涂料业务加速拓展，"一体两翼"稳步推进。公司发布对外投资公告，子公司北新涂料拟在安徽安庆投资 建设年产2万吨工业涂料生产基地，该项目有利于公司开拓华中、西南市场，提高工业涂料产品生产配 送效率和服务效率，提高北新涂料市场竞争力。随公司"两翼"业务加速布局，防水及涂料业务有望贡献 更多业绩增量。此外，公司主营石膏板业务规模不断扩大，进一步巩固石膏板龙头地位。"一体两翼"战 略有望带动公司业绩稳步提升。 投资建议：预计公司25-27年归每净利润为44.80/51.93/57.41亿元，每股收益为2.65/3.07/3.40元，对应市 盈率11/9/8倍。基于公司良好的发展预期，维持"推荐"评级。 其中销售/管理/研发/财务费用率分别为 同比分别+1.03pct/-0.20pct/-0.51pct/ 5.97%/4.47%/3.06%/0.19%, 0.06pct，销售费用率增加系新并购子公司导致销售费用增加所致。25Q1公司销售净利率为13.68%，同 比/环比分别-0.27pct/+4.01pct，公司盈利能力保持相对稳定。此外，2025Q1公司经营性现金流量净额 为-2.22亿元，同比多流出 1.96亿元，主 ...

"两翼"业务快速发展，国际化业务持续向好。2025 年一季度，公司防水业务实现收入利润双增长，实 现营业收入10.54 亿元，同比增长10.54%，净利润为0.43 亿元，同比增长19.89%；公司涂料业务深度融 合发展，实现营业收入9.08 亿元，同比增长111.44%，净利润为0.44 亿元，同比增长48.17%；公司国际 化业务持续向好，营业收入同比增长73%，净利润同比增长143.08%。 事件： 盈利预测及投资评级：公司是全球最大石板轻钢龙骨产业集团，防水和涂料业务"两翼"快速发展，国际 化业务持续增长。我们预计公司2025-2027 年分别实现营业收入288.20 亿元、323.73 亿元、362.49 亿 元，归母净利润44.62 亿元、49.99 亿元、56.16 亿元，当前股价对应PE 分别为11.2、10.0、8.9 倍。参考 2025 年可比公司平均估值23.1 倍PE，维持"增持"评级。 2025 年4 月25 日，北新建材发布2025 年一季报：2025 年一季度公司实现营业收入62.46 亿元，同比增 长5.09%；实现归属上市公司股东的净利润8.42 亿元，同比增长2.46%。 ...

证券研究报告：建筑材料 | 公司点评报告 发布时间：2025-04-28 股票投资评级 公司基本情况 | 最新收盘价（元） | 29.53 | | --- | --- | | 总股本/流通股本（亿股）16.90 / 16.32 | | | 总市值/流通市值（亿元）499 / 482 | | | 52 周内最高/最低价 | 36.03 / 23.20 | | 资产负债率(%) | 24.0% | | 市盈率 | 13.68 | | 第一大股东 | 中国建材股份有限公司 | 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 北新建材(000786) Q1 石膏板保持韧性，一体两翼持续推进 买入|维持 个股表现 -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 北新建材 建筑材料 资料来源：聚源，中邮证券研究所 事件 公司发布 25 年一季报，25Q1 公司实现收入 62.46 亿元，同比 +5.09%；归母净利润 ...

事件：公司发布 2025 年一季报，2025Q1 公司实现营业收入 62.46 亿元（yoy+5.09%），归母净利润 8.42 亿元（yoy+2.46%）。 Q1 营收/归母业绩同比增长，持续推进涂料业务布局。 2025Q1，公司实现营收 62.46 亿元，同比增长 5.09%，公司营收 实现同比正向增长，或主要系两翼业务营收增长所致。2025Q1， 公司实现归母净利润 8.42 亿元，同比增长 2.46%，归母净利润增 速低于营收增速或主要因公司费用率增加叠加投资收益同比减 少。公司发布公告，同意子公司北新涂料在安徽省安庆市投资建 设年产 2 万吨工业涂料生产基地项目，目标市场以中部地区安徽、 河南、湖北、湖南、江西 5 省为主，专注于生产工业设备、石油 石化、桥梁等工业工程防腐涂料，开发船舶及汽车涂料，助力北 新涂料开拓华中、西南市场。随产能建设完成达产，公司涂料业 务市场竞争力有望进一步提升，助力营收/业绩规模增长。 2025 年 04 月 28 日 北新建材(000786.SZ) Q1 营收/业绩同比增长，毛利率同比提 升 | | 其他装饰材料 | | | --- | --- | --- | | 投 ...

Group 1: Business Growth Strategies - The company aims to expand its gypsum board business by targeting the home decoration and rural markets, enhancing product development, and increasing profitability through high-value products and technological innovation [2] - The industrial coatings segment will focus on niche markets, including powder coatings and marine and automotive coatings, while exploring synergies with the overall product system [2][3] Group 2: Market Outlook and Pricing - The company expresses hope for price recovery in the waterproofing industry, encouraging collaboration among industry players to promote healthy development and transformation [3] Group 3: International Expansion - The international business strategy focuses on Southeast Asia, Central Asia, and the Middle East, implementing a "gypsum board first" approach and adapting to market conditions for coatings and waterproofing [3] Group 4: Performance and Incentives - The company will concentrate on three main product systems: gypsum board, waterproof systems, and coatings, aiming for both internal growth and external development to achieve high-quality growth [3]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [6] Core Views - The company's performance is supported by its "two wings" strategy, which includes gypsum board and other businesses, as well as coatings and waterproofing, contributing to revenue growth [8] - The company is positioned as a leading player in the domestic gypsum board industry, with a strong competitive moat and is transitioning towards a comprehensive consumer building materials manufacturer and service provider [8] - The company is expected to benefit from domestic demand policies and has the potential for valuation uplift due to its growth trajectory and defensive attributes [8] Financial Summary - The company achieved a revenue of 6.246 billion yuan in Q1 2025, representing a year-on-year growth of 5.09%, and a net profit of 842 million yuan, up 2.46% year-on-year [8] - Revenue projections for 2025-2027 are estimated at 27.344 billion yuan, 28.961 billion yuan, and 31.137 billion yuan, respectively, with corresponding net profits of 4.025 billion yuan, 4.362 billion yuan, and 4.805 billion yuan [7][9] - The company's earnings per share (EPS) is projected to be 2.38 yuan in 2025, increasing to 2.84 yuan by 2027 [7][9] - The price-to-earnings (P/E) ratio is expected to decrease from 12.40 in 2025 to 10.38 in 2027, indicating a favorable valuation trend [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Views - The company achieved revenue growth of 5.09% year-on-year in Q1 2025, demonstrating strong operational resilience despite a complex market environment [4]. - The company is focusing on expanding its industrial coatings business through acquisitions and self-built factories, enhancing its product portfolio and market reach [5]. - The report forecasts significant growth in net profit for the years 2025 to 2027, with expected figures of 46.18 billion, 55.42 billion, and 65.68 billion respectively, indicating a strong growth trajectory [5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 6.246 billion yuan, up 5.09% year-on-year, and a net profit of 842 million yuan, up 2.46% year-on-year [3][4]. - The company's gross margin improved to 28.94%, a year-on-year increase of 0.29 percentage points, marking two consecutive years of improvement [4]. - The company’s net profit margin slightly decreased to 13.68% from 13.95% in the previous year, while the net profit from the waterproof and coatings segments saw significant increases of 19.89% and 48.17% respectively [4]. Business Segment Performance - The waterproof segment generated revenue of 1.054 billion yuan in Q1 2025, reflecting a year-on-year growth of 10.54% [4]. - The coatings segment experienced a remarkable revenue increase of 111.44% in Q1 2025, attributed to a low base effect from the previous year [4]. - The "integrated" business, primarily focused on gypsum boards, reported a revenue decline of 6.07% year-on-year, likely due to a decrease in product prices [4]. Future Outlook - The company is actively pursuing international expansion, with a focus on Southeast Asia, Central Asia, the Middle East, and Europe, achieving a 73% year-on-year increase in international business revenue in Q1 2025 [5]. - The establishment of a new industrial coatings production base in Anhui Province, with a planned investment of 171 million yuan, is expected to further enhance production capacity [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.80 CNY, indicating an expected return of over 20% within the next six months [7][20]. Core Views - The company has shown steady revenue and profit growth, with Q1 2025 revenue and net profit reaching 6.25 billion CNY and 840 million CNY, respectively, representing year-on-year increases of 5.1% and 2.5% [1]. - The company's strategic focus on "one main and two wings" development is expected to yield positive results, with the Uzbekistan production base already profitable and projects in Thailand and Bosnia progressing steadily [4]. - The company plans to invest 171 million CNY in a new industrial paint production facility in Anhui, which will enhance its market competitiveness in the industrial coatings sector [2]. Financial Performance - In Q1 2025, the overall gross margin was 28.94%, a slight year-on-year increase of 0.30 percentage points, while the net profit margin was 13.68%, showing a year-on-year decrease of 0.27 percentage points but a quarter-on-quarter increase of 4% [3]. - The company forecasts a steady increase in revenue, with projected revenues of 22.43 billion CNY in 2023, growing to 34.67 billion CNY by 2027, reflecting a compound annual growth rate of approximately 12.50% [6][15]. - The net profit attributable to the parent company is expected to rise from 3.52 billion CNY in 2023 to 5.84 billion CNY in 2027, with a significant growth rate of 25.11% anticipated in 2025 [6][15]. Market Position - The company is expected to face some pressure in its gypsum board segment due to market factors leading to price declines, but it is likely to maintain or even strengthen its market share [2]. - The waterproof and coating segments are emerging as new growth engines, with waterproof business revenue increasing by 10.54% year-on-year and the coatings segment seeing a remarkable growth of 111.44% year-on-year [2].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a significant recovery in Q1 2025, with total revenue of 6.25 billion yuan, a year-on-year increase of 5.1% and a quarter-on-quarter increase of 14.45%. The net profit attributable to the parent company was 840 million yuan, up 2.5% year-on-year and 67.8% quarter-on-quarter [6] - The gross margin showed a notable recovery, with a sales gross margin of 28.94%, a year-on-year increase of 0.29 percentage points, and a quarter-on-quarter increase of 1.96 percentage points. The net profit margin was 13.68%, down 0.27 percentage points year-on-year but up 4.00 percentage points quarter-on-quarter [6] - The company’s waterproof and paint businesses are emerging as strong growth drivers, with waterproof revenue reaching 1.054 billion yuan (up 10.54% year-on-year) and paint revenue reaching 910 million yuan (up 111.44% year-on-year) [6] - The international business showed robust growth, with revenue increasing by 73% year-on-year and net profit increasing by 143.1% [6] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 31.541 billion yuan in 2025, with a year-on-year growth rate of 22.2%. The net profit attributable to the parent company is projected to be 4.503 billion yuan, representing a year-on-year growth of 23.5% [5] - The earnings per share (EPS) is forecasted to be 2.67 yuan in 2025, increasing to 3.42 yuan by 2027 [5] - The return on equity (ROE) is expected to be 15.7% in 2025, improving to 16.1% by 2027 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company demonstrates strong operational resilience and stable profitability, with Q1 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 6.25 billion, 840 million, and 820 million yuan respectively, reflecting year-on-year growth of 5.1%, 2.5%, and 3.5% [1] - The gypsum board business faces pressure with a revenue decline of 7.0% year-on-year, while the waterproof business shows growth with a revenue increase of 10.5% year-on-year [2] - The company is expanding its industrial coatings segment with a new production base in Anqing, focusing on industrial corrosion protection coatings [2] - The overall profitability remains stable due to cost reduction and efficiency improvements, with a gross margin of 28.9%, up 0.3 percentage points year-on-year [3] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 6.25 billion yuan, with a net profit of 840 million yuan, and a net profit excluding non-recurring items of 820 million yuan, showing year-on-year increases of 5.1%, 2.5%, and 3.5% respectively [1] - The gross margin for Q1 2025 was 28.9%, an increase of 0.3 percentage points year-on-year, attributed to cost reduction and product mix optimization [3] Business Segments - The gypsum board and related businesses generated 4.20 billion yuan in revenue, down 7.0% year-on-year, indicating increased competition and price pressure [2] - The waterproof business achieved a revenue of 1.05 billion yuan, up 10.5% year-on-year, with a net profit of 40 million yuan, reflecting a 19.9% increase [2] - The coatings segment saw a significant revenue increase of 111.4% year-on-year, primarily due to the consolidation of Carpoly, with a net profit of 40 million yuan, up 48.2% [2] Growth and Profitability Forecast - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.566 billion, 5.367 billion, and 6.219 billion yuan respectively, with growth rates of 25.20%, 17.53%, and 15.88% [4] - The company is expected to maintain a stable growth trajectory, supported by its resilient gypsum board business, growth in waterproof products, and expansion in the coatings sector [3][4]