北新建材(000786)：石膏板韧性强 “两翼”加速发展

Core Viewpoint - The company reported a revenue of 25.82 billion and a net profit attributable to shareholders of 3.65 billion for the year 2024, reflecting a year-on-year growth of 15.1% and 3.5% respectively [1] Financial Performance - In Q4 2024, the company achieved a revenue of 5.46 billion, with a net profit of 0.50 billion, showing a year-on-year increase of 1.5% but a decline in net profit by 34.7% [1] - The operating cash flow for 2024 was 5.13 billion, up 8.5% year-on-year [1] - The company plans to distribute a dividend of 0.865 per share, resulting in a dividend yield of 3.0% based on the announcement date [1] Segment Performance - The gypsum board and keel segments generated revenues of 13.11 billion and 2.29 billion respectively, with declines of 4.8% and 0.1% year-on-year [2] - The sales volume and unit price of gypsum boards decreased by 0.05% and 4.7% respectively, with a calculated gross profit of 2.32 per square meter, down 4.7% year-on-year [2] - The waterproof membrane and waterproof engineering segments saw revenues of 3.32 billion and 0.41 billion, with increases of 19.2% and a decline of 8.1% respectively [2] - The coatings business reported a revenue of 4.14 billion, a significant increase of 328% primarily due to the consolidation of Jia Baoli [2] - The "gypsum board+" related businesses generated 2.55 billion in revenue, up 17.7% year-on-year [2] - The waterproof and coatings segments achieved revenues of 4.66 billion and 3.60 billion respectively, with year-on-year growth of 18.8% and 796.2% [2] Profitability and Cost Structure - The company's gross margin remained stable at 29.9%, with the gypsum board gross margin at 38.51%, reflecting a slight increase [3] - The sales, management, and R&D expense ratios were 5.6%, 4.4%, and 4.1% respectively, with increases attributed mainly to the acquisition of Jia Baoli [3] - The net profit margin for the company was 14.4%, down 1.4 percentage points year-on-year [3] - In Q4, the gross margin was 27.0%, with a net profit margin of 9.7%, down 4.9 percentage points year-on-year [3] Future Outlook - The company maintains a stable growth outlook for the gypsum board business, with the waterproof segment showing resilience and the coatings segment expanding through acquisitions [3] - Profit forecasts for 2025 and 2026 are set at 4.566 billion and 5.367 billion respectively, with a new forecast for 2027 at 6.219 billion [3]