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]

| 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国内地 | 其他建材 | 证券研究报告 北新建材 (000786 CH) 境外收入高增，毛利率及现金流稳健 公司公布 24 年业绩：24 年实现收入/归母净利 258.2/36.5 亿元，同比 +15.1%/+3.5%，其中Q4收入/归母净利54.6/5.0亿元，同比+1.5%/-34.7%，。 Q4 归母净利低于我们预期（7.6 亿元），主要系销售及管理费用增加。24 年底公司更新了限制性股票激励计划草案，业绩考核目标指向高质量成长， 我们认为公司消费品逻辑持续兑现，石膏板主业保持稳健增长，家装以旧换 新等政策有助于改善建材需求预期，维持"买入"。 境外收入快速增长，整体毛利率维持稳健 24 年公司石膏板/龙骨/防水卷材/涂料收入 131.1/22.9/33.2/41.4 亿元，同比 -4.8%/-0.1%/+19.2%/+328.0%；毛利率为 38.5%/19.0%/17.1%/31.9%，同 比+0.02/+0.3/-1.7/+2.7pct，防水卷材收入延续高增但毛 ...

| 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 | | ...

北新集团建材股份有限公司 审 计 报 告 众环审字（2025）0201748号 目 录 起始页码 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | 1 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 审 计 报 告 一、 审计意见 我们审计了北新集团建材股份有限公司（以下简称"北新建材"）财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金 流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 北新建材 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经营成果和 现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部 ...

摩根士丹利证券（中国）有限公司 关于北新集团建材股份有限公司募集资金投资项目结项并将节余募 集资金永久补充流动资金的核查意见 | 序号 | 项目名称 | 募集资金拟投入金额（元） | | --- | --- | --- | | 1 | 建材基地建设项目 | 703,213,316.90 | | 2 | 研发中心建设项目（一期） | 430,001,622.27 | | 3 | 平台建设项目 | 150,000,565.91 | 截至目前1，公司本次非公开发行的募集资金使用计划如下： 1 2016 年 2 月 1 日及 2 月 19 日,公司分别召开第五届董事会第十七次临时会议及 2016 年第一次临时股东 大会，审议通过了《关于变更部分募集资金用途的议案》，将 2014 年非公开发行股票募集资金中尚未投 入结构钢骨建设项目的募集资金 38,006 万元变更用途为：10,177 万元投入北新建材（陕西）有限公司年 产 3,000 万平方米纸面石膏板生产线项目；10,232 万元投入北新建材（井冈山）有限公司年产 3,000 万平 方米纸面石膏板生产线项目；剩余资金 17,597 万元全部用于补充流动资金，仅限于 ...

关于北新集团建材股份有限公司 募集资金年度存放与实际使用情况的鉴证报告 众环专字(2025)0201643 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")截至 2024 年 12 月 31 日止的《董事会关于募集资金年度存放与实际使用情况的专项报告》进行了鉴证 工作。 按照中国证监会发布的《上市公司监管指引第 2 号 -- 上市公司募集资金管理和使用的 监管要求》和深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等有关规定,编制《董事会关于募集资金年度存放与实际使用情况的 专项报告》,提供真实、合法、完整的实物证据、原始书面材料、副本材料、口头证言以及 我们认为必要的其他证据,是北新建材董事会的责任。我们的责任是在执行鉴证工作的基础 上，对《董事会关于募集资金年度存放与实际使用情况的专项报告》发表鉴证意见。 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》的规定执行了鉴证工作,该准则要求我们遵守中国注册会计师职业道德守则, 计划和执行鉴证工作以对 ...