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].

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][6]. - 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 company is focusing on a dual-wing strategy, which is expected to drive future growth despite current profit pressures [5][6]. Financial Performance - 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 - Revenue from gypsum board decreased by 4.79% to 13.11 billion yuan, while revenue from waterproof membranes increased by 19.23% to 3.32 billion yuan [6][7]. - The company’s paint segment saw a significant increase in revenue by 327.99% to 4.14 billion yuan, primarily due to the consolidation of Gaboli [6][7]. Cost and Cash Flow - The company’s operating cash flow for 2024 was 5.13 billion yuan, an increase of 8.5% year-on-year [7]. - The total expense ratio for 2024 was 14.3%, up 1.8 percentage points from the previous year, driven by higher sales and management expenses [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.1%, and a net profit attributable to shareholders of 3.65 billion yuan, up 3.5% year-on-year [1] - The gypsum board segment remains a stable revenue source, while the waterproof and coating segments are expanding against market trends, indicating strong growth potential [2] - The company is expected to achieve revenues of 28.87 billion yuan, 32.14 billion yuan, and 35.45 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 4.58 billion yuan, 4.91 billion yuan, and 5.39 billion yuan [4] Financial Performance Summary - In 2024, the company reported a revenue of 25.82 billion yuan, with a year-on-year growth rate of 15.1% [5] - The net profit for 2024 was 3.65 billion yuan, reflecting a year-on-year increase of 3.5% [5] - The company’s operating cash flow for 2024 was 5.13 billion yuan, an increase of 8.5% year-on-year, showcasing strong cash flow management [3] - The gross margin for the lightweight building materials segment was 32.4%, with a slight increase of 0.2 percentage points year-on-year [2] Segment Performance Summary - Lightweight building materials generated a revenue of 17.6 billion yuan in 2024, down 2.9% year-on-year, with a net profit of 3.31 billion yuan [2] - The waterproof materials segment saw a revenue increase of 18.6% year-on-year, reaching 4.63 billion yuan, with a net profit of 160 million yuan [2] - The coatings segment reported a revenue of 3.59 billion yuan, with a net profit of 250 million yuan, benefiting from the restructuring of the Jia Baoli business [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.1%, and a net profit attributable to shareholders of 3.65 billion yuan, up 3.5% year-on-year [1] - The gypsum board segment remains a stable revenue source, while the waterproof and coating segments are expanding against market trends, indicating strong growth potential [2][4] - The company is leveraging both organic growth and acquisitions to drive high-quality growth, with a projected revenue of 28.87 billion yuan, 32.14 billion yuan, and 35.45 billion yuan for 2025, 2026, and 2027 respectively [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.82 billion yuan, with a net profit of 3.65 billion yuan, showing a slight increase in profitability despite a challenging market environment [1][5] - The gypsum board segment generated 13.11 billion yuan in revenue, while the waterproof segment grew by 18.6% to 4.63 billion yuan, and the coatings segment reached 3.59 billion yuan [2] Cost and Efficiency - The company's expense ratio increased to 14.3% in 2024, with a notable rise in Q4 to 17.8%, primarily due to the acquisition of Jia Baoli [3] - The management of accounts receivable remains strong, with a net operating cash flow of 5.13 billion yuan, reflecting stable cash generation capabilities [3] Future Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 8.4% in net profit from 2025 to 2027, with projected net profits of 4.58 billion yuan, 4.91 billion yuan, and 5.39 billion yuan respectively [4] - The report highlights the company's cost advantages and strong brand power, which are expected to mitigate risks associated with price wars in the industry [4]

Group 1: Business Stability and Development Strategies - The company's gypsum board business is stable due to its high cost-performance ratio and widespread application in office buildings and renovations [2] - The company aims to enhance the consumption attributes of gypsum boards by providing comprehensive solutions and collaborating with design and delivery capable enterprises [2] - Future development of the paint business will focus on niche markets, with an emphasis on brand positioning and continuous investment in R&D for industrial coatings [2] Group 2: Product Sales and Market Expansion - The company is transitioning from the commercial to the home decoration market, enhancing consumer product attributes and increasing R&D for high-value products [3] - New products like the Luban Universal Board and Phoenix High-end Pattern Board are being launched to improve market share and profitability [3] - The company plans to deepen market penetration and explore new market areas while leveraging synergies for better collaboration [3] Group 3: Industry Trends and Corporate Governance - The company anticipates a stable or recovering price trend in the waterproof and paint industries, encouraging innovation and market expansion to avoid negative impacts from excessive competition [3] - A stock incentive program is actively being pursued, pending approval, with plans to convene a shareholders' meeting once approved [3]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][8] Core Views - The company reported a slight increase in performance for the year 2024, with total revenue reaching 25.821 billion yuan, a year-on-year growth of 15.14%, and a net profit attributable to shareholders of 3.647 billion yuan, up 3.49% year-on-year [6][7] - The company maintains a stable gross profit margin of 29.88%, while the net profit margin decreased slightly to 14.12%, down 1.59 percentage points [6] - The company continues to implement its "one body, two wings, global layout" development strategy, with a leading position in the domestic gypsum board market and the largest global steel keel industry group [6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total operating revenue of 25.821 billion yuan, with a year-on-year increase of 15.14% [6] - The operating profit was 3.974 billion yuan, up 2.43% year-on-year, and the net profit was 3.726 billion yuan, reflecting a 4.82% increase [6] - Basic earnings per share (EPS) for the year were 2.159 yuan, a growth of 3.5% [6] Cost and Expenses - The total sales expenses were 1.443 billion yuan, an increase of 51.84% year-on-year, while management expenses rose to 1.128 billion yuan, up 38.49% [6] - The overall expense ratio increased to 14.34%, up 1.85 percentage points [6] Asset Structure and Cash Flow - The company's asset-liability ratio stood at 23.96%, a slight increase of 1.36 percentage points year-on-year, indicating a stable asset structure [6] - Operating cash flow for the year was 5.134 billion yuan, an increase of 8.45% year-on-year, with a net inflow of 2.428 billion yuan in Q4 [6] Future Earnings Forecast - The company is projected to achieve EPS of 2.73 yuan and 3.21 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 10.5 times and 9 times [6][7]

Investment Rating - The investment rating for the company is "Buy" with a target price of 34.71 RMB [8][9]. Core Views - The company reported a revenue of 25.82 billion RMB and a net profit attributable to the parent company of 3.65 billion RMB for 2024, representing a year-on-year increase of 15.1% and 3.5% respectively. However, the Q4 results showed a revenue of 5.46 billion RMB and a net profit of 0.50 billion RMB, with a decline in net profit by 34.7% year-on-year due to increased sales and management expenses [1][2]. - The company is experiencing strong growth in overseas revenue, which reached 420 million RMB in 2024, up 87.6% year-on-year. The integration of the paint business is expected to enhance competitiveness in industrial coatings [2][3]. - The company is transitioning towards a comprehensive manufacturer and service provider in consumer building materials, benefiting from policies that stimulate demand in home decoration and renovation [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 25.82 billion RMB, with a net profit of 3.65 billion RMB. The Q4 results were below expectations, primarily due to increased expenses [1][5]. - The company’s main products, including gypsum board and waterproof materials, showed varied performance, with gypsum board revenue declining by 4.8% while coatings revenue surged by 328% [2][3]. Cost and Cash Flow - The company’s expense ratio increased to 14.3%, with sales and management expenses rising significantly. However, operating cash flow improved by 8.5% year-on-year, reaching 5.13 billion RMB [3][5]. - The company is optimizing its channel structure, which is expected to maintain strong cash flow levels [3]. Market Trends and Policies - Retail sales of building materials showed a positive growth trend, with a 0.1% year-on-year increase in January-February 2025, indicating a recovery in demand [4]. - The government’s initiatives to boost consumption are expected to further support the company’s growth in the building materials sector [4]. Profit Forecast and Valuation - The profit forecast for the company is adjusted to 4.51 billion RMB for 2025, reflecting a slight decrease in sales assumptions. The target price is set at 34.71 RMB, based on a 13x PE ratio for 2025 [5][8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公告 北新建材截至二零二四年十二月三十一日止年度之 主要會計數據和財務指標 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下北新集團建 材股份有限公司（「北新建材」）截至二零二四年十二月三十一日止年度之主要會計數據和 財務指標。 北新建材為本公司之附屬公司，其A股於深圳證券交易所上市及買賣（股份代號： 000786）。 - 1 - 北新建材之主要會計數據和財務指標 單位：元 幣種：人民幣 | | | | 2024年比 | | | --- | --- | --- | --- | --- | | | 2024年 | 2023年 | 2023年增減 | 2022年 | | 營業收入 | 25,821,124,419.48 | 22,425,895,636.99 | 15.14% | 20,154,701,058.91 | | 歸屬於北新建材股東的淨利潤 | 3,646,942,470.4 ...

| 湖山大量 三个角 文 100 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经济 >>> 资金山用方名称 1174 | | 上用灰量上可公 司 昨天系 | 上市公司核算 的会计科目 | 2024年期初出川 资金余额 | 2024年1-12月市川累计发生 金额(不含利息) | 2024年1-12月 川资金 的利息(如行) | 2024年1-12月1禁还紧 训 发生金额 | 2024年期末:川资 企余例 | 击用形成原因 | 占用性质 | | 控股股东 每 3 | | | | | | | | | | 非经营性占用 | | 际控制人及 附属企业 | 2000 22 09 | | | | | | | | | | | 111 - | | | | | | | | | | | | 而控股东、 实际控制人及 | | | | | | | | | | 作经营性占用 | | 其附属企业 | | | | | | | | | | | | 小小 | | | | | | | | | | 1 | | ...

我们按照《中国注册会计师其他鉴证业务准则第 3101 号 -- 历史财务信息审计或审阅 以外的鉴证业务》的规定执行了审核工作,该准则要求我们遵守中国注册会计师职业道德守 则,计划和执行审核工作以对《关于北新集团建材股份有限公司对北新嘉宝莉涂料集团股份 有限公司 2024年度业绩承诺实现情况的专项说明》是否不存在重大错报获取合理保证。在 执行审核工作的过程中,我们实施了检查会计记录、重新计算相关项目金额等我们认为必要 的程序。我们相信,我们的审核工作为发表意见提供了合理的基础。 我们认为,北新建材 2024年度的《关于北新集团建材股份有限公司对北新嘉宝莉涂料 集团股份有限公司 2024 年度业绩承诺实现情况的专项说明》在所有重大方面按照《上市公 司重大资产重组管理办法》的规定编制。 由连 Tal· 027-86701215 关于北新集团建材股份有限公司 对北新嘉宝莉涂料集团股份有限公司 2024 年度业绩承诺实现情况的专项审核报告 众环专字(2025)0201644 号 北新集团建材股份有限公司全体股东: 我们接受委托,对后附的北新集团建材股份有限公司(以下简称"北新建材")2024年 度的《关于北新集团建材股 ...