建筑材料转型升级 专家建议强化"好材料"创新支撑"好房子" 中新网北京8月27日电(记者 左宇坤)"'好房子'的建设是建筑发展的新方向，要有好标准、好设计、好材 料、好建材、好服务才能建好。我们要用'好材料'建设'好房子'，同时通过科技改造老房子变成'好房 子'，这是发展住建系统新质生产力的必由之路。" 8月26日，在中国建材集团举办的第六届"善用资源日"开放活动启动仪式暨工程建设新材料创新成果对 接会上，中国工程院院士、中国建材集团首席科学家彭寿作出如上表述。 彭寿表示，我国已经形成非常完备的建材体系，包括水泥、玻璃、陶瓷等30个行业小类、1000多种产 品，成为最大的建材生产国和消费国。想要从做大规模进阶到高质量发展，就需要加强与建筑行业的良 好协同，走出建筑行业、材料行业发展新质生产力的新路径。 彭寿强调了"好材料"对"好房子"的战略支撑。他表示，材料是建筑的源头和根基，正因为建筑有很大需 求，材料才有很大的变革。节能材料、创能材料、功能材料、智能材料等，正是建成"好房子"必须 的"好材料"。 以节能材料为例，其发展趋势首先是高性能，比如具备超级绝热性能、良好透光性及消音降噪等优异特 性的气凝胶玻璃；其 ...

交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年8月27日 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，根据隆众，2025年8月份国内沥青总计划排产量为241.3万吨，环比降幅5.1%, 同比增幅17.1%。本周国内石油沥青样本产能利用率为32.838%，环比减少2.40个百分点，全 国样本企业出货23.73万吨，环比减少4.50%,样本企业产量为54.8万吨，环比减少6.80%,样 本企业装置检修量预估为64.8万吨，环比增加11.15%,本周炼厂有所减产，降低供应压力。下 周或将减少供给压力。 需求端来看，重交沥青开工率为30.7%，环比减少0.07个百分点，低于历史平均水平；建筑沥 青开工率为18.2%，环比持平，低于历史平均水平；改性沥青开 ...

证券研究报告 | 2025年08月27日 三棵树（603737.SH） 优于大市 2025 中报点评：渠道精耕升级，经营改善持续兑现 收入同比有韧性，利润高增持续兑现。2025H1 公司实现营收 58.2 亿元，同 比+0.97%，归母净利润 4.4 亿元，同比+107.5%，扣非归母净利润 2.9 亿元， 同比+268.5%，高于此前业绩预告中枢（归母净利润 3.8-4.6 亿元，扣非归 母净利润 2.3-3.1 亿元）EPS 为 0.59 元/股；其中 Q2 单季度营收 36.9 亿元， 同比-0.2%，归母净利润 3.3 亿元，同比+103%，扣非归母净利润 3.1 亿元， 同比+96%，单季收入同比微降有韧性，同时受益毛利率提升、费用及减值减 少，利润同比高增持续兑现，2025H1 计提信用减值损失 0.87 亿元，其中 Q2 单季 0.94 亿元，同比减少 0.7 和 0.89 亿元。 风险提示：地产需求下行超预期；渠道拓展不及预期；原材料上涨超预期 投资建议：渠道精耕转型升级，看好新成长阶段，维持"优于大市"评级 公司精耕渠道转型升级，零售新业态模式成熟并快速复制，工程端聚焦并深 入布局厂房、酒店 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable growth in its paint business and a focus on international expansion [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 13.558 billion, a year-on-year decrease of 0.29%, and a net profit attributable to shareholders of 1.930 billion, down 12.85% [1]. - Q2 2025 revenue was 7.312 billion, reflecting a year-on-year decline of 4.46%, while net profit for the same period was 1.087 billion, down 21.88% [1]. - The gypsum board segment faced challenges, with revenue down 8.57%, and the keel business revenue decreased by 10.72% [1]. - The waterproof and paint businesses showed growth, with waterproof materials revenue increasing by 5.99% and paint revenue reaching 2.163 billion, up 44.42% [1]. Profitability and Cash Flow - The gross margin for H1 2025 was 30.35%, slightly lower than the previous year, with gypsum board gross margin at 38.68%, down 0.94 percentage points, and waterproof materials gross margin down 2.34 percentage points [2]. - The company experienced an increase in credit impairment losses, amounting to approximately 0.07 billion, up by about 0.06 billion from the previous year [2]. - Operating cash flow for H1 2025 was 0.962 billion, a significant decline of 52.86% year-on-year, primarily due to the impact of consolidating Jia Baoli and a decrease in cash received from sales [2]. Strategic Outlook - The company aims to enhance its global market share in the gypsum board sector and expects continued rapid growth in its waterproof and paint businesses through both organic and external expansion [3]. - The net profit forecasts for 2025-2027 have been adjusted to 3.997 billion, 4.523 billion, and 5.010 billion, respectively, with corresponding PE ratios of 11.1X, 9.8X, and 8.9X [3]. - The company maintains a "buy" rating, considering the potential of new business expansions and the competitive advantages in the gypsum board sector [3].

证券研究报告 | 2025年08月21日 北新建材（000786.SZ） 优于大市 2025 年中报点评：收入整体稳健，海外同比高增 收入整体稳健，盈利同比有所承压。2025H1 公司实现营收 135.6 亿元，同比 -0.29%，归母净利 19.3 亿元，同比-12.8%，扣非归母净利 18.9 亿元，同比 -12.4%，EPS 为 1.14 元/股。Q2 单季度实现营收 73.1 亿元，同比-4.46%， 归母净利 10.9 亿元，同比-21.88%，扣非归母净利 10.7 亿元，同比-21.5%。 石膏板承压、"两翼"均衡成长，海外业务同比高增。分产品看：1）石膏 板收入 66.8 亿元，同比-8.57%，占比 49.2%，毛利率 38.7%，同比-0.93pp， 需求承压以及价格竞争影响，石膏板业务整体承压，但毛利率依旧保持相对 高位，显示公司作为石膏板龙头的竞争优势和话语权依旧明显；2）龙骨收 入 11.4 亿元，同比-10.7%，占比 8.4%，毛利率 21.7%，同比+0.4pp；3）防 水业务、涂料业务分别实现收入 19.2 亿元/25.1 亿元，同比+0.37%/+40.8%， 占比 14. ...

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]

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 | ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating ongoing challenges in the market and specific product segments [4][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 13.56 billion and net profit of 1.93 billion, reflecting a year-on-year decrease of 0.3% and 12.9% respectively [4]. - For Q2 2025, the company reported revenue of 7.31 billion and net profit of 1.09 billion, showing a year-on-year decline of 4.5% and 21.9% respectively [4][5]. - The operating cash flow for Q2 was 1.18 billion, down 42.7% year-on-year [4]. Group 2: Product Performance - The gypsum board segment continued to face pressure, with revenue declining by 8.6% in the first half of 2025 [5]. - The waterproof materials segment showed relative stability, with revenue of 1.72 billion, a slight increase of 0.6% year-on-year [5]. - The coatings business experienced significant growth, with revenue of 2.51 billion, up 40.8% year-on-year, attributed to a low base effect from the previous year [5]. Group 3: Regional Performance - Revenue from the northern region decreased by 12.4% to 4.20 billion, while the southern region saw a 9.0% increase to 6.69 billion [5]. - The company achieved 320 million in overseas revenue, marking a substantial year-on-year increase of 68.8% [5]. Group 4: Profitability and Costs - The gross margin for the first half of 2025 was 30.4%, down 0.6 percentage points year-on-year, with the gypsum board gross margin at 38.7%, down 0.9 percentage points [6]. - The operating cash flow for the first half was 960 million, a decrease of 52.9% year-on-year, primarily due to changes in cash inflows related to the acquisition of Gaboli [6][8]. Group 5: Strategic Developments - The company is expanding its coatings business with a new production base for industrial coatings and has integrated Zhejiang Daqiao into its operations [8]. - International operations in Tanzania and Uzbekistan are showing double-digit growth in revenue and profit [8]. - The company is progressing with its gypsum board production line in Thailand and other international projects [8].

事件：公司披露2025 年半年报，公司实现营业收入58.16 亿元，同比增加0.97%；归母净利润4.36 亿 元，同比增加107.53%；扣非净利润2.92 亿元，同比增加268.48%，对此点评如下： 家装墙面漆量价齐升，战略转型成效显著。公司上半年收入及利润双增长，主要得益于近几年的战略转 型，一方面零售业务不断发力。另一方面，在工程业务端通过提升人均效能和战略新赛道的积极开拓， 使得相关业务平稳发展，同时强化了费用管控。2025Q2，公司实现营业收入36.86 亿元，同比减少 0.24%；实现归母净利润3.31 亿元，同比增加102.97%。1） 分产品看，上半年公司家装墙面漆/工程墙 面漆/基材与辅材/防水卷材收入分别为15.74/17.95/17.33/4.60 亿元，同比变动 8.43%/-2.26%/10.40%/-28.62%（剔除防水涂料拖累，家装墙面漆收入同比+13.45%）。2）分渠道看，上 半年公司经销/ 直销渠道收入分别为50.88 、7.28 亿元， 同比变动-0.49%/+12.52%；3）分地区看，公司 国内/国外收入分别为56.81/1.35 亿元，同比变动0.41%/31 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of 5% to 15% relative to the industry index over the next six months [4]. Core Views - The company has significantly improved its performance year-on-year, with a notable upgrade in product structure. The strategic transformation has yielded positive results, particularly in retail and engineering business segments [3][4]. - The company achieved a revenue of 5.816 billion yuan in the first half of 2025, a year-on-year increase of 0.97%, and a net profit attributable to shareholders of 436 million yuan, up 107.53% year-on-year [1][2]. Financial Performance Summary - **Revenue and Profit**: The company’s revenue is projected to reach 12.476 billion yuan in 2023, with a growth rate of 10%. By 2027, revenue is expected to grow to 16.091 billion yuan, reflecting a growth rate of 12% [1]. - **Net Profit**: The net profit attributable to shareholders is forecasted to be 174 million yuan in 2023, with a significant increase to 1.261 billion yuan by 2027, indicating a growth rate of 21.7% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to rise from 0.24 yuan in 2023 to 1.71 yuan in 2027 [1]. - **Valuation Ratios**: The Price-to-Earnings (P/E) ratio is expected to decrease from 186.6 in 2023 to 25.7 in 2027, while the Price-to-Book (P/B) ratio is projected to decline from 13.2 to 6.0 over the same period [1]. Product and Market Analysis - **Product Segmentation**: In the first half of 2025, the company’s revenue from home decoration wall paint, engineering wall paint, substrates and auxiliary materials, and waterproof rolls were 1.574 billion, 1.795 billion, 1.733 billion, and 460 million yuan respectively, with home decoration wall paint showing a year-on-year increase of 13.45% [1][2]. - **Sales Channels**: The company’s revenue from distribution and direct sales channels was 5.088 billion and 728 million yuan respectively, with direct sales showing a year-on-year increase of 12.52% [1]. - **Geographical Performance**: Domestic revenue was 5.681 billion yuan, a year-on-year increase of 0.41%, while international revenue reached 135 million yuan, up 31.07% [1]. Cost and Profitability Analysis - **Cost Management**: The average procurement prices for home decoration and engineering wall paints decreased by 12.95% and 17.70% respectively, contributing to improved profitability [2]. - **Profit Margins**: The company’s gross margin and net margin were 32.35% and 7.48% respectively, reflecting an increase of 3.70 and 3.87 percentage points year-on-year [2]. - **Cash Flow**: The net cash flow from operating activities turned positive at 351 million yuan, primarily due to increased receivables collection [2].