北新建材（000786）：稳健增长，经营质量优异

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 25.821 billion yuan for 2024, representing a year-on-year growth of 15.1%. The net profit attributable to shareholders was 3.647 billion yuan, an increase of 3.5% year-on-year, while the net profit excluding non-recurring items was 3.558 billion yuan, up 1.8% year-on-year [3][6]. - In Q4, the company achieved a revenue of 5.458 billion yuan, a year-on-year increase of 1.5%. However, the net profit attributable to shareholders decreased by 34.7% to 502 million yuan, and the net profit excluding non-recurring items fell by 37.8% to 489 million yuan [3][6]. Summary by Sections Financial Performance - The company’s gypsum board, waterproof materials, coatings, and keel businesses generated revenues of 13.1 billion, 4.6 billion, 3.6 billion, and 2.3 billion yuan respectively, with year-on-year growth rates of -4.79%, +18.65%, +812.43%, and -0.13% [9]. - The gypsum board accounted for 50.76% of total revenue, down from 61.38% in 2024. The shares of waterproof materials, keel, and coatings were 17.94%, 8.86%, and 13.91% respectively [9]. - The company maintained a stable gross margin of 38.51% for gypsum boards, slightly up by 0.02 percentage points year-on-year, despite a decrease in product prices [9]. Operational Quality - The company achieved a cash collection ratio of 100.0% for the year, down 2.5 percentage points year-on-year, while the Q4 cash collection ratio was 151.1%, up 5.5 percentage points year-on-year [9]. - The net cash ratio for the year was 140.8%, an increase of 6.4 percentage points year-on-year, with Q4 net cash ratio reaching 483.8%, up 122.7 percentage points year-on-year [9]. Growth Outlook - The company is expected to see stable profitability and continued pricing power, with projected non-recurring net profits for 2025-2027 at 4.58 billion, 5.54 billion, and 6.61 billion yuan, corresponding to P/E ratios of 11, 9, and 8 times respectively [9].