Group 1 - The company's stock closed at 20.58 yuan on August 21, down 0.53% from the previous trading day [1] - There was a rapid rebound in the stock price during the day, reaching a high of 20.93 yuan, with an increase of over 2% within 5 minutes [1] - The trading volume for the day was 0.88 billion yuan, with a turnover rate of 3.92% [1] Group 2 - The company specializes in building energy-saving system solutions, including energy-efficient doors and windows, and curtain walls [1] - It operates within the renovation and building materials sector, possessing relevant technology reserves for building energy efficiency [1] Group 3 - On August 21, there was a net inflow of 4.2391 million yuan from main funds, although the overall trend over the past five trading days showed a net outflow of 23.6371 million yuan [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22]. Core Views - The company is facing pressure on revenue and profit due to insufficient demand and intensified competition, with H1 2025 revenue at 2.08 billion yuan, down 11.3% year-on-year, and net profit at 270 million yuan, down 20.2% year-on-year [1][7]. - The company is focusing on core products and strengthening collaboration while continuing to advance its international strategy, with revenue from PPR, PE, PVC, and other products showing varying degrees of decline [2][11]. - The gross margin for Q2 has improved sequentially, and operating cash flow has significantly increased year-on-year, indicating a positive trend in cash management [3][17]. Financial Performance Summary - For H1 2025, the company achieved a gross margin of 40.5%, with a slight year-on-year decrease of 1.6 percentage points, while Q2 gross margin was 40.53%, showing a sequential increase [3][17]. - The company plans to distribute a mid-term dividend of 1 yuan per 10 shares, reflecting a commitment to shareholder returns with a dividend payout ratio of 58% [22]. - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 0.52, 0.58, and 0.62 yuan per share, respectively, with corresponding price-to-earnings (PE) ratios of 21.0, 19.0, and 17.6 times [22][4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.634 billion yuan in the first half of 2025, a year-on-year decrease of 7.01%, while the net profit attributable to the parent company was 268 million yuan, an increase of 9.71% year-on-year [8] - The decorative panel business faced pressure, with a revenue of 2.985 billion yuan in the first half of 2025, down 9.05% year-on-year, and a significant decline in panel product revenue by 16.45% [8] - The company is actively expanding its distribution channels, particularly in rural markets, with 2,481 rural stores established by the end of the reporting period, an increase of over 300 stores since the beginning of the year [8] - The gross profit margin improved year-on-year to 18.27%, with a slight increase in the gross margin of decorative materials by 0.85 percentage points [8] - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares (including tax), maintaining a high dividend payout ratio of approximately 86% [8] - The company is expected to achieve net profits of 754 million yuan, 877 million yuan, and 958 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.61X, 9.98X, and 9.15X [8] Financial Summary - Total revenue for 2023 is projected at 9.063 billion yuan, with a year-on-year growth of 1.63% [1] - The net profit attributable to the parent company for 2023 is estimated at 689.42 million yuan, reflecting a year-on-year increase of 54.66% [1] - The latest diluted EPS for 2023 is expected to be 0.83 yuan per share [1] - The company’s total assets are projected to reach 6.279 billion yuan by 2025, with a debt-to-asset ratio of 44.23% [6][9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][35]. Core Views - The company has shown stable revenue but faced pressure on profitability, with a slight decline in revenue of 0.29% year-on-year for H1 2025, resulting in a net profit decrease of 12.8% [1][8]. - The gypsum board segment is under pressure due to demand challenges and price competition, yet it maintains a relatively high gross margin, indicating the company's competitive advantage [2][11]. - The company is focusing on its core gypsum board business while actively promoting a "one body, two wings" strategy, which includes the integration of the industrial paint business and expansion of production capacity [3][35]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 135.6 billion yuan, with a net profit of 19.3 billion yuan and an EPS of 1.14 yuan per share [1][8]. - The Q2 revenue was 73.1 billion yuan, reflecting a year-on-year decline of 4.46%, with a net profit of 10.9 billion yuan, down 21.88% [1][8]. Product Segmentation - Gypsum board revenue was 66.8 billion yuan, down 8.57%, accounting for 49.2% of total revenue, with a gross margin of 38.7% [2][11]. - The waterproof and paint businesses saw revenue growth of 0.37% and 40.8%, respectively, contributing to balanced growth [2][11]. Regional Performance - Domestic revenue declined by 1%, while international revenue surged by 69%, indicating strong growth in overseas markets [2][11]. - The company is advancing projects in Thailand and Bosnia, which are expected to contribute to future revenue growth [2][11]. Cash Flow and Margins - The overall gross margin for H1 2025 was 30.4%, with a net margin of 15.3% in Q2, showing a sequential improvement [3][22]. - Operating cash flow for H1 2025 was 9.62 billion yuan, down 52.9% year-on-year, primarily due to previous acquisitions affecting cash inflow [3][22]. Future Outlook - The company has adjusted its earnings forecast for 2025-2027, expecting EPS of 2.26, 2.64, and 3.05 yuan per share, respectively [3][35]. - The company maintains a steady global expansion strategy, with ongoing projects expected to enhance revenue and profit contributions in the future [3][35].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - Short-term performance is under pressure, but the long-term logic remains unchanged. The company is a leading player in the domestic gypsum board industry, leveraging its stable cash flow from gypsum board operations to accelerate its transformation into a comprehensive manufacturer and service provider in consumer building materials. The company is expected to benefit from domestic demand policies, enhancing its valuation center [8][6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 13.558 billion yuan, 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. The second quarter revenue was 7.312 billion yuan, a decline of 4.46% year-on-year, with a net profit of 1.087 billion yuan, down 21.88% year-on-year [8] - The gypsum board business generated revenue of 6.677 billion yuan, down 8.57% year-on-year, while the paint business saw a significant increase in revenue by 40.82% year-on-year, attributed to the consolidation of Zhejiang Daqiao and the high-end positioning of Jiaboli [8] - The company’s operating cash flow for the first half of 2025 was 0.962 billion yuan, a decrease of 52.86% year-on-year, primarily due to the impact of consolidating Jiaboli and a reduction in cash received from sales [8] Earnings Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 4.025 billion yuan, 4.362 billion yuan, and 4.805 billion yuan for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios (P/E) based on the stock price as of August 20 are 11 times, 10 times, and 9 times [8][9] - Revenue forecasts for 2023, 2024, 2025E, 2026E, and 2027E are 22.426 billion yuan, 25.821 billion yuan, 27.344 billion yuan, 28.961 billion yuan, and 31.137 billion yuan, respectively, with growth rates of 12.50%, 15.14%, 5.90%, 5.91%, and 7.51% [7][9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Views - The company continues to optimize its channel product structure and maintain high dividend payouts, with a mid-term dividend proposal of 2.8 CNY per share (before tax) [8][26]. - Despite a challenging market environment, the company has managed to achieve a slight increase in net profit, with a year-on-year growth of 9.71% in the first half of 2025 [8][26]. - The company is focusing on enhancing its multi-channel operations and product structure, introducing high-value-added products to improve customer value and profitability [2][26]. Financial Performance Summary - In H1 2025, the company reported revenue of 3.63 billion CNY, a decrease of 7.01% year-on-year, while the net profit attributable to shareholders was 268 million CNY, an increase of 9.71% year-on-year [8][26]. - The company's gross margin for H1 2025 was 18.3%, down 0.8 percentage points year-on-year, while the operating cash flow was 110 million CNY, a decrease of 61.4% year-on-year [3][17]. - The company’s revenue from decorative materials and custom home business was 2.99 billion CNY and 620 million CNY, respectively, with a year-on-year change of -9.05% and +4.46% [2][12]. Earnings Forecast and Financial Indicators - The projected earnings per share (EPS) for 2025-2027 are 0.87 CNY, 1.01 CNY, and 1.15 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 11.9, 10.3, and 9.1 [4][26]. - The company’s return on equity (ROE) is expected to improve from 23.3% in 2025 to 29.9% in 2027 [4][30]. - The company maintains a high dividend payout ratio of 86.7%, reflecting its commitment to shareholder returns [26].

装修建材 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 执业证书编号：S0740525030002 Email：wanjy@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,689.51 | | 流通股本(百万股) | 1,616.77 | | 市价(元) | 26.32 | | 市值(百万元) | 44,467.85 | | 流通市值(百万元) | 42,553.47 | 展工业涂料业务》2025-04-26 2、《"一体两翼"协同发展，加速 推进全球化布局》2025-03-28 2025-01-04 北新建材（000786.SZ） 证券研究报告/公司点评报告 2025 年 08 月 21 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：孙颖 | ...

证券之星消息，8月21日装修建材板块较上一交易日上涨0.39%，法狮龙领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。装修建材板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605318 | 法师龙 | 31.49 | 5.32% | 4.80万 | 1.49亿 | | 001212 | 中旗新材 | 54.21 | 4.19% | 17.61万 | 9.52亿 | | 002247 | 聚力文化 | 2.91 | 2.46% | 36.46万 | 1.06亿 | | 002457 | 青龙管业 | 12.27 | 2.34% | - 31.51万 | 3.85亿 | | 002718 | 友邦需顶 | 19.08 | 2.20% | 2.74万 | 5235.05万 | | 300715 | 凯伦股份 | 11.28 | 1.62% | 6.44万 | 7328.60万 | | 300737 | 科顺股份 | 5.4 ...

证券研究报告 | 2025年08月21日 投资建议：持续优化渠道产品结构，高分红价值持续，维持"优于大市" 公司持续完善多渠道布局、优化产品结构，通过多品类板材及辅料产品，提 升客单值和盈利能力，继续看好渠道下沉及小 B 渠道持续拉动，市占率提升 空间依旧巨大。考虑现阶段整体需求持续偏弱，下调盈利预测，预计 25-27 年 EPS 为 0.87/1.01/1.15 元/股（前值 0.96/1.04/1.14 元/股），对应 PE 为 11.9/10.3/9.1x，公司持续重视股东回报，积极实施中期分红，分红率达 86.7%，高分红价值持续，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 9,063 | 9,189 | 8,867 | 9,503 | 10,092 | | (+/-%) | 1.6% | 1.4% | -3.5% | 7.2% | 6.2% | | 净利润(百万元) | 689 | 585 | 728 | 841 ...

（文章来源：第一财经） 中国银河证券认为，2025年7月以来，反内卷板块涉及的大宗商品价格多数上涨，直接驱动板块指数行 情。7月1日-8月15日，沪深300指数上涨6.76%，而钢铁、水泥、玻璃玻纤、工程机械、光伏设备、能源 金属、工业金属等均涨超10%；此外，装修建材、电池也跑赢沪深300指数。在交易拥挤度方面，受反 内卷政策影响，2025年7月中上旬，煤炭、钢铁、水泥、玻璃玻纤、装修建材、建筑装饰、工程机械、 光伏设备、电池等板块成交额占全A指数成交额比例显著提升。但7月下旬以来，上述板块成交额占比 陆续冲高回落。此外，短期内，随着一系列旨在缓解行业内卷的政策密集出台，市场对相关板块的业绩 改善预期迅速升温，大量资金涌入，交投活跃度快速攀升，反内卷板块估值明显提升。中长期来看，反 内卷政策通过提高毛利率、产能利用率促进业绩改善，提升相关板块中长期投资价值。 ...