[Table_MainInfo] 公司研究/建材/建筑材料 证券研究报告 北新建材（000786）公司年报点评 2024年03月20日 [Table_InvestInfo] “一体”稳定、“两翼”助成长，提高分 投资评级 优于大市 维持 红率 股票数据 0[3Ta月b1le9_日S收to盘ck价（In元fo）] 27.74 [Table_Summary] 52周股价波动（元） 21.77-32.08 投资要点： 总股本/流通A股（百万股） 1690/1632 总市值/流通市值（百万元） 46867/45284 相关研究  事件：公司发布 2023 年报，2023 年公司实现营收约 224 亿元、同比增长 11.27%，实现归母净利润约35.2亿元、同比增长12.07%，扣非归母净利润 [《Ta一bl体e_两Re翼p助ort力Inf增o]长 ，盈利较稳健》 约 35.0 亿元、同比增长 31.75%，经营活动净现金流 47.3 亿元、同比增长 2023.11.02 28.76%。利润分配预案：向全体股东每10股派发现金红利8.35元（含税）。 《石膏板盈利逆势提升，防水量利双升》 2023.08.25 点评： ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 20 日 北 新建材(000786.SZ) 证券研究报告 营收/业绩增长稳健，两翼营收快速增 其他装饰材料 投资评级 买入-A 长，经营性现金流表现亮眼 维持评级 6个月目标价 35.56元 事件：公司发布 2023 年年报，实现营业收入 224.26 亿元 股价 (2024-03-20) 27.72元 （yoy+11.27%），实现归母净利润 35.24 亿元（yoy+12.07%），实 现扣非归母净利润 34.95亿元（yoy+31.75%），实现基本每股收益 交易数据 2.09 元。向全体股东每 10股派发现金红利 8.35元（含税），2023 总市值(百万元) 46,833.16 现金分红比例为 40.03%。 流通市值(百万元) 45,251.49 总股本(百万股) 1,689.51 石膏板主业经营稳健，两翼业务增速亮眼。2023年，公司实现 流通股本(百万股) 1,632.45 营业收入 224.26亿元（yoy+11.27%），增速稳健。分产品看，2023 12个月价格区间 22.18/31.32元 年，1） ...

Financial Performance - The company's operating revenue for 2023 was ¥22,425,895,636.99, representing an increase of 11.27% compared to the adjusted revenue of ¥20,154,701,058.91 in 2022[13]. - The net profit attributable to shareholders for 2023 was ¥3,524,001,193.59, which is a 12.07% increase from the adjusted net profit of ¥3,144,419,788.48 in 2022[13]. - The net cash flow from operating activities for 2023 reached ¥4,734,387,489.80, marking a 28.76% increase from the adjusted figure of ¥3,676,817,286.44 in 2022[13]. - The basic earnings per share for 2023 was ¥2.086, up 12.09% from ¥1.861 in 2022[13]. - Total assets at the end of 2023 were ¥30,660,627,191.82, reflecting a 5.61% increase from the adjusted total assets of ¥29,030,768,804.70 at the end of 2022[14]. - The net assets attributable to shareholders at the end of 2023 were ¥23,365,212,924.63, which is a 10.88% increase from the adjusted net assets of ¥21,071,968,880.89 at the end of 2022[14]. - The company reported a total of ¥28,944,943.13 in non-recurring gains and losses for 2023, significantly lower than ¥491,719,131.42 in 2022[18]. - The company experienced a net cash flow from operating activities of ¥2,773,322,488.18 in Q4 2023, indicating strong performance in the last quarter[17]. - The diluted earnings per share for 2023 was also ¥2.086, consistent with the basic earnings per share[13]. - The weighted average return on equity for 2023 was 16.00%, slightly up from 15.83% in 2022[13]. Dividend Distribution - The company plans to distribute a cash dividend of 8.35 CNY per 10 shares to all shareholders, based on a total of 1,689,507,842 shares[3]. - The cash dividend distribution plan for 2023 is CNY 0.835 per 10 shares (before tax), totaling CNY 1.411 billion, which accounts for 40.03% of the net profit attributable to shareholders[89]. - A cash dividend of CNY 8.35 per 10 shares (including tax) will be distributed, totaling CNY 1,410,739,048.07, which represents 100% of the profit distribution[120]. Business Strategy and Market Position - The company aims to strengthen its gypsum board and customized whole-house assembly systems while expanding into emerging international markets such as Africa, Central Asia, the Middle East, and Southeast Asia[6]. - The company reported no changes in its main business since its listing, maintaining a focus on building materials[10]. - The company emphasizes risk management and has outlined significant risks and countermeasures in its management discussion[3]. - The company is committed to enhancing its waterproof and coating product lines as part of its growth strategy[6]. - The company has established subsidiaries in Tanzania, Uzbekistan, and Thailand to support its global expansion efforts[6]. - The company maintains a leading market position in the gypsum board industry, ranking first in market share in China[25]. - The company aims to enhance its gypsum board and related businesses, focusing on a comprehensive marketing model that integrates factory and contractor services[35]. - The company is actively responding to national policies aimed at promoting green and low-carbon development in the construction materials industry[22]. - The company is focusing on the promotion of gypsum board applications in partition walls, which currently have significant growth potential compared to developed countries[30]. - The company is enhancing its marketing structure by transitioning from industrial to consumer products, focusing on high-end and mid-range market segments[38]. Research and Development - The company has developed over 6,418 patents, showcasing its commitment to innovation and technology in the building materials sector[33]. - R&D investment intensity was 4.23% in 2023, with a total of 8,588 patent applications filed, of which 6,418 were granted[41]. - Research and development expenses rose by 10.34% to ¥951,508,472.79, reflecting the company's commitment to innovation[54]. - The number of R&D personnel increased to 963 in 2023, up by 1.48% from 949 in 2022[58]. - The company is currently developing a new inorganic/natural composite antibacterial agent aimed at enhancing the value of gypsum-based materials, with ongoing research[55]. - The company has achieved a significant milestone by completing the research on desulfurized gypsum crystal morphology control, resulting in crystals primarily in prismatic form with a particle size over 40μm[55]. - The company is working on a data operation center system to upload and monitor production, material consumption, and sales data, enhancing digital factory construction[56]. - The company is researching high-density, high-strength fire-resistant gypsum-based materials, aiming to establish the first domestic production line for such materials[56]. - The company is developing a predictive maintenance system for key equipment, enhancing the digital and intelligent level of production equipment[56]. - The company is working on a new type of soundproof gypsum board to improve sound insulation performance, increasing product diversity[56]. Environmental Compliance and Sustainability - The company is committed to sustainable development and the promotion of green building materials, aligning with national policies on circular economy and energy efficiency[30]. - The company increased the proportion of non-fossil energy usage from 12.33% in 2022 to 13.29% in 2023 as part of its carbon peak action plan[24]. - The company has implemented measures to ensure all emissions are within regulatory standards, with no exceedances reported[133]. - The company reported a significant reduction in sulfur dioxide emissions, with a maximum emission level of 132.2 mg/m³ at the Tieling branch, which is 850 mg/m³ for the allowable limit, resulting in a compliance rate of approximately 84.5%[134]. - The company is focusing on reducing nitrogen oxide emissions, with the Guangan branch achieving 92 mg/m³ against a limit of 240 mg/m³, reflecting a compliance rate of approximately 61.7%[134]. - The company has implemented advanced dust collection systems, achieving a particulate matter emission level of 12.9 mg/m³ at the Tieling branch, well within the allowable limit of 200 mg/m³, indicating a compliance rate of approximately 93.5%[134]. - The company is actively pursuing mergers and acquisitions to enhance its operational capabilities and market reach, focusing on environmentally sustainable practices[134]. - The company has established a comprehensive environmental monitoring system, ensuring real-time monitoring of emissions data[139]. - The company has developed emergency response plans for environmental incidents, including hazardous waste leaks and facility failures[139]. - The company has achieved a reduction in chemical oxygen demand (COD) in wastewater, with a reported value of 25.07 mg/L against a limit of 50 mg/L[138]. Corporate Governance - The company has established a clear separation from its controlling shareholder in terms of business operations, personnel, assets, and financial management[91]. - The company has implemented measures to improve corporate governance and transparency, including enhancing internal controls and risk prevention[89]. - The company has a clear succession plan in place, as evidenced by the recent appointments and elections within the board and supervisory roles[96][99]. - The company has committed to maintaining a complete and independent labor and personnel management system[147]. - The company guarantees that all transactions with related parties will be conducted at fair market prices and in accordance with relevant laws and regulations[147]. - The company has established an independent financial department and accounting system, ensuring compliance with legal and regulatory requirements[147]. - The company has confirmed that unused raised funds are held in a regulatory account[76]. - The company has not reported any issues with the use of raised funds or their disclosure[76]. - The company has not sold any major assets during the reporting period[79]. - The company has not reported any violations regarding external guarantees during the reporting period[154]. Legal Matters - The company is involved in ongoing litigation related to quality issues with gypsum boards, with a notable judgment requiring a payment of $2,758,356.52 plus interest[158]. - The company has engaged legal counsel in the U.S. to address the ongoing gypsum board litigation since 2010[158]. - The company has faced multiple lawsuits in the U.S. regarding gypsum board products, leading to significant settlement payments[159]. - The settlements with Lennar and Meritage were finalized in 2017 and 2018, respectively, concluding those specific legal disputes[159]. - The company has agreed to a buyout of its payment obligations under the Most Favored Nation clause for a maximum of $12,866,528.89[160]. - The total legal fees, travel expenses, and settlement costs incurred by Taishan Gypsum reached approximately CNY 2.5 billion (USD 2.48 million) as of December 31, 2023[162]. - The company has maintained a responsible approach to managing ongoing litigation and its financial implications for investors and consumers[162]. - The company has confirmed that there are no issues regarding the compensation for the difference in performance as the actual net profit exceeded the agreed amount[152]. - The company has not faced any bankruptcy reorganization matters during the reporting period[157]. - The company has not disclosed any non-standard audit reports for the current period[154].

证券研究报告·公司点评报告·装修建材 北新建材（000786） 2023 年年报点评：两翼业务及“石膏板+”业 2024年 03月 20日 务快速发展，分红比例提升 证券分析师 黄诗涛 买入（维持） 执业证书：S0600521120004 huangshitao@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 房大磊 执业证书：S0600522100001 营业总收入（百万元） 20,155 22,426 29,008 32,948 36,853 fangdl@dwzq.com.cn 同比 -4.44% 11.27% 29.35% 13.58% 11.85% 证券分析师 任婕 归母净利润（百万元） 3,144 3,524 4,380 5,138 5,764 执业证书：S0600522070003 同比 -10.48% 12.07% 24.28% 17.31% 12.18% renj@dwzq.com.cn EPS-最新摊薄（元/股） 1.86 2.09 2.59 3.04 3.41 P/E（现价&最新摊薄） 14 ...

北新建材（000786.SZ）2023年年报点评 盈利表现符合预期，提高分红重视股东回报 2024年03月20日 推荐 维持评级 ➢ 公司发布2023年年报：2023年实现营收224.26亿元，同比+11.27%，归母净利 35.24亿元，同比+12.07%，扣非归母净利34.95亿元，同比+31.75%。其中，23Q4营 当前价格： 27.74元 收53.77亿元，同比+16.28%，归母净利7.68亿元，同比-3.03%，扣非净利7.87亿元， 同比+117.40%。2023年公司毛利率为29.88%，同比+0.64pct，净利率为15.85%，同 比+0.08pct；23Q4毛利率为26.97%，同比-0.47pct、环比-5.03pct。 [Table_Author] ➢ 做强做大主业，石膏板盈利能力提升 公司有序推动“工装到家装、城市到县乡、基材到面材、产品到服务”四大转变，2023年 轻质建材分部实现营收181.29亿元，同比+8.82%，其中： 石膏板业务方面公司市占率稳居国内第一，实现收入137.66亿元，同比+3%；石膏板销 量21.72亿平，同比+3.78%；毛利率为38.49%，同比+3 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company's main business of gypsum board shows steady growth, while the waterproof business performs exceptionally well. The company focuses on gypsum board and related products, enhancing its home decoration channels and expanding into county and rural markets [4][6]. - In 2023, the company achieved a revenue of 22.43 billion yuan, a year-on-year increase of 11.3%, and a net profit of 3.52 billion yuan, up 12.1% year-on-year. The fourth quarter alone saw a revenue of 5.38 billion yuan, a 16.3% increase [3][4]. - The company plans to distribute a cash dividend of 0.835 yuan per share, with a payout ratio of 40%, an increase of 4.75 percentage points year-on-year [3]. Summary by Sections Revenue Performance - The company reported a total revenue of 22.43 billion yuan in 2023, with a year-on-year growth of 11.3%. The net profit reached 3.52 billion yuan, marking a 12.1% increase [3][4]. - The gypsum board production volume was 2.165 billion square meters, up 3.3%, and sales volume was 2.172 billion square meters, up 3.8% [4]. Business Segments - The gypsum board segment generated revenue of 13.77 billion yuan, a 3.0% increase, while the metal framework business saw a revenue decline of 9.1% to 2.29 billion yuan [4]. - The waterproof membrane business revenue surged to 2.79 billion yuan, a 29.0% increase, driven by the expansion of quality customer bases and new channel development [4][6]. Profitability Metrics - The overall gross margin for the company was 29.9%, an increase of 0.6 percentage points year-on-year. The net profit margin stood at 15.85%, reflecting a slight increase [5][6]. - The company’s operating cash flow reached 4.73 billion yuan, a year-on-year growth of 28.8% [5]. Strategic Developments - The company is pursuing a "one body, two wings" development strategy, focusing on gypsum board, waterproof systems, and coatings. It aims to strengthen and expand its waterproof and coating businesses [6][7]. - A significant acquisition was made with a cash purchase of 40.7 billion yuan for 78.3% of the shares in a coatings company, with performance commitments set for the next three years [6][8].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.56 CNY, corresponding to a PE ratio of 14 times for 2024 [4][9]. Core Views - The company reported a steady revenue growth of 11.27% year-on-year, achieving a total revenue of 22.426 billion CNY in 2023, alongside a net profit of 3.524 billion CNY, reflecting a year-on-year increase of 12.07% [2][3]. - The gypsum board business remains stable, while the auxiliary businesses, including waterproof membranes and coatings, are experiencing rapid growth, with revenue increases of 28.99% and 22.38% respectively [2][3]. - The company has shown strong operational cash flow, with a net operating cash flow of 4.734 billion CNY, marking a significant year-on-year increase of 28.76% [3]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a revenue of 22.426 billion CNY, with the gypsum board segment contributing 13.766 billion CNY, a growth of 3% year-on-year. The sales volume reached 2.172 billion square meters, with an average price of 6.34 CNY per square meter [2]. - The waterproof membrane segment generated 2.786 billion CNY, up 28.99%, while the coatings segment brought in 968 million CNY, up 22.38% [2]. - The company’s gross margin improved to 29.88%, with the gypsum board segment's gross margin at 38.49%, reflecting a year-on-year increase of 3.54 percentage points [3]. Cash Flow and Expenses - The operating cash flow for 2023 was 4.734 billion CNY, an increase of 10.7 billion CNY from the previous year, indicating a robust cash collection strategy [3]. - The company effectively controlled its expense ratio, which decreased to 12.49%, contributing to a slight increase in the net profit margin to 15.85% [3]. Future Outlook - The company forecasts revenue growth of 13.13%, 12.76%, and 11.72% for 2024, 2025, and 2026 respectively, with net profits expected to grow by 21.59%, 13.45%, and 11.47% during the same period [8]. - The company is actively expanding its market presence in the home decoration sector and enhancing its product offerings, particularly in the waterproof and coating segments [8].

股 票 研 究 [Table_industryInfo] 建材/原材料 [ Table_Main[北ITnaf 新bol]e 建_Ti材tle]( 000786) [评Tab级le_：Inv est] 增持 上次评级： 增持 落实“质量回报双提升”，长期价值凸显 目标价格： 35.22 上次预测： 35.22 公 ——北新建材更新报告 当前价格： 27.36 司 鲍雁辛(分析师) 花健祎(分析师) 2024.03.07 更 0755-23976830 0755-23976858 [交Ta易bl数e_M据a rket] 新 baoyanxin@gtjas.com huajianyi@gtjas.com 证书编号 S0880513070005 S0880521010001 52周内股价区间（元） 22.18-31.32 报 总市值（百万元） 46,225 告 本报告导读： 总股本/流通A股（百万股） 1,690/1,632 流通 B股/H股（百万股） 0/0 公司公告关于"质量回报双提升"行动方案，彰显经营信心，凸显投资价值。 流通股比例 97% 日均成交量（百万股） 13.29 投资要点： 日均成交值（百万元） ...

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。 为践行中央政治局会议提出的"要活跃资本市场、提振投资者信 心"及国常会指出的"要大力提升上市公司质量和投资价值，要采取 更加有力有效措施，着力稳市场、稳信心"的指导思想，北新集团建 材股份有限公司（以下简称公司）制定了"质量回报双提升"行动方 案。具体举措如下： 证券代码:000786 证券简称:北新建材 公告编号:2024-002 北新集团建材股份有限公司 关于"质量回报双提升"行动方案的公告 一、聚焦主业，加速推进"一体两翼，全球布局"发展战略落地 公司将围绕"一体两翼，全球布局"发展战略，聚焦石膏板、防 水系统、涂料三大产品体系，坚持做强做优做大石膏板和石膏板+业 务；加快做强做大防水、涂料业务；推动布局非洲、中亚、中东、东 南亚等新兴国际市场。扎根实业、深耕主业、做精专业，加快实施"绿 色化、高端化、数字化、国际化"，培养核心竞争力，驱动高质量发 展。 公司将继续实施工业品向消费品转型。聚焦装配式内装的体系能 力和终端品牌能力，打磨"工厂+工长"的立体式全覆盖饱和营销的 商业模式；有序推动"工装到家装、城市 ...

北新建材（000786.SZ）事件点评 推动“质量回报双提升”，“一体两翼”凸显长期价值 2024年03月06日 ➢ 事件：公司发布关于“质量回报双提升”行动方案的公告，提出以下五大举 推荐 维持评级 措：1）聚焦主业，加速推进“一体两翼，全球布局” 发展战略落地；2）科技 创新，点燃高质量发展强引擎；3）夯实治理，提升规范运作水平；4）完善信披， 当 前价格： 27.36元 坚持以投资者需求为导向；5）稳健经营，树牢回报投资者理念。 ➢ 石膏板主业龙头地位稳固，涂料翼+防水翼加速成长。公司坚定执行 “一体 [Table_Author] 两翼”发展战略，主业方面，坚持做强做优做大石膏板和石膏板+业务，形成了 全球最大的石膏板产业集团及轻钢龙骨产业集团。公司的石膏板产能截至 2023H1末已达到33.88亿平方米，拥有“泰山”、“龙牌”、“梦牌”三大品 牌，完整覆盖高端和中低端下游市场。 两翼方面，公司加快做强做大防水和涂料业务，其中防水业务规模已位居国内行 业前三，拥有禹王、蜀羊、金拇指、月皇、赛特、澳泰等知名品牌；近年公司来 分析师 李阳 加码布局涂料业务，2021 年 7 月成立北新涂料，同年 9 月收购 ...