2024 年 08 月 27 日 北新建材 (000786) ——二季度收入利润逆势增长，现金流显著增厚 报告原因：有业绩公布需要点评 增持（维持）投资要点： ⚫ 公司公告：北新建材于 2024 年 8 月 22 日晚发布 2024 年中报，上半年公司实现营业收入 136.0 亿 | --- | --- | |-------------------------------------------|-------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（元） 一年内最高/最低（元） | 25.13 36.50/21.77 | | 市净率 | 1.8 | | 息率（分红/股价） 流通 A 股市值（百万元） | 3.32 41,023 | | 上证指数/深证成指 | 2,848.73/8,103.76 | 率 21.2% （ yoy+2.5pct ） ； 实 现 防 水 卷 材 销 售 收 入 17.1 亿 元 （ yoy+32.4% ） ， 毛 利 率 注："息率"以最近一年已公布分红计算 19.3%(yoy-1.5pct)；实现涂料业务收入 17.8 亿（yo ...

股票投资评级 买入|维持 个股表现 北新建材 建筑材料 -36% -30% -24% -18% -12% -6% 0% 6% 12% 18% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 25.39 | --- | --- | |-------------------------|---------------| | 总股本/流通股本（亿股） | 16.90 / 16.32 | | 总市值/流通市值（亿元） | 429 / 414 | | 52 周内最高/最低价 | 36.03 / 22.18 | | 资产负债率(%) | 22.6% | | 市盈率 | 12.17 | 第一大股东 中国建材股份有限公司 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 北新建材(000786) 逆势增长彰显韧性，两翼业务驱动成长 事件 公司发布24年中报，24上半年收入实现136.0亿元，同比+19.3%， 归母净利润实现 22.1 亿元，同 ...

研究所： 证券分析师： 张艺露 S0350523110003 zhangyl01@ghzq.com.cn [Table_Title] 2024Q2 业绩保持增长， "两翼"开拓掷地有声 ——北新建材（000786）2024 中报点评 最近一年走势 事件: 2024 年 8 月 22 日，北新建材发布 2024 年半年报：2024H1，公司实现 收入/归母净利润/扣非归母净利润 136.0/22.1/21.6 亿元，分别同比 +19.3%/+16.8%/17.0%；2024Q2，公司实现收入/归母净利润/扣非归母 净利润 76.5/13.9/13.7 亿元，分别同比+15.4%/+7.0%/8.0%。 投资要点: 相对沪深 300 表现 2024/08/23 表现 1M 3M 12M 北新建材 -6.3% -23.8% -9.2% 沪深 300 -3.3% -8.6% -10.0% 市场数据 2024/08/23 当前价格（元） 25.39 52 周价格区间（元） 21.77-36.50 总市值（百万） 42,896.60 流通市值（百万） 41,447.88 总股本（万股） 168,950.78 流通股本（万 ...

证券代码：000786 证券简称：北新建材 北新集团建材股份有限公司投资者关系活动记录表 编号：20240823 投 资 者 关 系 活 特定对象调研☑分析师会议 动类别 □媒体采访 业绩说明会 □新闻发布会 路演活动 现场参观 □其他 | --- | |--------------------------------------------------------| | 中信证券、长江证券、华泰证券、国泰君安证券、中金公司、 | | 广发证券、方正证券、光大证券、银河证券、东方证券、东北 | | 证券、兴业证券、国联证券、东兴证券等机构 | 参 与 单 位 名 称 及人员姓名 时间 2024 年 8 月 23 日（星期五）下午 地点 本次会议采用现场结合线上方式召开，现场会议地点为公司会 议室 上 市 公 司 接 待 公司董事长薛忠民先生，董事、总经理管理先生，原副总经理、 人员姓名 董事会秘书史可平女士，副总经理、董事会秘书李畅女士，副 总经理、财务负责人王帅先生 公司对 2024 年上半年经营情况进行简要介绍，并与投资 者就公司的发展战略、经营情况等进行交流。主要交流内容如 下： 1. 在上半年竣工端下 ...

证券研究报告 | 2024年08月26日 北新建材（000786.SZ） 优于大市 2024 年中报点评： "一体两翼"均衡发展，成长持续兑现 收入利润延续增长，经营韧性持续凸显。2024H1 公司实现营收 136.0 亿元， 同比+19.3%，归母净利润 22.1 亿元，同比+16.8%，扣非归母净利润 21.6 亿 元，同比+17.0%，EPS 为 1.31 元/股，其中扣除嘉宝莉并表贡献，收入和归 母净利润同比约 8%和 12%；其中 Q2 单季度实现营收 76.5 亿元，同比+14.6%， 归母净利润 13.9 亿元，同比+6.7%，扣非归母净利润 13.7 亿元，同比+8.0%， 需求承压背景下，收入利润逆势延续增长凸显韧性。 石膏板业务继续稳健，"两翼"及"石膏板+"业务继续贡献成长，国际化 稳步推进。分产品看：1）石膏板收入 73.0 亿元，同比+4.1%，占比 53.7%， 毛利率 39.6%，同比+1.2pp，需求承压背景下，经营韧性持续凸显，受益产 品结构优化和原燃料价格同比回落，盈利能力进一步提升；2）龙骨收入 12.7 亿元，同比+4.1%，占比 9.4%，毛利率 21.2%，同比+1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.10 yuan, based on a 25-year PE of 11x [4][6] Core Views - The company achieved a net profit attributable to the parent company of 2.21 billion yuan in the first half of the year, a year-on-year increase of 16.79% [1] - Revenue for the first half of the year reached 13.6 billion yuan, a year-on-year increase of 19.25% [1] - The company's "One Body, Two Wings" strategy is driving growth, with the "Two Wings" (waterproofing and coatings) contributing significantly to revenue and profit [2] - The company's internationalization process is accelerating, with overseas revenue reaching 190 million yuan, a year-on-year increase of 101% [2] Financial Performance - The company's gross profit margin in the first half of the year was 30.94%, a slight increase of 0.74 percentage points year-on-year [3] - The net profit margin was 16.6%, remaining stable year-on-year [3] - Operating cash flow in the first half of the year was 2.04 billion yuan, a significant year-on-year increase of 59.9% [3] - The coatings segment contributed significantly to cash flow, with actual operating cash flow of 400 million yuan [3] Business Segments - The lightweight building materials segment achieved revenue of 9.75 billion yuan, a year-on-year increase of 5.65%, with gypsum board and keel revenues growing by 4.05% and 4.06% respectively [2] - The waterproofing segment achieved revenue of 1.71 billion yuan, a year-on-year increase of 32.37%, while the coatings segment achieved revenue of 1.78 billion yuan, a year-on-year increase of 265.79% [2] - The waterproofing and coatings segments contributed net profits of 133 million yuan and 132 million yuan respectively, with year-on-year growth rates of 39% and 449% [2] Future Outlook - The company's medium- to long-term growth prospects remain promising, with a focus on its core business and the "One Body, Two Wings, Global Layout" strategy [4] - The company has raised its net profit forecasts for 2024-2026 to 4.35 billion yuan, 4.93 billion yuan, and 5.65 billion yuan respectively [4] Valuation and Financial Data - The company's EPS for 2024-2026 is forecasted to be 2.57 yuan, 2.92 yuan, and 3.34 yuan respectively [5] - The company's P/E ratio for 2024-2026 is expected to be 9.87x, 8.70x, and 7.60x respectively [5] - The company's total market capitalization is 42.9 billion yuan, with a current share price of 25.39 yuan [6]

Investment Rating - The report maintains a "Strongly Recommend" rating for the company, citing its stable gypsum board business, rapid growth in its "two wings" businesses (waterproofing materials and coatings), and overseas expansion as key drivers for future growth [3][7] Core Views - The company's "one body, two wings" strategy is effectively implemented, with the gypsum board business remaining stable and the waterproofing materials and coatings businesses growing rapidly [2] - The company's profitability remains stable, with an improvement in asset turnover and ROE, driven by optimized product structure and cost control [2] - Overseas expansion in markets such as Africa, Central Asia, the Middle East, and Southeast Asia provides new growth opportunities for the company [2] Financial Performance - In H1 2024, the company achieved revenue of RMB 13.597 billion, a YoY increase of 19.25%, and net profit attributable to shareholders of RMB 2.214 billion, a YoY increase of 16.79% [3] - The company's gross profit margin improved to 30.94%, up 0.74 percentage points YoY, driven by higher margins in gypsum board, keel, and coatings businesses [2] - The company's total asset turnover ratio increased to 0.41, up 0.02 percentage points YoY, and ROE improved to 8.81%, up 0.3 percentage points YoY [2] Business Segments - Gypsum board and keel businesses grew steadily, with YoY growth rates of 4.05% and 4.06%, respectively [2] - Waterproofing materials business grew 32.37% YoY, outperforming the industry despite a downturn in the sector [2] - Coatings business grew 265.79% YoY, driven by the acquisition of Jia Baoli, which contributed to rapid expansion [2] Future Projections - The company is expected to achieve net profits of RMB 4.4 billion, RMB 4.896 billion, and RMB 5.511 billion in 2024, 2025, and 2026, respectively, with EPS of RMB 2.60, RMB 2.90, and RMB 3.26 [3] - Revenue is projected to grow at a CAGR of 12.04% to 13.26% from 2024 to 2026, reaching RMB 34.664 billion by 2026 [4][8] - The company's PE ratios for 2024-2026 are estimated at 9.33x, 8.39x, and 7.45x, respectively, indicating attractive valuations [3][8] Overseas Expansion - The company is actively expanding its presence in overseas markets, including Africa, Central Asia, the Middle East, and Southeast Asia, which is expected to contribute to future growth [2] Industry Context - The company benefits from its leading position in the domestic gypsum board market, with a market share exceeding 60%, and its ability to leverage synergies from acquisitions in the waterproofing and coatings sectors [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 13.597 billion yuan in H1 2024, representing a year-on-year increase of 19.25%, and a net profit attributable to shareholders of 2.214 billion yuan, up 16.79% year-on-year [3] - Despite industry challenges, the company achieved revenue growth across various business segments, with significant increases in the waterproof and paint sectors [3] - The company is focusing on high-end gypsum board products and expanding its global presence, particularly in Southeast Asia, Central Asia, the Middle East, and Europe [3][4] Summary by Sections Financial Performance - In H1 2024, the gypsum board segment generated revenue of 7.303 billion yuan, a year-on-year increase of 4.05%, while the lightweight steel keel and paint segments saw revenues of 1.273 billion yuan (up 4.06%) and 1.783 billion yuan (up 265.79%), respectively [3] - The waterproof membrane segment achieved revenue of 1.709 billion yuan, reflecting a year-on-year increase of 32.37% [3] - The company's overseas business revenue reached 192 million yuan, a significant increase of 100.65% year-on-year [3] Profitability and Margins - The gross margins for H1 2024 were reported as follows: gypsum board at 39.62%, lightweight steel keel at 21.22%, waterproof membrane at 19.31%, and paint at 31.28% [3] - The overall gross margin showed stability, attributed to the company's high-end product strategy [3] Cash Flow - The net cash flow from operating activities for H1 2024 was 2.041 billion yuan, a substantial year-on-year increase of 59.90% [4] - The cash flow performance was bolstered by increased sales and the contribution from newly acquired subsidiaries [4] Earnings Forecast - The company slightly adjusted its net profit forecasts for 2024-2026 to 4.268 billion yuan, 4.941 billion yuan, and 5.505 billion yuan, respectively, with corresponding P/E ratios of 10X, 8X, and 7X [4] - The company is expected to continue benefiting from its strategic initiatives and robust operational capabilities [4]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 13.597 billion yuan for H1 2024, representing a year-on-year increase of 19.25%, with a net profit attributable to shareholders of 2.214 billion yuan, up 16.79% year-on-year [2]. - The company's gypsum board business remains industry-leading, achieving revenue of 7.303 billion yuan in H1 2024, a year-on-year increase of 4.05% [2]. - The waterproofing business showed significant growth, with revenue from waterproofing membranes reaching 1.709 billion yuan, a year-on-year increase of 32.37% [2]. - The integration of the paint business post-acquisition of Jiaboli has led to a substantial revenue increase of 265.79% year-on-year, reaching 1.783 billion yuan in H1 2024 [2]. - The company is focusing on channel and product upgrades, targeting urban renewal and home decoration markets, while also enhancing its high-end product strategy [2]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 30.94%, a slight increase of 0.74 percentage points year-on-year, while the net profit margin was 16.57%, down 0.12 percentage points year-on-year [2]. - The company’s operating cash flow for H1 2024 was 2.041 billion yuan, reflecting a year-on-year increase of 59.90% [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 4.388 billion yuan, 6.202 billion yuan, and 6.516 billion yuan, respectively, with corresponding PE ratios of 9, 7, and 6 times [3][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company has demonstrated robust revenue growth despite industry challenges, with a revenue increase of 19.25% to 13.597 billion yuan in the first half of 2024 and a net profit increase of 16.79% to 2.214 billion yuan [4][7] - The company's strategic focus on the "One Body, Two Wings" strategy is expected to drive long-term growth, with significant contributions from its waterproofing and coating segments [4][7] Summary by Sections Market Performance - The company's stock has shown a performance of -11% compared to the market index [1] Financial Performance - In Q2 2024, the company achieved a revenue of 7.653 billion yuan (+15.39%) and a net profit of 1.392 billion yuan (+7.03%) [4] - The company’s gypsum board business maintained a revenue share of 53.71%, while the coating business saw a significant increase in revenue share from 4.28% to 13.11% due to the acquisition of Jiaboli [4][5] Cost Management - The company reported a slight decrease in expense ratio to approximately 12.31% in Q2 2024, with a notable increase in cash flow, reaching 3.241 billion yuan in cash and cash equivalents [5][7] Strategic Initiatives - The company is investing in new production lines for waterproofing materials, with an estimated total investment of 143 million yuan, aimed at enhancing its competitive position in the market [5][7] - The company’s effective capacity for gypsum board reached 35.62 billion yuan, reinforcing its leading position in the global gypsum board and light steel keel industry [5][7] Future Projections - The company is projected to achieve net profits of 4.430 billion yuan, 5.323 billion yuan, and 6.023 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.27, 7.71, and 6.82 [7][8]