特别申明： 点击注册小程序 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 25Q1公司毛利率28.9%，同比+0.3pcts，估计主要系降本提效及产品结构优化所致；期间费用率13.7%，同 比+0.3pcts，其中销售/管理/财务/研发费用率为6.0%/4.5%/0.2%/3.1%，同比+1.0/-0.2/-0.1/-0.5pcts，销售 费用率提升估计系嘉宝莉并表及渠道投入增加，最终销售净利率为13.7%，同比-0.3pcts。此外25Q1公司经 营性净现金流-2.2亿元，同比-2.0亿元。主要系根据嘉宝莉股权转让协议，原股东回购部分应收账款，导致 24Q1经营性净现金流增加较多。 风险提示： 下游需求转弱，涂料业务整合不及预期，原材料价格超预期上涨。 发布日期：2025-04-25 免责声明 报告摘要 事 ...

Core Viewpoint - The company reported a revenue of 25.82 billion and a net profit of 3.65 billion for the year 2024, reflecting a year-on-year growth of 15.1% and 3.5% respectively, indicating stable performance despite challenges in the gypsum board segment [2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 25.82 billion, with a net profit attributable to shareholders of 3.65 billion and a net profit excluding non-recurring items of 3.56 billion, representing year-on-year increases of 15.1%, 3.5%, and 1.8% respectively [2]. - The fourth quarter of 2024 saw revenues of 5.46 billion, with a net profit of 0.50 billion and a net profit excluding non-recurring items of 0.49 billion, showing a year-on-year growth of 1.5% but a decline in net profit by 34.7% and 37.8% respectively [2]. - The operating cash flow for 2024 was 5.13 billion, marking an 8.5% increase year-on-year [2]. Group 2: 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, indicating pressure from external demand [3]. - The sales volume and unit price of gypsum boards decreased by 0.05% and 4.7% respectively, leading to a calculated gross profit of 2.32 per square meter, down 4.7% year-on-year [3]. - The waterproof membrane and waterproof engineering segments reported revenues of 3.32 billion and 0.41 billion, with increases of 19.2% and a decline of 8.1% respectively, showcasing resilience in the waterproof membrane segment [3]. - The coatings business achieved a revenue of 4.14 billion, a significant increase of 328%, primarily due to the consolidation of Jia Baoli [3]. - The "gypsum board+" related businesses generated revenues of 2.55 billion, reflecting a year-on-year growth of 17.7% [3]. Group 3: Profitability and Cost Structure - The company's gross margin remained stable at 29.9%, with the gypsum board gross margin at 38.51%, a slight increase of 0.02 percentage points year-on-year, attributed to cost reduction and efficiency improvements [4]. - The average prices of recycled yellow board paper and thermal coal decreased by 4% and 11% respectively, contributing to the stable gross margin [4]. - The selling, administrative, and R&D expense ratios were 5.6%, 4.4%, and 4.1% respectively, with increases of 1.4, 0.7, and a decrease of 0.1 percentage points, mainly due to the acquisition of Jia Baoli [4]. - The net profit margin for the company was 14.4%, down 1.4 percentage points year-on-year, with the fourth quarter net profit margin at 9.7%, a decline of 4.9 percentage points [4].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, primarily due to external demand pressures and strategic decisions to reduce direct sales, while retail and engineering channels showed growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.806 billion, a decrease of 14.5% year-on-year, with net profit attributable to shareholders dropping by 95.2% to 110 million [2]. - The fourth quarter saw revenue of 636 million, down 14.8% year-on-year, with a net loss attributable to shareholders of 1.17 billion [2][3]. - Operating cash flow for the year was 3.46 billion, an increase of 64.4% year-on-year [2]. Group 2: Revenue Breakdown - Retail channel revenue increased by 9.9% to 1.021 billion, accounting for 36.4% of total revenue, driven by product iteration and deeper channel penetration [3]. - Engineering channel revenue grew by 6.7% to 1.335 billion, supported by the promotion of a partner mechanism and product diversification [3]. - Direct sales revenue plummeted by 58.8% to 428 million as the company continued to shrink this segment [3]. Group 3: Profitability and Costs - The company's gross margin for 2024 was 25.8%, down 1.9 percentage points, primarily due to price adjustments and changes in product mix [4]. - The sales expense ratio increased to 10.3%, while management and R&D expense ratios rose to 6.4% and 2.1%, respectively, reflecting the impact of revenue decline [4]. - The net profit margin for the year was 0.3%, a decrease of 6.7 percentage points, influenced by asset impairment losses totaling 1.8 billion [4]. Group 4: Future Outlook - For 2025, the company anticipates improved governance and reduced pledge risks due to high dividends, alongside effective asset disposals that may alleviate remaining impairment risks [5]. - The company expects revenue stabilization and potential growth driven by the civil construction group and continued improvements in operational quality [5]. - Cost reduction and efficiency enhancement measures are anticipated to improve expense ratios, with remaining impairment risks expected to be released within the year [5].