Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company reported a record high revenue of 20.36 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 19.4%. The net profit attributable to shareholders was 3.15 billion yuan, up 14.1% year-over-year [5][6] - The company’s gross margin for the first three quarters was 30.65%, with a net margin of 15.70%, showing slight declines compared to the previous year [5] - The increase in expenses reflects the company's commitment to expand during a challenging market environment, with total expense ratios rising to 9.91% in Q3 [5] - Accounts receivable increased significantly, but overall cash flow remains stable, indicating robust financial health despite the rise in receivables [5] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 20.36 billion yuan, with a year-over-year growth rate of 19.4% [6] - The projected revenues for 2024, 2025, and 2026 are 28.58 billion yuan, 31.30 billion yuan, and 34.55 billion yuan, respectively, with expected growth rates of 27.5%, 9.5%, and 10.4% [6][7] - The net profit for 2024 is projected to be 4.58 billion yuan, with a year-over-year growth of 30.0% [6][7] - The earnings per share for 2024 is estimated at 2.71 yuan, with a price-to-earnings ratio of 11 times based on the closing price on October 26, 2024 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - Despite weak demand, the company achieved revenue growth in Q3 2024, with a year-on-year increase of 19.8% in revenue and 8.2% in net profit [1]. - The waterproofing business continues to improve, while the coatings business has seen significant growth due to the acquisition of a higher-margin company [1][2]. - The company is expected to implement a new round of price increases for gypsum boards, which may support profitability [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 20.36 billion yuan, a net profit of 3.15 billion yuan, and a non-recurring net profit of 3.07 billion yuan, representing year-on-year growth of 19.4%, 14.1%, and 12.7% respectively [1]. - In Q3 alone, revenue reached 6.77 billion yuan, with a net profit of 930 million yuan, showing year-on-year growth of 19.8% and 8.2% respectively [1]. - The operating cash flow for the first three quarters was 2.71 billion yuan, up 38.0% year-on-year [1]. Business Segments - The waterproofing segment generated 1.22 billion yuan in Q3, growing by 15.7% year-on-year, while the coatings segment saw a remarkable increase of 1088.4% to 1.05 billion yuan [1]. - The gross margin for the waterproofing segment was 17.2%, down 1.4 percentage points year-on-year, while the coatings segment's gross margin improved by 5.0 percentage points to 31.7% [1]. Profitability and Costs - The overall gross margin for the first three quarters was 30.7%, slightly down by 0.1 percentage points year-on-year, with a net profit margin of 15.7%, down 0.6 percentage points [1]. - In Q3, the gross margin was 30.1%, down 1.9 percentage points year-on-year, attributed to weak demand [1]. Future Outlook - The company has slightly adjusted its net profit forecasts for 2024-2026 to 4.014 billion, 4.615 billion, and 5.347 billion yuan, reflecting a decrease of 11%, 9%, and 5% respectively from previous estimates [2]. - The company is expected to maintain steady growth in its core gypsum board business and benefit from the integration of the coatings business [2].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 20.364 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.44%. The net profit attributable to shareholders was 3.145 billion yuan, up 14.12% year-on-year [2]. - The third quarter of 2024 saw a revenue of 6.767 billion yuan, a year-on-year increase of 19.82%, with a net profit of 931 million yuan, reflecting an 8.23% increase year-on-year [2]. - The gross margin for Q3 2024 was 30.07%, down 1.93 percentage points year-on-year and 2.66 percentage points quarter-on-quarter, attributed to macroeconomic conditions and increased market competition [2]. - The company’s strategic focus on expanding its product categories has helped mitigate cyclical downturns, with significant growth in the waterproof and coating segments [2]. Revenue Performance - The revenue breakdown for the first three quarters shows that waterproof and coating products accounted for 17.6% and 12.5% of total revenue, respectively, while lightweight building materials represented approximately 70% [2]. - The waterproof segment generated 3.578 billion yuan in revenue, up 18.67% year-on-year, while the coating segment saw a remarkable increase of 735.04%, totaling 2.548 billion yuan [2]. Profitability and Costs - The company’s operating expenses increased due to the acquisition of a subsidiary, with total expenses for Q1-Q3 2024 at 13.41% of revenue, up 0.62 percentage points year-on-year [2]. - The net profit margin for Q3 2024 was 13.95%, down 1.44 percentage points year-on-year, influenced by declining gross margins and rising sales expenses [2]. Cash Flow and Financial Health - The company maintained a healthy cash flow status, with a net operating cash flow of 2.706 billion yuan for Q3 2024, an increase of 38.01% year-on-year [2]. - As of the end of Q3 2024, the company’s asset-liability ratio was 27.96%, indicating a low level of debt [2]. Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 4.38 billion yuan, 4.67 billion yuan, and 5.12 billion yuan, respectively, with corresponding price-to-earnings ratios of 12, 11, and 10 times [2][3].

Investment Rating - The investment rating for the company is "Buy - A" with a 12-month target price of 37.18 CNY [4]. Core Views - The company continues to show strong revenue growth, achieving 20.44 billion CNY in revenue for Q3 2024, a year-on-year increase of 19.82% [1][2]. - The net profit attributable to shareholders for Q3 2024 was 9.31 billion CNY, reflecting a year-on-year growth of 8.23% [1]. - The company is expected to benefit from ongoing real estate policy relaxations, which may lead to valuation improvements and better fundamentals [6]. Revenue and Profitability - For the first three quarters of 2024, the company reported revenue of 203.64 billion CNY, up 19.44% year-on-year, with quarterly growth rates of 25.82%, 14.61%, and 19.82% respectively [2][3]. - The gross profit margin for Q3 2024 was 30.07%, a decrease of 1.93 percentage points year-on-year, attributed to increased competition and rising costs [3]. - The operating cash flow for the first three quarters of 2024 was 27.06 billion CNY, showing a significant year-on-year increase of 38.01% [3]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 279.70 billion CNY, 311.04 billion CNY, and 344.53 billion CNY, respectively, with year-on-year growth rates of 24.72%, 11.21%, and 10.77% [6]. - The expected net profit for the same years is 42.57 billion CNY, 48.30 billion CNY, and 54.31 billion CNY, with corresponding growth rates of 20.79%, 13.46%, and 12.45% [6]. - The dynamic PE ratios for 2024, 2025, and 2026 are projected to be 12.8x, 11.3x, and 10.1x, respectively [6]. Market Position and Strategy - The company is a leading player in the gypsum board industry and is actively expanding into home decoration and high-end product segments [6]. - The acquisition of Jia Baoli is expected to enhance the company's position in the waterproofing and coatings market, contributing to revenue growth [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company achieved a revenue of 20.364 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19.44%. The net profit attributable to shareholders was 3.145 billion yuan, up 14.12% year-on-year [2][3]. - Despite a sluggish industry environment, the company continues to show stable growth, with a revenue increase of 19.82% in the third quarter compared to the previous year, indicating effective market expansion strategies [3]. - The company's financial health remains robust, with a debt ratio of 27.96%, a decrease of 1.04 percentage points from the previous half-year. The net cash flow from operating activities reached 2.706 billion yuan, a year-on-year increase of 38.01% [3][4]. - The company is positioned to capitalize on the current industry downturn, enhancing its market share and pursuing external growth through acquisitions, such as the purchase of the paint company Jiaboli, which has significantly boosted its paint business [3]. Financial Performance Summary - The company forecasts net profits of 4.265 billion yuan, 4.890 billion yuan, and 5.506 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 2.52 yuan, 2.89 yuan, and 3.26 yuan [4][7]. - The current stock price corresponds to price-to-earnings (PE) ratios of 12.81, 11.18, and 9.93 for 2024, 2025, and 2026, respectively, indicating a favorable valuation [4][7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 20.364 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 19.44%. The net profit attributable to shareholders was 3.145 billion yuan, up 14.12% year-on-year [2][3] - The company is expanding its main business and enhancing its structure, focusing on gypsum board and waterproofing sectors, while also integrating acquisitions to drive growth [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 4.242 billion, 4.949 billion, and 5.667 billion yuan respectively, with corresponding EPS of 2.51, 2.93, and 3.35 yuan per share [3] Financial Performance Summary - Q1-Q3 2024 revenue growth was driven by the expansion of gypsum board and waterproofing businesses, alongside the consolidation of Jia Baoli [2] - The gross profit margin for Q3 was 30.07%, showing a decline due to competitive pricing in the gypsum board market [2] - The company’s operating cash flow for Q1-Q3 was 2.706 billion yuan, an increase of 38.01% year-on-year, attributed to higher revenue and improved collection [2][3] Future Projections - Revenue projections for 2024-2026 are 28.519 billion, 32.226 billion, and 35.445 billion yuan, with growth rates of 27.17%, 13.00%, and 9.99% respectively [4][5] - The net profit growth rates for the same period are projected at 20.37%, 16.67%, and 14.52% [4][5] - The company’s PE ratios for 2024-2026 are estimated at 12.88x, 11.04x, and 9.64x, indicating a favorable valuation trend [3][4]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has demonstrated strong performance in Q3 2024, with revenue of 20.36 billion yuan, a year-on-year increase of 19.4%, and a net profit attributable to shareholders of 3.15 billion yuan, up 14.1% year-on-year [1] - The gypsum board business remains stable, while the waterproof and coating segments continue to show high growth, indicating resilience in a challenging market [1] - The company is expected to achieve revenue of 26.62 billion yuan, 28.72 billion yuan, and 30.90 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 6.2% [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 20.36 billion yuan, with a net profit of 3.15 billion yuan, reflecting a year-on-year growth of 19.4% and 14.1% respectively [1] - The gross margin for the first three quarters of 2024 was 30.7%, slightly down by 0.1 percentage points year-on-year, while the net margin was 15.7%, down 0.6 percentage points year-on-year [1] - The company’s cash flow from operating activities for the first three quarters was 2.71 billion yuan, an increase of 38.0% year-on-year, indicating strong cash flow management [1] Segment Performance - The lightweight building materials segment generated revenue of 14.24 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.7% [1] - The waterproof segment achieved revenue of 3.58 billion yuan, up 18.7% year-on-year, showcasing its ability to expand despite industry challenges [1] - The coatings segment reported revenue of 2.55 billion yuan, with a gross margin of 31.2%, reflecting a significant improvement of 3.4 percentage points year-on-year [1] Future Outlook - The company is expected to face challenges due to declining real estate demand and intense industry competition, leading to a downward adjustment in profit forecasts [1] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.30 yuan, 2.45 yuan, and 2.59 yuan respectively, indicating a steady growth trajectory [2][10]

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。 | | | 本報告期比上年 | 本年初至 | 本報告期末 | | --- | --- | --- | --- | --- | | | 本報告期 | 同期增減 | 本報告期末 | 比上年同期增減 | | | | (%) | | (%) | | 營業收入 | 6,766,712,953.83 | 19.82 | 20,363,617,126.41 | 19.44 | | 歸屬於北新建材股東的淨利潤 | 931,182,957.03 | 8.23 | 3,145,095,726.69 | 14.12 | | 歸屬於北新建材股東的扣除 | | | | | | 非經常性損益的淨利潤 | 909,721,390.05 | 3.52 | 3,068,617,130.11 | 12.65 | | 經營活動產生的現金流量淨額 | 不適用 | 不適用 | 2,706,489,467.55 | 38.01 | | 基本每股收 ...

证券代码：000786 证券简称：北新建材 公告编号：2024-038 北新集团建材股份有限公司 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。 一、董事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届董事会第十三次临 时会议于 2024 年 10 月 24 日上午以现场结合通讯方式召开，现场会议地点为北 京未来科学城七北路 9 号北新中心 A 座 17 层会议室。会议通知于 2024 年 10 月 21 日以电子邮件方式发出，本次会议应出席董事 9 人，实际出席 9 人。会议由 董事长薛忠民先生主持，公司监事和高管人员等列席了会议，符合相关法律、法 规和规范性文件的规定。 二、董事会会议审议情况 会议经审议，以 9 票同意、0 票反对、0 票弃权审议通过了《公司 2024 年第 三季度报告》。 该议案已经公司董事会审计委员会审议通过。 该议案内容详见公司于 2024 年 10 月 25 日刊登在《证券日报》、《证券时 报》、《上海证券报》、《中国证券报》及深圳证券交易所网站（网址： http://www.szse.cn）及巨潮资讯网站（网址： ...

证券代码：000786 证券简称：北新建材 公告编号：2024-036 公司于2024年10月22日发行了2024年度第一期超短期融资券（科创票据）， 本次募集资金于 2024 年 10 月 23 日全额到账。现将发行结果公告如下： 1、债券名称：北新集团建材股份有限公司 2024 年度第一期超短期融资券（科 创票据） 本次超短期融资券发行相关文件详见中国货币网(www.chinamoney.com.cn) 和上海清算所网站(www.shclearing.com.cn) 。 特此公告。 北新集团建材股份有限公司 董事会 2024 年 10 月 24 日 2、债券简称：24 北新 SCP001（科创票据） 3、债券代码：012483390.IB 4、发行总额：10 亿元 5、发行利率：2.12% 6、发行价格：100 元/百元面值 7、期限：177 天 8、起息日：2024 年 10 月 23 日 9、兑付日：2025 年 4 月 18 日 10、主承销商：宁波银行股份有限公司 经核查，公司不是失信责任主体。 北新集团建材股份有限公司 关于 2024 年度第一期超短期融资券（科创票据）发 行情况的公告 本公司及 ...