北京市嘉源律师事务所 关于北新集团建材股份有限公司 2024 年年度股东大会的法律意见书 西城区复兴门内大街 158 号远 中国 · 北京 二〇二五年四月 源管师事务所 A YUAN LAW OFFICES 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会议 人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发表意 见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的真实性 及准确性发表意见。 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具 日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信 关于北新集团建材股份有限公司 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-210 致:北新集团建材股份有限公司 北京市嘉源律师事务所(以下简称"本所")接受北新集团建材股份有限公司 ...

证券代码：000786 证券简称：北新建材 公告编号：2025-021 北新集团建材股份有限公司 关于 2025 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。 北新集团建材股份有限公司（以下简称公司）申请发行超短期融资券事项已 获中国银行间市场交易商协会(以下简称交易商协会)同意接受注册，并已收到交 易商协会出具的《接受注册通知书》（中市协注[2024]SCP185 号，以下简称通知 书），注册金额为人民币 20 亿元，注册额度自通知书落款之日（2024 年 6 月 11 日）起 2 年内有效，详见公司于 2024 年 6 月 14 日在公司选定信息披露媒体发布 的《关于申请发行超短期融资券获准注册的公告》。 公司于 2025 年 4 月 15 日发行了 2025 年度第一期超短期融资券（科创票 据），本次募集资金于 2025 年 4 月 15 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 2025 年度第一期超短期融资券（科 创票据） 2.债券简称：25 北新 SCP001（科 ...

Summary of Conference Call Records Company Overview - The company is the largest gypsum board and keel industry group globally, ranking among the top three in China's waterproofing industry and seventh in coatings, with a domestic ranking of fourth in construction materials [1][2]. Financial Performance (2024) - Revenue reached 25.821 billion yuan, an increase of 15.14% - Net profit was 3.726 billion yuan, up by 4.82% - Operating cash flow amounted to 5.134 billion yuan, growing by 8.45% - Asset addition rate stood at 23.96% [1]. Business Segments Performance Gypsum Board - Sales volume increased by 17%, with a total of 2.171 billion square meters sold - High-end product sales ratio improved by 1 percentage point, with high-end gypsum board accounting for 36.7% of sales [2][3]. Waterproofing - Revenue grew by 18.8%, with net profit increasing by 13% - Market share rose by 2.1 percentage points, with 1,571 new channel partners developed [3]. Coatings - The coatings business underwent a complete restructuring, expanding distribution channels to 24,000 dealers and covering over 3,000 counties and towns [3]. Strategic Initiatives - The company is focused on a dual strategy of solidifying its core business while expanding into new markets, particularly in consumer-oriented building materials [4]. - Emphasis on cost reduction and innovation, with procurement costs down by 8.2 billion yuan and manufacturing costs reduced by 0.15 billion yuan [4]. ESG and Market Position - The company received recognition for its green initiatives, with 33 enterprises rated as national green factories and 39 as provincial green factories [5]. - MSCI rating improved to B, with a strong focus on sustainable development practices [5]. Future Outlook (2025) - Plans to enhance strategic execution and global expansion, with a focus on improving economic operations [5]. - The company aims to achieve significant growth in both waterproofing and coatings segments, targeting revenues exceeding 50 billion yuan for each segment [8]. Market Dynamics - The construction market is experiencing a downturn, with a significant drop in real estate development area from 21 billion square meters to 7.3 billion square meters [8][9]. - The company is exploring new growth avenues in industrial coatings, with a focus on high-end applications and technological advancements [9][10]. Competitive Landscape - The company aims to maintain its leading position in the gypsum board market while expanding its footprint in the coatings and waterproofing sectors [9][10]. - There is a strong emphasis on innovation and technology to differentiate products and enhance market competitiveness [10][11]. Risks and Challenges - The company acknowledges potential risks associated with reliance on the real estate market and is actively seeking to diversify its product offerings to mitigate these risks [18][19]. - The competitive landscape is intensifying, necessitating a focus on quality and market share [24][25]. Conclusion - The company is well-positioned to navigate current market challenges through strategic initiatives, cost management, and a focus on innovation, aiming for sustainable growth in the coming years [5][18].

Investment Rating - The report gives a "Positive" outlook for the building materials industry in Q1 2025, indicating a rebound after a prolonged downturn [2][3]. Core Insights - The building materials industry is transitioning from a focus on "volume and cost" to "price and profit," with expectations of recovery in Q1 2025 after nearly four years of decline [3]. - The report highlights that various products in the industry have begun to see price increases, suggesting the end of aggressive price competition and a return to rational pricing strategies [3]. - Specific segments such as cement, fiberglass, and consumer building materials are expected to show significant performance improvements in Q1 2025 [3]. Summary by Relevant Sections Cement - The average price of cement in Q1 2025 is projected to be 401 RMB/ton, a year-on-year increase of 37 RMB/ton, while the cost of coal has decreased significantly [3]. - Cement production in January-February 2025 was 170 million tons, a year-on-year decline of 5.7%, but the decline is narrowing compared to 2024 [3]. - Major companies like Conch Cement are expected to see a net profit increase of around 20% in Q1 2025 [4]. Fiberglass - Price increases for various fiberglass products are being implemented, with the average price for non-alkali direct yarn expected to reach 3888 RMB/ton, a year-on-year increase of 711.1 RMB/ton [3]. - China Jushi is projected to see a significant profit recovery, with a net profit forecast of 7.1-7.6 billion RMB in Q1 2025, representing a year-on-year increase of 320-350% [3]. Consumer Building Materials - The real estate market is showing signs of recovery, which may stabilize demand for consumer building materials [3]. - The report anticipates improvements in revenue and profit for companies in this segment in Q1 2025 [3]. Glass - Photovoltaic glass prices have increased due to demand, while flat glass prices remain under pressure [3]. - The average price for photovoltaic glass has risen from 12 RMB/sqm to 14.25 RMB/sqm in early April 2025 [3]. Investment Recommendations - The report recommends focusing on companies such as Conch Cement, Huaxin Cement, and China Jushi for potential investment opportunities in Q1 2025 [3]. - Other recommended companies include North New Building Materials, Rabbit Baby, and Weixing New Materials in the consumer building materials sector [3].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of domestic circulation as a more controllable option for China, suggesting that the focus should be on domestic demand and infrastructure investment as a response to the uncertainties brought by the "reciprocal tariffs" initiated by the U.S. [5][6] - The high-purity quartz sector is highlighted as a leading area, with domestic companies expected to benefit from the potential increase in import costs due to tariffs, making long-term domestic substitution promising [5][6] Summary by Sections 1. Sector Tracking - The construction materials index decreased by 2.4% while the overall market indices saw declines of 3.1% to 6.7% [9] - Notable stock performances included a 29.0% increase for Zhongqi New Materials and a 19.9% decrease for Jingxue Energy Saving [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement is 396.3 yuan/ton, a decrease of 0.8 yuan/ton week-on-week, but an increase of 39.2 yuan/ton year-on-year [15] - The national cement inventory ratio is 60.2%, up 3.3 percentage points week-on-week [15] 2.2 Float Glass - The average price of 5mm float glass is 1413.0 yuan/ton, with a slight increase of 6.3 yuan/ton week-on-week [33] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 14.3 yuan/square meter, remaining stable week-on-week [38] 2.4 Glass Fiber - The average price for non-alkali glass fiber yarn is 4745.0 yuan/ton, unchanged week-on-week [45] 2.5 Carbon Fiber - The average price for large tow carbon fiber is 72.5 yuan/kg, stable week-on-week [49] 3. Industry Dynamics - The report discusses the ongoing tariff disputes initiated by the U.S. and their implications for the construction materials sector, highlighting the potential for increased domestic production and substitution [14] - The discovery of high-purity quartz mines in China is noted as a significant development that could reduce reliance on imports [14]

Investment Rating - The report assigns a "Recommendation" rating to the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][16]. Core Views - The company achieved a revenue of 25.821 billion yuan in 2024, representing a year-on-year increase of 15.14%. The net profit attributable to the parent company was 3.647 billion yuan, up 3.49% year-on-year [2][9]. - The company is steadily advancing its "one body, two wings" strategy, which is expected to stabilize its performance. The target price is set at 36.45 yuan per share, based on a projected PE ratio of 14x for 2025 [2][9]. Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 25.821 billion yuan, up 15.14% year-on-year - 2024 net profit: 3.647 billion yuan, up 3.49% year-on-year [2][9] - **Segment Performance**: - Gypsum board revenue: 13.107 billion yuan, down 4.79% year-on-year - Waterproof membrane revenue: 3.322 billion yuan, up 19.23% year-on-year - Coating revenue: 4.141 billion yuan, up 327.99% year-on-year, driven by the completion of the Gaboli restructuring [9][10]. - **Future Projections**: - Expected revenue growth rates for 2025-2027 are 12.5%, 9.1%, and 7.8% respectively - Expected net profit growth rates for the same period are 20.6%, 14.1%, and 11.6% respectively [4][10]. Strategic Initiatives - The company is focusing on transforming into a consumer-oriented building materials service provider, enhancing its market coverage in both domestic and overseas markets [9][10]. - The company has launched new service models and expanded its product offerings, particularly in the coatings sector, which has seen significant growth due to strategic acquisitions and market expansion [9][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 25.821 billion yuan for 2024, representing a year-on-year growth of 15.1%. The net profit attributable to shareholders was 3.647 billion yuan, an increase of 3.5% year-on-year, while the net profit excluding non-recurring items was 3.558 billion yuan, up 1.8% year-on-year [3][6]. - In Q4, the company achieved a revenue of 5.458 billion yuan, a year-on-year increase of 1.5%. However, the net profit attributable to shareholders decreased by 34.7% to 502 million yuan, and the net profit excluding non-recurring items fell by 37.8% to 489 million yuan [3][6]. Summary by Sections Financial Performance - The company’s gypsum board, waterproof materials, coatings, and keel businesses generated revenues of 13.1 billion, 4.6 billion, 3.6 billion, and 2.3 billion yuan respectively, with year-on-year growth rates of -4.79%, +18.65%, +812.43%, and -0.13% [9]. - The gypsum board accounted for 50.76% of total revenue, down from 61.38% in 2024. The shares of waterproof materials, keel, and coatings were 17.94%, 8.86%, and 13.91% respectively [9]. - The company maintained a stable gross margin of 38.51% for gypsum boards, slightly up by 0.02 percentage points year-on-year, despite a decrease in product prices [9]. Operational Quality - The company achieved a cash collection ratio of 100.0% for the year, down 2.5 percentage points year-on-year, while the Q4 cash collection ratio was 151.1%, up 5.5 percentage points year-on-year [9]. - The net cash ratio for the year was 140.8%, an increase of 6.4 percentage points year-on-year, with Q4 net cash ratio reaching 483.8%, up 122.7 percentage points year-on-year [9]. Growth Outlook - The company is expected to see stable profitability and continued pricing power, with projected non-recurring net profits for 2025-2027 at 4.58 billion, 5.54 billion, and 6.61 billion yuan, corresponding to P/E ratios of 11, 9, and 8 times respectively [9].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company is positioned as a leading player in the gypsum board industry, backed by China National Building Material Group, and is transitioning into a comprehensive building materials manufacturer and service provider [5] - The company has established a strong competitive moat in the gypsum board sector, achieving a market share of approximately 56% by 2024, which provides a stable cash flow even during industry downturns [5] - The company's strategic acquisitions in the waterproofing and coating sectors have significantly contributed to its revenue growth, enhancing its credibility as a leader in consumer building materials [5] Financial Summary - Revenue projections for the company are as follows: - 2023: 22,426 million RMB - 2024: 25,821 million RMB (growth of 15.14%) - 2025E: 27,344 million RMB (growth of 5.90%) - 2026E: 28,961 million RMB (growth of 5.91%) - 2027E: 31,137 million RMB (growth of 7.51%) [4] - Net profit forecasts are: - 2023: 3,524 million RMB - 2024: 3,647 million RMB (growth of 3.49%) - 2025E: 4,025 million RMB (growth of 10.36%) - 2026E: 4,362 million RMB (growth of 8.39%) - 2027E: 4,805 million RMB (growth of 10.14%) [4] - Earnings per share (EPS) estimates are: - 2023: 2.09 RMB - 2024: 2.16 RMB - 2025E: 2.38 RMB - 2026E: 2.58 RMB - 2027E: 2.84 RMB [4] Market Position and Strategy - The company has successfully implemented a dual-wing strategy through significant acquisitions in the waterproofing and coating sectors, enhancing its market position and revenue streams [5] - The waterproofing segment is expected to generate revenue of 3.322 billion RMB in 2024, reflecting a year-on-year growth of 19.23% [5] - The coating business has expanded to a production capacity exceeding 1 million tons, with strategic acquisitions enhancing its competitive advantage [5]

证券研究报告 | 行业周报 gszqdatemark 2025 04 06 年 月 日 建筑材料 关注刺激内需政策 2025 年 3 月 28 日至 4 月 3 日建筑材料板块（SW）下跌 0.28%，其中水 泥（SW）上涨 0.19%，玻璃制造（SW）下跌 0.14%，玻纤制造（SW） 上涨 1.22%，装修建材（SW）下跌 1.31%，本周建材板块相对沪深 300 超额收益 1.09%。本期建筑材料板块（SW）资金净流入额为-5.37 亿元。 【周数据总结和观点】 本周美国政府宣布对中国输美商品征收"对等关税"，在关税超预期环境 下，提振内需是国内经济增长的重要动力，关注后续刺激内需政策。根据 wind 统计，2025 年 3 月地方政府债总发行量 9788.03 亿元，发行金额同 比 2024 年 3 月增长 55.5%，截至目前，2025 年一般债发行规模 0.41 万 亿元，同比-0.10 万亿元，专项债发行规模 2.43 万亿元，同比+1.35 万亿 元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复的空 间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有望加 快落地，关注龙泉 ...

Group 1: Company Overview and Market Position - North New Building Materials has established a strong competitive moat through nationwide layout, production technology, and R&D innovation, leveraging over 40 years of experience [2][3] - The company has enhanced its market competitiveness with innovative products such as phase change gypsum board and high-end heating gypsum board, solidifying its industry position [3][4] - The company aims to optimize its gypsum board brand matrix and adjust competitive strategies to expand into high-end markets [3][6] Group 2: Financial Performance - In 2024, the waterproof business achieved revenue of CNY 4.662 billion, with a net profit of CNY 164 million, reflecting a year-on-year profit growth of 14.15% [4][5] - The coatings business, after integrating with Jiaboli, reported revenue of CNY 3.6 billion, with a staggering profit growth of 605.29%, netting CNY 252 million [4][5] Group 3: International Expansion - The company is advancing its international projects, with full production and sales at the Tanzania base and profitability at the Uzbekistan base [5][6] - Future plans include focusing on Southeast Asia, Central Asia, the Middle East, and Europe, with a phased approach to expand gypsum board and waterproof product lines [5][6] Group 4: Green Development Initiatives - The company is committed to green development, implementing carbon peak action plans and enhancing energy efficiency [6][7] - As of the end of 2024, 33 enterprises have been recognized as national green factories, and 39 as provincial green factories, reflecting the company's commitment to environmental sustainability [6][7] Group 5: Future Development Strategy - The company's strategic vision includes promoting green technology and circular economy, aiming to create a comprehensive green building industry chain [6][7] - The 2024 profit distribution plan proposes a cash dividend of CNY 8.65 per 10 shares, totaling CNY 1.461 billion, with a payout ratio of 40.07% of the net profit [7]