3]. Future Outlook - The company is expected to maintain its position as a leader in the gypsum board industry while actively expanding its waterproofing and paint businesses, which are experiencing rapid revenue growth [7]. - Revenue projections for 2025-2027 are estimated at 27.609 billion CNY, 30.037 billion CNY, and 32.422 billion CNY, with respective year-on-year growth rates of 6.93%, 8.79%, and 7.94% [7][8].

Core Viewpoint - North New Materials (000786) reported disappointing financial results for the first half of 2025, with a slight decline in total revenue and a significant drop in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 13.558 billion yuan, a decrease of 0.29% year-on-year [1] - Net profit attributable to shareholders was 1.93 billion yuan, down 12.85% year-on-year [1] - In Q2 2025, total revenue was 7.312 billion yuan, a decline of 4.46% year-on-year, while net profit was 1.087 billion yuan, down 21.88% year-on-year [1] - Gross margin was 30.35%, a decrease of 1.93% year-on-year, and net margin was 14.56%, down 12.18% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 1.289 billion yuan, accounting for 9.51% of revenue, an increase of 7.97% year-on-year [1] - Earnings per share (EPS) was 1.14 yuan, a decrease of 12.82% year-on-year, while operating cash flow per share was 0.57 yuan, down 52.86% year-on-year [1] Cash Flow and Financial Ratios - The net cash flow from operating activities decreased by 52.86%, primarily due to the impact of the previous year's consolidation of Jiaboli and a reduction in cash received from sales [2] - The net cash flow from investing activities increased by 1105.59%, attributed to a decrease in cash paid for subsidiaries and an increase in cash recovered from bank wealth management products [2] - The net cash flow from financing activities decreased by 69.94%, due to a reduction in net borrowings and an increase in payments for remaining equity investments [2] - The net increase in cash and cash equivalents was up 314.5%, driven by the changes in investing and operating cash flows [2] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 13.56%, indicating strong capital returns [3] - The historical median ROIC over the past decade was 13.81%, suggesting average investment returns [3] - The company has a projected dividend yield of 4.01% [3] - Analysts expect the company's performance in 2025 to reach 4.108 billion yuan, with an average EPS forecast of 2.43 yuan [3] Fund Holdings - The largest fund holding North New Materials is the Southern Component Selection Mixed A fund, with 4.9962 million shares and a recent net value of 0.6302 [4] - Other notable funds include the Fortune Long-term Growth Mixed A and the Jia Shi Strategy Mixed fund, which have also increased their holdings [4]

Group 1 - The company has emphasized shareholder returns since its listing, continuously engaging in cash dividends to share operational results with investors [1] - The company will formulate its dividend policy by comprehensively analyzing industry development trends, considering its current development stage, operational realities, and future development plans [1] - The company aims to maintain continuity and stability in its profit distribution policy while balancing long-term interests, overall shareholder benefits, and sustainable development [1]

北新建材（000786）发布2025年中报，2025年上半年实现营业收入135.58亿元，同比下降0.29%；归属 上市公司股东净利润19.29亿元，同比下降12.85%。 计提信用减值导致业绩下滑。公司2025年上半年实现营业收入135.58亿元，同比下降0.29%；归母净利 润19.29亿元，同比下降12.85%；扣非归属净利润18.92亿元，同比下降12.35%。基本每股收益1.142元。 其中上半年计提信用减值损失6976万，导致业绩下滑。Q2单季度，公司实现营业收入73.12亿元，同比 下降4.46%，季度环比增长17.06%；实现归母净利润10.87亿元，同比下降21.88%，季度环比增长 29.10%。整体来看，上半年公司业绩有所下滑，但二季度环比呈现积极变化。 涂料业务营收增长亮眼。分业务来看，公司石膏板实现营业收入66.77亿元，同比下降8.57%，营收占比 达49.25%；涂料实现营业收入25.11亿元，同比增长40.82%，营收占比达18.52%；防水卷材实现营业收 入17.20亿元，同比增长0.63%，营收占比达12.68。 销售净利率有所下降。2025年上半年公司整体销售毛利率为30 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The gypsum board business is under pressure, while the waterproof and paint segments continue to grow, and international expansion is ongoing. The company is expected to face challenges in its main gypsum board business due to industry competition and demand pressure [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 13.56 billion yuan, a year-on-year decline of 0.3%, and a net profit attributable to shareholders of 1.93 billion yuan, down 12.8%. In Q2 alone, revenue was 7.31 billion yuan, down 4.5%, with a net profit of 1.09 billion yuan, down 21.9% [1]. - The lightweight building materials segment generated revenue of 8.90 billion yuan, down 8.7%, with a gross margin of 33.1%, and a net profit of 1.64 billion yuan, down 17.3% [2]. - The waterproof materials segment saw revenue of 2.49 billion yuan, up 6.0%, with a net profit of 140 million yuan, an increase of 5.9% [2]. - The paint segment, following the consolidation of Jiaboli, achieved revenue of 2.16 billion yuan, a growth of 44.4%, with a net profit of 170 million yuan, up 32.2% [2]. Profitability and Costs - The overall gross margin for the first half of 2025 was 30.3%, down 0.6 percentage points year-on-year, while the net margin was 14.6%, down 2.0 percentage points [3]. - The company has maintained stable costs, with a period expense ratio of 13.4%, up 0.6 percentage points year-on-year [3]. Debt and Cash Flow - As of June 30, 2025, the company had total receivables of 6.39 billion yuan, up 6.0% year-on-year, and interest-bearing debt of 1.30 billion yuan, down 1.30 billion yuan from the end of 2024 [3]. - The net cash position was 1.53 billion yuan, with operating cash flow for the first half of 2025 at 960 million yuan, down 52.9% year-on-year [3]. Future Outlook - The company is expected to achieve revenues of 26.91 billion yuan, 29.09 billion yuan, and 31.42 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.07 billion yuan, 4.35 billion yuan, and 4.81 billion yuan [4]. - The report anticipates a three-year compound annual growth rate (CAGR) of 8.6% for earnings, with corresponding price-to-earnings (P/E) ratios of 11, 10, and 9 times for the respective years [4].

Group 1 - Dongguan Securities issued a report on August 18, giving Beixin Building Materials (000786.SZ, latest price: 26.68 yuan) an "Accumulate" rating [2] - The rating rationale includes a decline in performance due to credit impairment provisions [2] - The revenue growth in the coatings business is notable [2] - There is a decrease in net profit margin [2] - The company has good expense control and an optimized asset structure [2] Group 2 - Risks include lower-than-expected recovery in the real estate market and slower-than-expected growth in infrastructure investment, which may lead to a decline in industry demand [2] - The significant increase in company expenses has resulted in a decrease in profit margins [2] - The growth in market share and performance may be lower than expected [2]

Investment Rating - The report maintains an "Accumulate" rating for Beixin Building Materials (000786) [2][5] Core Views - The company reported a revenue of 13.558 billion yuan for the first half of 2025, a slight decrease of 0.29% year-on-year, and a net profit attributable to shareholders of 1.929 billion yuan, down 12.85% year-on-year. The decline in performance is attributed to credit impairment losses of 69.76 million yuan [5] - The company's revenue from the paint business showed significant growth, with a 40.82% year-on-year increase, reaching 2.511 billion yuan, while the gypsum board revenue decreased by 8.57% to 6.677 billion yuan [5] - The overall sales net profit margin decreased to 14.56%, down 2 percentage points year-on-year, despite a slight increase in gross margin to 30.35% [5] Summary by Relevant Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 13.558 billion yuan, with a net profit of 1.929 billion yuan, and a basic earnings per share of 1.142 yuan. The second quarter showed a revenue of 7.312 billion yuan, down 4.46% year-on-year but up 17.06% quarter-on-quarter [5] - The company’s return on equity (ROE) stands at 12.86% [5] Business Segments - Gypsum board revenue accounted for 49.25% of total revenue, while the paint segment contributed 18.52% and the waterproof membrane segment 12.68% [5] Cost Management - The company maintained good cost control, with sales expenses rising by 14.92% to 699 million yuan, while financial expenses decreased by 42.90% to 24.336 million yuan due to reduced interest-bearing liabilities [5] - The asset-liability ratio improved to 23.01%, down 5.99 percentage points year-on-year, indicating an optimized asset structure [5] Future Outlook - The company is expected to continue its "one body, two wings global layout" strategy, focusing on strengthening its gypsum board and paint businesses while expanding into emerging international markets [5] - Earnings per share (EPS) are projected to be 2.73 yuan and 3.21 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 9.8 and 8.36 [5]

Core Viewpoint - North New Group Building Materials Co., Ltd. reported a revenue of 13.558 billion yuan and a net profit of 1.93 billion yuan for the first half of 2025, reflecting the company's strategic focus on expanding its gypsum board and related businesses while transitioning into a comprehensive manufacturer and service provider in the consumer building materials sector [2]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 13.558 billion yuan and a net profit attributable to shareholders of 1.93 billion yuan [2]. Group 2: Strategic Development - The company has implemented a "one body, two wings, global layout" development strategy, aiming to strengthen and expand its gypsum board and "gypsum board+" businesses while accelerating growth in waterproofing and coatings [2]. - Investments include a new production line for 20 million square meters of gypsum fiberboard in Tai'an, Shandong, and a 20,000-ton industrial coatings production base in Anqing, Anhui [2]. Group 3: Product Innovation and Market Expansion - The company has enhanced its product promotion efforts, launching a series of culturally themed products under the Taishan Gypsum brand to cultivate a second growth curve [3]. - New product divisions have been established to focus on five core products, including the Longpai Luban universal board and heating board, which are expected to increase profit margins through premium pricing [3]. - North Waterproof has introduced several new products in response to market demands, including innovative waterproof coatings and materials [3]. - The company’s subsidiary, Jiaboli, has expanded its high-end positioning by adding over 200 high-end stores for artistic coatings and stone-like paints in the first half of the year [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue from gypsum boards is under pressure, but its two wings of business remain stable and are expanding [7][9] - The company reported a revenue of 13.558 billion yuan in the first half of 2025, 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 [8] - The company is focusing on promoting high-margin products and expanding overseas projects, with significant growth in its paint segment [9] Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 22.426 billion yuan in 2023 to 31.016 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.05% [6][10] - Net profit is expected to increase from 3.524 billion yuan in 2023 to 4.748 billion yuan in 2027, with a CAGR of approximately 13.98% [6][10] - Earnings Per Share (EPS) is forecasted to rise from 2.09 yuan in 2023 to 2.81 yuan in 2027 [6][10] - The company’s price-to-earnings (PE) ratio is projected to decrease from 11.20 in 2023 to 9.54 in 2027, indicating potential undervaluation [6][10] Business Segment Performance - Gypsum Board and Keel: - Revenue from gypsum boards was 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68%, down 0.94 percentage points [7][9] - Revenue from keels was 1.137 billion yuan, down 10.72% year-on-year, with a gross margin of 21.65%, up 0.43 percentage points [7][9] - Waterproofing: - Revenue from waterproofing materials was 1.720 billion yuan, up 0.63% year-on-year, with a gross margin of 16.97%, down 2.34 percentage points [7][9] - Paint: - Revenue from paint was 2.511 billion yuan, up 40.82% year-on-year, with a gross margin of 31.79%, up 0.51 percentage points [7][9] Cost and Margin Analysis - The overall gross margin for the first half of 2025 was 30.35%, down 0.60 percentage points year-on-year, primarily due to rising costs of raw materials [7][9] - The net profit margin decreased by 2.05 percentage points to 14.23% due to increased costs and competitive pressures [7][9] Cash Flow and Financial Health - The net cash flow from operating activities was 9.62 billion yuan, down 52.86% year-on-year, attributed to changes in accounts receivable [7][9] - The company’s liquidity ratios indicate a healthy financial position, with a current ratio of 2.19 and a quick ratio of 1.57 [10]

Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, with expectations for improvement driven by policy support and ongoing strategic initiatives [1][4]. Financial Performance - For H1 2025, the company achieved revenue and net profit of 13.56 billion and 1.93 billion yuan, respectively, reflecting a year-on-year decrease of 0.3% and 12.9% [1]. - In Q2 2025, revenue and net profit were 7.31 billion and 1.09 billion yuan, showing a year-on-year decline of 4.5% and 21.9% [1]. - The increase in credit impairment losses was a primary factor for the Q2 performance being below expectations [1]. Segment Performance - Revenue from gypsum boards, metal studs, waterproof membranes, and coatings for H1 2025 was 6.68 billion, 1.14 billion, 1.72 billion, and 2.51 billion yuan, with coatings showing a significant year-on-year growth of 40.8% [2]. - The gross margin for coatings was stable at 31.8%, with Q2 gross margin at 31.6%, reflecting a year-on-year decrease of 1.2% but a quarter-on-quarter increase of 2.6 percentage points [2]. Cost and Cash Flow - The company's expense ratio for H1 2025 was 13.4%, a slight increase of 0.6 percentage points year-on-year, with sales expenses rising due to increased channel investments in the coatings business [3]. - Operating cash flow for H1 2025 was 0.96 billion yuan, down 52.9% year-on-year, primarily due to previous year's receivables and credit policies affecting cash flow in early 2025 [3]. Market Outlook and Strategic Initiatives - Retail sales of construction and decoration materials increased by 2.2% year-on-year in the first seven months of 2025, with policy support expected to boost retail consumption [3]. - The company announced plans to build production lines for 8 million square meters of paper-faced gypsum boards and 20,000 tons of light steel studs, enhancing its competitive position in target markets [3]. Profit Forecast and Valuation - The company revised its profit forecasts for 2025-2027, projecting net profits of 4.03 billion, 4.72 billion, and 5.40 billion yuan, reflecting a downward adjustment of approximately 11% [4]. - The target price for the company is set at 31.07 yuan, with a maintained "buy" rating despite short-term sales pressures [4].