证券研究报告 | 2025年05月09日 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,426 | 25,821 | 28,144 | 31,556 | 34,810 | | (+/-%) | 12.5% | 15.1% | 9.0% | 12.1% | 10.3% | | 净利润(百万元) | 3524 | 3647 | 4410 | 5076 | 5703 | | (+/-%) | 12.4% | 3.5% | 20.9% | 15.1% | 12.3% | | 每股收益（元） | 2.09 | 2.16 | 2.61 | 3.00 | 3.38 | | EBIT Margin | 16.7% | 14.7% | 15.8% | 16.1% | 16.2% | | 净资产收益率（ROE） | 15.1% | 14.2% | 15.6% | 16.2% | 16.4% | | 市盈率（PE） | 14.1 | 13.6 | 11.2 | 9. ...

证券研究报告 | 2025年05月09日 北新建材（000786.SZ） 优于大市 2025 年一季报点评：内生外延均衡发展，一体两翼持续推进 收入利润双增长，经营韧性继续凸显。2025Q1 公司实现营业收入 62.46 亿 元，同比+5.09%，环比+14.45%，归母净利润 8.42 亿元，同比+2.46%， 环比+67.82%，扣非归母净利润 8.19 亿元，同比+3.53%，环比+67.36%， EPS 为 0.5 元/股，收入利润同比增长延续增长，经营韧性持续凸显，其 中 防 水 / 涂 料 两 翼 业 务 分 别 实 现 收 入 10.54/9.08 亿 元 ， 同 比 +10.54%/+111.44%，实现净利润 0.43/0.44 亿元，同比+19.89%/+48.17%。 核心观点 公司研究·财报点评 建筑材料·装修建材 | 证券分析师：任鹤 | 证券分析师：陈颖 | | --- | --- | | 010-88005315 | 0755-81981825 | | renhe@guosen.com.cn | chenying4@guosen.com.cn | | S0980520040006 ...

证券研究报告 建筑材料 | 装修建材 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 东方雨虹(002271.SZ) 投资评级： 增持（维持） ——业绩仍在承压，静待底部出现 投资要点： 风险提示：新开工增速大幅下滑、基建增速低于预期、沥青价格大幅上行 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 32,823 | 28,056 | 26,714 | 27,955 | 30,841 | | 同比增长率（%） | 5.15% | -14.52% | -4.78% | 4.64 ...

证券研究报告 | 2025年04月30日 兔宝宝（002043.SZ） 优于大市 2024 年报及 2025 一季报点评：减值计提拖累业绩，高分红持 续 收入增长保持韧性，信用减值及商誉计提拖累全年业绩。2024 年公司实现营 收 91.9 亿元，同比+1.39%，归母净利润 5.9 亿元，同比-15.11%，扣非归母 净利 4.9 亿元，同比-16.01%，EPS 为 0.71 元/股，并拟 10 派 3.2 元（含税）， 2024 年累计分红 4.93 亿元，分红率 84.2%，同时公告 2025 年中期分红规划。 收入增长保持韧性，装饰材料业务和全屋定制业务同比均实现稳健增长，利 润承压主因裕丰汉唐控规模降风险、收入同比下滑，同时计提信用减值损失 和商誉减值增加（信用减值损失增加 0.53 亿元，商誉减值增加 1.3 亿元）。 2025Q1实现营收1.27亿元，同比-14.3%，归母净利润1.01亿元，同比+14.2%， 扣非归母净利润 0.87 亿元，同比+7.9%，收入下滑受 A 类收入占比下降影响， A+B 折算后总体仍保持相对韧性，利润增长受公允价值同比变动影响，上年 同期为-0.1 亿元。 乡 ...

收入增长保持韧性，信用减值及商誉计提拖累全年业绩。2024 年公司实现营 收 91.9 亿元，同比+1.39%，归母净利润 5.9 亿元，同比-15.11%，扣非归母 净利 4.9 亿元，同比-16.01%，EPS 为 0.71 元/股，并拟 10 派 3.2 元（含税）， 2024 年累计分红 4.93 亿元，分红率 84.2%，同时公告 2025 年中期分红规划。 收入增长保持韧性，装饰材料业务和全屋定制业务同比均实现稳健增长，利 润承压主因裕丰汉唐控规模降风险、收入同比下滑，同时计提信用减值损失 和商誉减值增加（信用减值损失增加 0.53 亿元，商誉减值增加 1.3 亿元）。 2025Q1实现营收1.27亿元，同比-14.3%，归母净利润1.01亿元，同比+14.2%， 扣非归母净利润 0.87 亿元，同比+7.9%，收入下滑受 A 类收入占比下降影响， A+B 折算后总体仍保持相对韧性，利润增长受公允价值同比变动影响，上年 同期为-0.1 亿元。 乡镇下沉+小 B 拓展推动板材增长，全屋定制逆势继续提升。2024 年公司装 饰材料/定制家居业务分别实现营收 74.04/17.2 亿元，同比+8.0%/ ...

24 年收入增速+11.7%，维持"买入"评级 24 年全年实现营收/归母净利润 63.27/3.19 亿元，同比+11.66%/-18.65%， 全年实现扣非归母净利润 2.83 亿元，同比-19.17%。其中 Q4 单季度实现收 入 13.38 亿元，同比-13.53%，归母净利润/扣非归母净利润 0.09/-0.06 亿元， 同比-90.35%/-107.82%。在 24 年耐火材料行业整体运行偏弱、行业企业盈 利普遍下滑的背景下，公司总体运行平稳，展现出较好的韧性。考虑到下 游钢铁行业价格仍处在较为底部区间，下调公司 25-27 年归母净利润分别 为 3.3/3.8/4.6 亿（25-26 年前值为 5.9/6.8 亿），维持"买入"评级。 公司报告 | 年报点评报告 北京利尔（002392） 证券研究报告 行业偏弱运行，公司经营仍显韧性 各板块收入持续增加，其中原材料销售增长明显 分行业来看，耐火材料/其他（冶金炉料为主）业务收入分别为 44.7/18.6 亿，同比+1.3%/+48.3%。耐火材料中，整体承包/直销收入分别为 38.6/6.1 亿元，同比-1.2%/+20.4%，耐火材料直销中原料 ...

东吴证券发布了一篇建筑材料行业研报称，近期贸易战情绪有所缓和，出口板块领涨。国内方面政治局 会议以落实存量政策为主，储备增量政策为辅，例如"创设新的货币政策工具"，"大力发展服务消费"等 等。整体而言，地产链的斜率放缓但方向不变，地产链出清已近尾声，供给格局大幅改善，25年需求平 稳且企业增长预期较低，板块具备较高的胜率。以旧换新补贴推动下，24年Q4家电消费加速，到25年3 月家具消费明显加速，我们期待25年Q3家装也会迎来明显加速。首选低估值的消费龙头和扩张型公 司。其次，如果外部需求快速回落，中西部基建很有可能成为救急的方向。最后，在25年流动性充裕的 背景下，科技属性强的公司仍有较高关注度。 北京商报讯（记者 翟枫瑞）4月29日，装修建材板块小幅增长，以11851.20点收盘，涨幅为1.52%。在 板块带动下，多只装修建材股午盘股价实现增长。梦百合以7.67元/股收盘，涨幅为10.04%，领涨装修 建材股。顾家家居以25.07元/股收盘，涨幅为10.00%，涨幅位列装修建材股第二。菲林格尔以7.14元/股 收盘，涨幅为5.93%，涨幅位列装修建材股第三。除此之外，亚振家居以6.12元/股收盘，跌幅为 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in cash flow and profitability, with a notable increase in net profit for 2024 and Q1 2025. The retail transformation is yielding positive results, and the company is expected to benefit from a more stable real estate market and improved channel management [4][5] - Revenue for 2024 was 12,105 million yuan, a decrease of 2.97% year-on-year, while net profit attributable to shareholders increased by 91.27% to 332 million yuan. The company is projected to achieve net profits of 788 million yuan in 2025, reflecting a year-on-year growth of 137.2% [4][7] Financial Performance Summary - In 2024, the company achieved revenues of 12,105 million yuan, with a year-on-year decline of 3.0%. The net profit attributable to shareholders was 332 million yuan, up 91.3% year-on-year [7] - The gross margin for 2024 was 29.60%, a decrease of 1.91 percentage points year-on-year, while the gross margin for Q1 2025 improved to 31.05%, an increase of 2.67 percentage points quarter-on-quarter [6] - The company expects to achieve earnings per share (EPS) of 1.49 yuan in 2025, with a price-to-earnings (P/E) ratio of 22.0 times based on the current stock price [4][7] Product Performance - The company reported revenue from various product segments in 2024: home decoration wall paint (29.67 billion yuan, +12.75% YoY), engineering wall paint (40.84 billion yuan, -12.65% YoY), and waterproof membranes (13.19 billion yuan, +4.95% YoY). The average selling price for home decoration wall paint and waterproof membranes showed significant improvement [5][6] Future Outlook - The company is expected to see continued growth in net profit, with projections of 788 million yuan in 2025, 899 million yuan in 2026, and 1,064 million yuan in 2027, indicating a strong growth trajectory [4][7] - The anticipated improvement in the real estate sector and ongoing optimization of distribution channels are expected to support the company's long-term growth potential [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The competitive advantages in the paint industry are gradually becoming evident, and the company is expected to emerge as a leader in the existing housing market [8] - The company has shown significant improvement in net profit due to effective cost control and a reduction in impairment provisions [8] - The company is positioned to benefit from domestic demand policies and has a unique valuation potential within the building materials sector [8] Financial Performance Summary - For 2024, the company achieved revenue of 12,105 million RMB, a decrease of 2.97% year-on-year, while net profit attributable to shareholders was 332 million RMB, an increase of 91.27% [8] - The company’s revenue for Q1 2025 was 21.30 billion RMB, reflecting a year-on-year growth of 3.12%, with net profit attributable to shareholders at 1.05 billion RMB, up 123.33% [8] - The company’s gross margin for 2024 was 29.6%, a decrease of 1.9 percentage points year-on-year, primarily due to intense market competition [8] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 802 million RMB, 1,001 million RMB, and 1,302 million RMB respectively, with corresponding EPS of 1.52, 1.90, and 2.47 RMB [8] - The company is expected to experience a significant increase in net profit growth rates of 141.60% in 2025 and 30.07% in 2027 [8] Market Position and Strategy - The company is recognized as a leading national paint enterprise, leveraging its unique competitive advantages and efficient channel strategy to navigate market volatility [8] - The company is anticipated to be among the first in the industry to experience a recovery in performance, benefiting from the cyclical nature of the market [8]