（文章来源：每日经济新闻） 东莞证券8月18日发布研报称，给予北新建材（000786.SZ，最新价：26.68元）增持评级。评级理由主 要包括：1）计提信用减值导致业绩下滑；2）涂料业务营收增长亮眼；3）销售净利率有所下降；4）费 用管控良好，资产结构有所优化。风险提示：楼市销售复苏低于预期及基建投资增速低于预期，带来行 业需求下滑。公司费用提升明显带来利润率下降。公司市场份额提升及业绩增长低于预期。 ...

Investment Rating - The report maintains an "Accumulate" rating for Beixin Building Materials (000786) [2][5] Core Views - The company reported a revenue of 13.558 billion yuan for the first half of 2025, a slight decrease of 0.29% year-on-year, and a net profit attributable to shareholders of 1.929 billion yuan, down 12.85% year-on-year. The decline in performance is attributed to credit impairment losses of 69.76 million yuan [5] - The company's revenue from the paint business showed significant growth, with a 40.82% year-on-year increase, reaching 2.511 billion yuan, while the gypsum board revenue decreased by 8.57% to 6.677 billion yuan [5] - The overall sales net profit margin decreased to 14.56%, down 2 percentage points year-on-year, despite a slight increase in gross margin to 30.35% [5] Summary by Relevant Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 13.558 billion yuan, with a net profit of 1.929 billion yuan, and a basic earnings per share of 1.142 yuan. The second quarter showed a revenue of 7.312 billion yuan, down 4.46% year-on-year but up 17.06% quarter-on-quarter [5] - The company’s return on equity (ROE) stands at 12.86% [5] Business Segments - Gypsum board revenue accounted for 49.25% of total revenue, while the paint segment contributed 18.52% and the waterproof membrane segment 12.68% [5] Cost Management - The company maintained good cost control, with sales expenses rising by 14.92% to 699 million yuan, while financial expenses decreased by 42.90% to 24.336 million yuan due to reduced interest-bearing liabilities [5] - The asset-liability ratio improved to 23.01%, down 5.99 percentage points year-on-year, indicating an optimized asset structure [5] Future Outlook - The company is expected to continue its "one body, two wings global layout" strategy, focusing on strengthening its gypsum board and paint businesses while expanding into emerging international markets [5] - Earnings per share (EPS) are projected to be 2.73 yuan and 3.21 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 9.8 and 8.36 [5]

本报讯 （记者向炎涛）8月19日，北新集团建材股份有限公司（以下简称"北新建材"）发布2025年半年 度报告。上半年，公司实现营业收入135.58亿元，实现归属于上市公司股东的净利润19.3亿元。 同时，公司加强新品推广，提高盈利能力。报告期内，公司旗下泰山石膏加大市场开拓与产品升级力 度，推出融合平安文化、地域特色的国潮系列产品，加速培育石膏纤维板等第二增长曲线。旗下龙牌公 司组建新产品事业部，聚焦龙牌鲁班万能板、采暖板、金刚板、国潮板、超平板五大核心产品推广与销 售，新品溢价效应增厚利润。北新防水紧跟市场发展需求，持续推出国潮新装外露防水涂料、红色非沥 青非固化改性橡胶防水涂料、聚氨酯堵漏灌浆材料等特色产品。旗下嘉宝莉锚定高端定位，艺术涂料、 石艺漆两大品类高端门店上半年分别新增200余家、90余家，实现更多空白网点的覆盖，持续提升行业 影响力。 （文章来源：证券日报） 近年来，北新建材实施"一体两翼，全球布局"发展战略，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，布局新兴国际市场，加速向消费类建材综合制造商和服务商转型。 上半年，公司多措并举，推进"一体两翼"业务高质量发展。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue from gypsum boards is under pressure, but its two wings of business remain stable and are expanding [7][9] - The company reported a revenue of 13.558 billion yuan in the first half of 2025, a year-on-year decrease of 0.29%, and a net profit attributable to shareholders of 1.930 billion yuan, down 12.85% year-on-year [8] - The company is focusing on promoting high-margin products and expanding overseas projects, with significant growth in its paint segment [9] Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 22.426 billion yuan in 2023 to 31.016 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.05% [6][10] - Net profit is expected to increase from 3.524 billion yuan in 2023 to 4.748 billion yuan in 2027, with a CAGR of approximately 13.98% [6][10] - Earnings Per Share (EPS) is forecasted to rise from 2.09 yuan in 2023 to 2.81 yuan in 2027 [6][10] - The company’s price-to-earnings (PE) ratio is projected to decrease from 11.20 in 2023 to 9.54 in 2027, indicating potential undervaluation [6][10] Business Segment Performance - Gypsum Board and Keel: - Revenue from gypsum boards was 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68%, down 0.94 percentage points [7][9] - Revenue from keels was 1.137 billion yuan, down 10.72% year-on-year, with a gross margin of 21.65%, up 0.43 percentage points [7][9] - Waterproofing: - Revenue from waterproofing materials was 1.720 billion yuan, up 0.63% year-on-year, with a gross margin of 16.97%, down 2.34 percentage points [7][9] - Paint: - Revenue from paint was 2.511 billion yuan, up 40.82% year-on-year, with a gross margin of 31.79%, up 0.51 percentage points [7][9] Cost and Margin Analysis - The overall gross margin for the first half of 2025 was 30.35%, down 0.60 percentage points year-on-year, primarily due to rising costs of raw materials [7][9] - The net profit margin decreased by 2.05 percentage points to 14.23% due to increased costs and competitive pressures [7][9] Cash Flow and Financial Health - The net cash flow from operating activities was 9.62 billion yuan, down 52.86% year-on-year, attributed to changes in accounts receivable [7][9] - The company’s liquidity ratios indicate a healthy financial position, with a current ratio of 2.19 and a quick ratio of 1.57 [10]

公司公布上半年业绩： 25H1 收入/归母净利135.6/19.3 亿元， 同比-0.3%/-12.9%，其中Q2 收入/归母净 利73.1/10.9 亿元，同比-4.5%/-21.9%，Q2 业绩略低于我们预期（12.5 亿元），主要系信用减值损失增 加。我们认为公司消费品逻辑持续兑现，"一体两翼"布局持续深化，家装以旧换新等政策有助于改善建 材需求预期，维持"买入"。 涂料收入延续快速增长，Q2 毛利率环比提升 25H1 公司石膏板/龙骨/防水卷材/涂料收入66.8/11.4/17.2/25.1 亿元，同比-8.6%/-10.7%/+0.6%/+40.8%； 毛利率为38.7%/21.7%/17.0%/31.8%，同比-0.9/+0.4/-2.3/+0.5pct，涂料业务延续快速增长，整体毛利率 保持相对稳定，其中Q2 毛利率31.6%，同比/环比-1.2/+2.6pct，环比有所改善。25H1公司境外收入3.2 亿 元，同比+68.8%，随着公司海外工厂逐步释放产能，预计公司境外收入有望延续较快增长。 销售费用率同比小幅增长，经营性净现金流同比-52.9%25H1 公司期间费用率13.4%，同比+0.6 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.07 [1][5]. Core Views - The company reported a slight decline in revenue and net profit for the first half of 2025, with revenue at RMB 135.6 billion and net profit at RMB 19.3 billion, representing a year-on-year change of -0.3% and -12.9% respectively. The second quarter showed revenue of RMB 73.1 billion and net profit of RMB 10.9 billion, down by -4.5% and -21.9% year-on-year. The performance was slightly below expectations due to increased credit impairment losses. However, the consumer goods logic continues to deliver, and policies such as home renovation incentives are expected to improve demand for building materials [1][4]. Summary by Sections Financial Performance - For the first half of 2025, the company's revenue from gypsum boards, metal studs, waterproof membranes, and coatings was RMB 66.8 billion, RMB 11.4 billion, RMB 17.2 billion, and RMB 25.1 billion respectively. The year-on-year changes were -8.6%, -10.7%, +0.6%, and +40.8%. The overall gross margin was 38.7%, with the coatings segment showing a gross margin of 31.8%, which improved by 2.6 percentage points quarter-on-quarter [2][3]. Cost and Cash Flow - The company's expense ratio for the first half of 2025 was 13.4%, up by 0.6 percentage points year-on-year. The sales expense ratio increased to 5.2%, attributed to ongoing investments in the coatings business. Operating cash flow decreased by 52.9% year-on-year to RMB 9.6 billion, primarily due to changes in credit policies and cash flow dynamics from previous periods. It is anticipated that cash flow will improve as sales collections increase [3][4]. Market Outlook and Strategic Initiatives - Retail sales of building and decoration materials showed a year-on-year increase of 2.2% in the first seven months of 2025. Recent government policies aimed at boosting consumer loans are expected to further stimulate retail consumption. The company announced plans to build production lines for 8 million square meters of paper-faced gypsum boards and 20,000 tons of light steel studs, which will enhance its competitive position in target markets [4][5]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downward due to short-term sales pressure, with projected net profits for 2025-2027 at RMB 40.3 billion, RMB 47.2 billion, and RMB 54.0 billion respectively. The target price has been revised to RMB 31.07, reflecting a slight discount to account for short-term sales and business integration pressures, while new projects are expected to strengthen market competitiveness [5][9].

| | | 8月18日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 淳中科技 | 如后续公司股票交易进一步出现异常,公司可能申请停牌核查 | | 项目投资 | 北新建材 | 拟投资建设年产8000万平方米纸面石膏板及2万吨轻钢龙骨生产线项目 | | 中标合同 | 金盾股份 | 近期中标及预中标项目合计金额9082.56万元 | | 经营数据 | 新华保险 | 1-7月累计原保险保费收入1378.06亿元 同比增长23% | | 股权收购 | 洁美科技 | 柔震科技拟收购江西鸿美100%股权 | | 国购 | 山鹰国际 | 累计回购2.65%股份 | | 业绩 | 紫光国微 | 上半年实现营收30.47亿元 同比增长6.07% | | 增减持 | 亚辉龙 | 实际控制人兼董事长胡鹃辉拟减持不超3%股份 | | | 海看股份 | 朴华惠新、中文产投拟减持合计不超5.36%股份 | | 其他 | 圣泉集团 | 拟发行可转债募资不超25亿元 | | | 金三江 | 拟发行可转债募资不超2.9亿元 用于马来西亚二氧化硅生产基地建设题目2- | 【热点】 磁 ...

Group 1 - The stock price of Beixin Building Materials on August 18 was 26.81 yuan, down 0.26% from the previous trading day [1] - The trading volume on that day was 4.49 billion yuan with a volume of 167,400 hands and a fluctuation of 1.38% [1] - Beixin Building Materials is primarily engaged in the research, production, and sales of new building materials, including gypsum boards and keel, covering the renovation and building materials sector, as well as involving in new energy and new materials industries [1] Group 2 - On the evening of August 18, the company announced that the seventh board of directors' ninth meeting approved several proposals, including the "2025 Semi-Annual Report and Summary" [1] - On August 18, the net inflow of main funds was 21.72 million yuan, with a cumulative net inflow of 112 million yuan over the past five days [1]

（文章来源：证券日报） 证券日报网讯 8月18日晚间，北新建材发布公告称，公司第七届董事会第九次会议审议通过了《2025年 半年度报告及摘要》等多项议案。 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 13.558 billion yuan in the first half of 2025, a year-on-year decrease of 0.29% [1] - The net profit for the same period was 1.93 billion yuan, reflecting a year-on-year decline of 12.85% [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]