海外建材系列：日涂控股24Q2：立邦中国建涂C端韧性增长，B端继续下滑

Investment Rating - The investment rating for the construction materials industry is "Buy" indicating an expected performance that exceeds the market by more than 10% over the next 12 months [6]. Core Insights - Nippon Paint Holdings Co., Ltd. reported a Q2 2024 revenue of 432.8 billion JPY (approximately 20.3 billion RMB), a year-on-year increase of 19.3%, with a net profit of 36.1 billion JPY (approximately 1.7 billion RMB), reflecting a 1.4% increase year-on-year [2]. - The report highlights that the main revenue and profit source for Nippon Paint is the立时 Group, contributing 67% of revenue growth and 68% of profit growth in Q2 2024, with立邦 China accounting for 31% of revenue growth and 13% of profit growth [2]. - The construction paint segment in China showed single-digit growth in Q2 2024, with TUC experiencing resilient growth while TUB continued to be affected by the real estate sector [2]. Summary by Sections Financial Performance - Nippon Paint's Q2 2024 revenue breakdown includes Japan at 50.8 billion JPY,立时 Group at 242.0 billion JPY, 多乐士 Group at 105.4 billion JPY, and the Americas at 34.6 billion JPY, with respective year-on-year growth rates of +1.0%, +24.2%, +18.4%, and +21.4% [2]. - The overall gross margin for Q2 2024 was 40.2%, an increase of 0.15 percentage points year-on-year, attributed to revenue growth and structural optimization despite a 5% rise in oil prices since March 2024 [2]. Market Outlook - The report anticipates that the B-end market in China will see a slowdown in decline, with an overall revenue guidance for 2024 maintained at +5-10% [2]. - The construction paint segment's revenue growth is projected to be adjusted, with TUB's revenue growth forecast lowered to -5% and TUC's to +10-15% [2]. Company Ratings - Several companies within the construction materials sector, such as 东方雨虹, 科顺股份, and 三棵树, are rated as "Buy" with expected strong performance relative to the market [4].