Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company reported Q1 2024 results that exceeded expectations, with revenue of 5.94 billion, a year-on-year increase of 24.62%, and a net profit attributable to shareholders of 822 million, up 38.11% year-on-year [5] - The company continues to demonstrate strong growth in the gypsum board industry, reflecting its robust market position and effective channel capabilities [5] - The company is expanding its product categories, including waterproofing and coatings, with significant revenue contributions from these segments [5][6] - The company has improved its cash flow, with a net cash flow from operating activities showing significant improvement compared to the previous year [5] Summary by Sections Financial Performance - Q1 2024 revenue reached 5.94 billion, a 24.62% increase year-on-year - Net profit attributable to shareholders was 822 million, a 38.11% increase year-on-year - The gross margin for Q1 was 28.6%, up 1.7 percentage points year-on-year [5] Business Expansion - The waterproofing business generated 3.9 billion in revenue for 2023, a 24.12% increase, with a net profit of approximately 150 million [5] - The acquisition of Jia Baoli in the coatings sector is expected to accelerate growth in this area [5][6] - The company’s other income, primarily from gypsum board and related products, increased by 149.56% year-on-year [5] Future Growth Prospects - The company aims to enhance its market position by focusing on high-end products and expanding its product lines [6] - The company plans to continue its strategy of potential acquisitions to strengthen its position as a leading comprehensive building materials provider [6] - The dividend payout ratio has increased to 40.03%, reflecting a commitment to shareholder returns [6]

证券研究报告 | 公司动态点评 2024 年 05月 06日 北新建材（000786.SZ） Q1 业绩增速向好，“一体两翼”持续推进 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 20,155 22,426 28,158 33,283 38,774 股票信息 增长率yoy（%） -4.4 11.3 25.6 18.2 16.5 归母净利润（百万元） 3,144 3,524 4,371 5,101 5,835 行业 建材 增长率yoy（%） -10.5 12.1 24.0 16.7 14.4 2024年4月30日收盘价（元） 32.75 ROE（%） 14.6 15.0 16.5 16.7 16.7 总市值（百万元） 55,331.38 EPS最新摊薄（元） 1.86 2.09 2.59 3.02 3.45 流通市值（百万元） 53,462.71 P/E（倍） 17.6 15.7 12.7 10.8 9.5 总股本（百万股） 1,689.51 P/B（倍） 2.6 2.4 2.1 1.8 1.6 流通股本（百万股） 1,632.45 资料来源：公司 ...

央企担当，逆势而上 北新建材（000786.SZ）/建 证券研究报告/公司点评 2024 年4 月30日 材 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：32.75 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 19,934 22,426 25,180 28,660 32,925 分析师：孙颖 增长率yoy% -5% 12% 12% 14% 15% 执业证书编号：S0740519070002 归母净利润（百万元） 3,136 3,524 4,256 5,066 5,560 Email：sunying@zts.com.cn 增长率yoy% -11% 12% 21% 19% 10% 每股收益（元） 1.86 2.09 2.52 3.00 3.29 分析师：韩宇 净资产收益率 15% 15% 15% 16% 15% 执业证书编号：S0740522040003 P/E 17.6 15.7 13.0 10.9 10.0 Email：hanyu@zts.com.cn P/B 2.6 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][7]. Core Views - The company achieved a revenue of 5.944 billion yuan in Q1 2024, representing a year-on-year growth of 24.62%. The net profit attributable to shareholders was 822 million yuan, up 38.11% year-on-year [2]. - The integration of the acquired company, Carpoly, has significantly contributed to revenue and profit growth, despite a weak industry demand environment. The acquisition was completed on February 29, 2024, adding one month of revenue and profit to the company's figures [2][3]. - The company is leveraging its financial and resource advantages to expand market share and implement credit sales policies, which has led to stable revenue and profit growth [2]. - The annualized return on total assets for Q1 2024 was 11.22%, an increase of 2.18 percentage points year-on-year, while the return on equity (ROE) reached 13.82%, up 2.69 percentage points year-on-year [2][3]. Financial Performance Summary - The company forecasts net profits of 4.425 billion yuan, 4.920 billion yuan, and 5.538 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 2.62 yuan, 2.91 yuan, and 3.28 yuan [3][8]. - The current stock price corresponds to price-to-earnings (PE) ratios of 12.64, 11.36, and 10.10 for 2024, 2025, and 2026, indicating a favorable valuation [3][8]. Company Overview - The company is a leading manufacturer of gypsum board in China, holding over 60% market share in the gypsum board industry. It is actively developing its "one body, two wings" strategy by acquiring leading companies in waterproof materials and coatings [4].

[Table_Header] 公司点评●建筑材料 2024年 04 月29 日 [Table_Title] [Table_StockCode] 北新建材(000786) 业绩稳步高增， “ 一体两翼”持续发力 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [T able事_S件um：m北ar新y]建 材发布 2024年一季报。2024Q1公司实现营业收入 59.44亿元， [贾Ta亚b萌le_ Authors] 同比增长 24.62%；归母净利润 8.22亿元，同比增加 38.11%；扣非后归母净利 ：010-80927680 润 7.91亿元，同比增加 40.68%。 ：jiayameng_yj@chinastock.com.cn  石膏板量价齐升，防水、涂料大幅增长，公司业绩稳步高增。2024年第一 分析师登记编码：S0130523060001 季度公司业绩高增，其主要原因系：1）石膏板量价齐升。2024Q1石膏板下游 市场需求疲软，根据国家统计局数据，2024 年一季度房屋竣工面积同比下降 20.7%，在行业需求承压背景下，公司 Q1 石膏板销量仍保持增长态势，叠加 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported Q1 2024 results that exceeded market expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 5.94 billion, 820 million, and 790 million yuan respectively, representing year-on-year growth of 24.6%, 38.1%, and 40.7% [2]. - The gross margin improved to 28.6%, up 1.7 percentage points year-on-year, driven by increased sales of gypsum board, product price increases, and a decline in raw material costs [3]. - The integration of the company’s new subsidiary, Jiaboli, is expected to enhance the coatings segment, with a commitment from the original shareholders to ensure minimum net profits of 413 million, 875 million, and 1.394 billion yuan for the years 2024, 2024-2025, and 2024-2026 respectively [4]. - The company is investing 140 million yuan in a new waterproof material production line, which is anticipated to strengthen its market presence in several provinces [4]. Summary by Sections Financial Performance - Q1 2024 revenue was 5.94 billion yuan, with a net profit of 820 million yuan, and a net profit excluding non-recurring items of 790 million yuan, showing significant year-on-year increases [2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of -26 million yuan, an increase of 277 million yuan year-on-year [3]. Profitability Metrics - The company’s gross margin for Q1 2024 was 28.6%, reflecting a year-on-year increase of 1.7 percentage points [3]. - The net profit margin reached 14.0%, up 1.5 percentage points year-on-year [3]. Growth Projections - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 4.493 billion, 5.046 billion, and 5.626 billion yuan respectively, indicating a compound annual growth rate (CAGR) of 12.1% for the years 2024-2026 [4]. - Revenue is projected to grow from 25.33 billion yuan in 2024 to 33.59 billion yuan in 2026, with growth rates of 12.95%, 13.97%, and 16.37% for the respective years [5]. Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 11 for 2024, decreasing to 9 by 2026, indicating an attractive valuation [5]. - The price-to-book (P/B) ratio is expected to decline from 1.9 in 2024 to 1.5 in 2026 [5].

公司报告 | 季报点评 北新建材（000786） 证券研究报告 2024年04月 29日 投资评级 Q1 收入利润高增，“一体两翼”布局再加码 行业 建筑材料/装修建材 6个月评级 买入（维持评级） 当前价格 33.09元 公司一季度实现扣非归母净利润7.91亿元，同比增长40.68% 公司发布24年一季报，24Q1实现收入/归母净利润59.44/8.22亿元，同比 目标价格 37.64元 +24.62%/+38.11%，实现扣非归母净利润7.91亿元，同比+40.68%，非经常 性损益主要系公允价值变动损益以及计入当期损益的政府补助。 基本数据 A股总股本(百万股) 1,689.51 收入同比实现较快增长，盈利能力再提升 流通A股股本(百万股) 1,632.45 公司24 年一季度收入同比增长24.6%，预计主要受销量增长驱动，1-3 月 A股总市值(百万元) 55,905.81 商品房竣工面积同比下滑 20.7%，二手房销售热度较高，预计存量需求释 流通A股市值(百万元) 54,017.74 放提供了较好支撑，价格端预计环比基本稳定。24Q1 公司整体毛利率 28.65%，同比/环比分别+1.74/+1. ...

Investment Rating - Strong Buy (Maintained) with a target price of 39.6 RMB, current price at 30.08 RMB [1] Core Views - Revenue and net profit both showed significant growth in Q1 2024, exceeding expectations [1] - Revenue: 5.944 billion RMB, up 24.62% YoY - Net profit: 822 million RMB, up 38.11% YoY - Operating cash flow: -25.62 million RMB, up 91.52% YoY - The growth was primarily driven by existing businesses (gypsum board, gypsum board+, and waterproofing) despite weak demand in Q1 [1] - Profitability improved due to lower energy costs and the company's push towards high-end gypsum board products [1] - The acquisition of Jiabaoli contributed to increased expenses and receivables [1] - Gross margin: 28.65%, up 1.74 pct YoY - Net margin: 13.95%, up 1.44 pct YoY - Receivables increased by 142% compared to the beginning of the year Business Expansion - Diversification into multiple product categories and markets is breaking growth ceilings [1] - Gypsum board+ business achieved 150% growth in 2023 - Waterproofing business showed significant synergy effects - Coating business completed initial layout with Jiabaoli acquisition - Overseas revenue reached 222 million RMB in 2023, up 45% YoY, marking three consecutive years of high growth Financial Forecasts - Revenue and net profit are expected to grow steadily from 2024 to 2026 [2] - Revenue: 29.434 billion RMB (2024E), 33.776 billion RMB (2025E), 38.884 billion RMB (2026E) - Net profit: 4.459 billion RMB (2024E), 5.114 billion RMB (2025E), 6.037 billion RMB (2026E) - EPS: 2.64 RMB (2024E), 3.03 RMB (2025E), 3.57 RMB (2026E) - Valuation multiples: PE of 11x (2024E), 10x (2025E), 8x (2026E) [2] Key Financial Metrics - Total assets: 30.661 billion RMB (2023A), expected to grow to 42.760 billion RMB by 2026E [8] - ROE: 15.1% (2023A), expected to rise to 17.9% by 2026E [8] - Debt-to-equity ratio: 13.6% (2023A), expected to decrease to 7.5% by 2026E [8]

[Table_Page] 季报点评|装修建材 证券研究报告 [北Table_新Title] 建材（000786.SZ） [公Tab司le_I评nves级t] 买入 当前价格 30.08元 收入逆势快速增长，盈利水平高位提升 合理价值 38.27元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 公司发布2024年一季报，实现收入59.4亿元，同比+24.6%，归母净 [相Tab对le_P市icQ场uote表] 现 利润8.2亿元，同比+38.1%，扣非净利润7.9亿元，同比+40.7%。 ⚫ 各业务收入均实现较快增长，盈利能力高位提升。1季度公司收入同比 22% 14% 增长25%，剔除嘉宝莉3月并表贡献外，预计公司各业务收入均实现 5% 较快增长，其中预计石膏板Q1销量同比较快增长、单位盈利同比环比 -3%04/23 06/23 08/23 10/23 12/23 02/24 04/24 均有提升，行业需求较差情况下公司逆势增长韧性十足；利润增速高于 -12% -20% 收入增速（净利率13.95%，同比+1.48pct），主要系毛利率同比提升， 北新 ...

Investment Rating - The investment rating for the company is "Buy - A" with a maintained rating [3][7]. Core Views - The company reported strong revenue and profit growth in Q1 2024, with revenue reaching 5.944 billion yuan (up 24.62% year-on-year) and net profit attributable to shareholders at 822 million yuan (up 38.11% year-on-year) [1][7]. - The company's "one body, two wings" strategy is progressing well, with increased sales of gypsum board products and contributions from the acquired company, Jiaboli [1][7]. - The gross profit margin improved significantly due to a decrease in raw material prices, leading to a net profit margin of 13.95%, an increase of 1.44 percentage points year-on-year [1][7]. - The company is expanding its waterproof business with new production lines, enhancing its competitive edge and economic efficiency [2][7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 5.944 billion yuan, a year-on-year increase of 24.62%, and a net profit of 822 million yuan, up 38.11% year-on-year [1][7]. - The gross profit margin for the period was 28.65%, reflecting a year-on-year increase of 1.74 percentage points, attributed to lower prices of key raw materials [1][7]. - The operating cash flow showed a net outflow of 26 million yuan, which is a reduction of 277 million yuan compared to the previous year, mainly due to improved cash flow from the newly acquired Jiaboli [1][7]. Business Strategy - The company is actively expanding its production capacity for gypsum board and waterproof materials, with new production lines being established in Anhui Province [2][7]. - The "two wings" strategy focuses on enhancing the waterproof and coating businesses, with the acquisition of Jiaboli strengthening its market position in the coatings sector [7]. - The company aims to enhance its competitiveness by diversifying its product offerings and expanding into new markets, particularly in home decoration and industrial applications [7]. Future Outlook - Revenue projections for 2024-2026 are estimated at 25.371 billion yuan, 28.609 billion yuan, and 31.961 billion yuan, respectively, with expected year-on-year growth rates of 13.13%, 12.76%, and 11.72% [7][8]. - Net profit forecasts for the same period are 4.285 billion yuan, 4.861 billion yuan, and 5.419 billion yuan, with growth rates of 21.59%, 13.45%, and 11.47% [7][8]. - The company is expected to maintain a dynamic PE ratio of 11.9 times, 10.5 times, and 9.4 times for the years 2024, 2025, and 2026, respectively [7][8].