石膏板短期承压，"两翼"继续发力 公司报告 | 半年报点评 北新建材（000786） 证券研究报告 公司上半年实现归母净利润 19.3 亿元，同比下滑 12.8% 公司发布半年报，上半年实现收入/归母净利润 135.6/19.3 亿元，同比 -0.3%/-12.8%，扣非归母净利润 18.9 亿元，同比-12.3%，其中 Q2 单季度实 现收入/归母净利润 73.1/10.9 亿元，同比-4.5%/-21.9%，扣非归母净利润 10.7 亿元，同比-21.5%。 轻质建材收入/利润同比下滑，"两翼"实现增长 公司上半年轻质建材板块实现收入 89.01 亿元，同比下滑 8.67%，其中石膏 板/龙骨分别实现收入 66.8/11.4 亿元，同比分别-8.57%/-10.72%，轻质建材 分部上半年实现净利润 16.43 亿元，同比下滑 17.3%，公司拟在浙江宁波投 资建设年产 8000 万平方米纸面石膏板及 2 万吨轻钢龙骨生产线项目，有望 进一步完善产能布局，增强在华东地区的竞争力，此外，泰山、龙牌加强 新品推广，通过新品溢价效应增厚利润。两翼方面，公司上半年防水建材/ 涂 料 建 材 板 块 分 别 实 现 ...

每经AI快讯，北新建材（SZ 000786，收盘价：26.6元）发布公告称，2025年8月22日下午15:00-16:00， 北新建材接受长江证券等投资者调研，公司董事长、总经理管理，独立董事王竞达，副总经理、董事会 秘书李畅，财务负责人王佳传参与接待，并回答了投资者提出的问题。 2025年1至6月份，北新建材的营业收入构成为：轻质建材占比65.65%，防水建材占比18.4%，涂料建材 占比15.96%。 截至发稿，北新建材市值为449亿元。 每经头条（nbdtoutiao）——汽车涂料龙头"命悬一线"，资金流向成迷，掌控者深藏不露 （记者 曾健辉） ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The gypsum board business is under pressure, while the waterproof and paint segments continue to grow, and international expansion is ongoing. The company is expected to face challenges in its main gypsum board business due to industry competition and demand pressure [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 13.56 billion yuan, a year-on-year decline of 0.3%, and a net profit attributable to shareholders of 1.93 billion yuan, down 12.8%. In Q2 alone, revenue was 7.31 billion yuan, down 4.5%, with a net profit of 1.09 billion yuan, down 21.9% [1]. - The lightweight building materials segment generated revenue of 8.90 billion yuan, down 8.7%, with a gross margin of 33.1%, and a net profit of 1.64 billion yuan, down 17.3% [2]. - The waterproof materials segment saw revenue of 2.49 billion yuan, up 6.0%, with a net profit of 140 million yuan, an increase of 5.9% [2]. - The paint segment, following the consolidation of Jiaboli, achieved revenue of 2.16 billion yuan, a growth of 44.4%, with a net profit of 170 million yuan, up 32.2% [2]. Profitability and Costs - The overall gross margin for the first half of 2025 was 30.3%, down 0.6 percentage points year-on-year, while the net margin was 14.6%, down 2.0 percentage points [3]. - The company has maintained stable costs, with a period expense ratio of 13.4%, up 0.6 percentage points year-on-year [3]. Debt and Cash Flow - As of June 30, 2025, the company had total receivables of 6.39 billion yuan, up 6.0% year-on-year, and interest-bearing debt of 1.30 billion yuan, down 1.30 billion yuan from the end of 2024 [3]. - The net cash position was 1.53 billion yuan, with operating cash flow for the first half of 2025 at 960 million yuan, down 52.9% year-on-year [3]. Future Outlook - The company is expected to achieve revenues of 26.91 billion yuan, 29.09 billion yuan, and 31.42 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.07 billion yuan, 4.35 billion yuan, and 4.81 billion yuan [4]. - The report anticipates a three-year compound annual growth rate (CAGR) of 8.6% for earnings, with corresponding price-to-earnings (P/E) ratios of 11, 10, and 9 times for the respective years [4].