Investment Rating - The report maintains a "Buy - A" rating for the company, with a 12-month target price of 37.18 CNY, indicating a potential upside from the current price of 32.21 CNY [15][16]. Core Views - The company is positioned as a leader in the gypsum board industry, with a solid main business and a successful implementation of its dual-wing strategy, which is expected to continue expanding its product categories [8]. - The company has shown strong operational performance despite industry demand pressures, with net profit growth exceeding 10% since Q2 2023, and revenue and net profit growth rates of 19.44% and 14.12% respectively for the first three quarters of 2024 [8]. - The company’s long-term growth and operational resilience are reflected in its stock incentive plan, which sets ambitious performance targets for 2025-2027, indicating confidence in sustained profitability [14][22]. Financial Summary - Revenue is projected to grow from 27.97 billion CNY in 2024 to 34.45 billion CNY in 2026, with year-on-year growth rates of 24.72%, 11.21%, and 10.77% respectively [22]. - Net profit is expected to increase from 4.26 billion CNY in 2024 to 5.43 billion CNY in 2026, with corresponding growth rates of 20.79%, 13.46%, and 12.45% [22]. - The company’s dynamic PE ratios are forecasted to be 12.0, 10.6, and 9.4 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [16].

Group 1 - On January 2, a total of 20 stocks received buy ratings from institutions [1] - Beixin Building Materials received the highest attention with 3 buy ratings from institutions [1] - Zhejiang Ziran, Zhongju Gaoxin, China Nuclear Power, Shuanghuan Transmission, SAIC Motor, and Robotech each received 1 or 2 buy ratings from institutions [1]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a relative strength compared to the market performance [15][20]. Core Insights - The company announced a new stock incentive plan aimed at motivating key personnel, with a target of achieving a compound annual growth rate (CAGR) of non-recurring net profit of at least 14.22% from 2025 to 2027 [15]. - The company's growth trajectory remains strong, with a projected non-recurring net profit of 45.6 billion, 54.7 billion, and 65.7 billion for 2025, 2026, and 2027 respectively, suggesting a low valuation with price-to-earnings (PE) ratios of 11.2, 9.4, and 7.8 [15]. - The company is expanding its global footprint and diversifying its business model, focusing on gypsum board as its core product while enhancing its waterproofing and coating segments [15]. - The company holds over 65% market share in the gypsum board industry, indicating a mature and stable growth in this segment [15]. - The report highlights the potential for the waterproofing business to contribute significantly to earnings as market conditions improve [15]. Financial Summary - The company reported total revenue of 22,426 million in 2023, with a projected increase to 26,319 million in 2024, reflecting a year-on-year growth rate of 17.4% [6]. - The net profit attributable to the parent company for 2023 was 3,524 million, with expectations of reaching 3,958 million in 2024, indicating a growth rate of 12.3% [6]. - The earnings per share (EPS) for 2023 was 2.09, projected to rise to 2.34 in 2024 [6]. - The company's gross margin is expected to remain stable around 30% over the next few years [6].

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Views - The implementation of the 2024 restricted stock incentive plan is expected to enhance team motivation and performance, with specific performance targets set for the years 2025 to 2027 [2]. - The acquisition of a 51.4% stake in Daqiao Paint for 210 million yuan will strengthen the company's industrial coatings segment and expand its product offerings [2]. - The company's growth strategy, which includes stable growth in its main gypsum board business and expansion in the waterproofing and coatings sectors, is projected to result in significant profit increases over the next few years [2]. Summary by Sections Incentive Plan - The 2024 restricted stock incentive plan targets up to 347 individuals, with a maximum of 12.9 million stock options granted at a price of 18.2 yuan per share, below the previous trading day's price [2]. - The plan's performance conditions include compound annual growth rates for net profit and return on equity, as well as improvements in economic value added [2]. Acquisition - The company’s subsidiary, Beixin Coatings, will acquire a majority stake in Daqiao Paint, enhancing its market presence in East China and diversifying its product range [2]. Financial Projections - The report forecasts net profits for 2024 to 2026 at 4.014 billion, 4.615 billion, and 5.347 billion yuan, respectively, with year-on-year growth rates of 14.98% and 15.87% [2]. - The company's strategic initiatives are expected to drive both growth and profitability, with a projected compound annual growth rate for net profit of 20% for 2026 and 2027 [2].

证券代码：000786 证券简称：北新建材 公告编号：2024-053 北新集团建材股份有限公司 第七届监事会第十三次临时会议决议公告 1、审议通过了公司《2024 年限制性股票激励计划（草案）及其摘要》； 监事会认为：公司实施 2024 年限制性股票激励计划有利于建立健全公司长 效激励机制，更好地调动员工的积极性、主动性和创造性，有利于公司的持续发 展。公司董事会在审议该议案时，关联董事已回避表决，公司 2024 年限制性股 票激励计划（草案）及其摘要的内容、审议程序符合《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》、《上市公司股权激励管 理办法》（以下简称《管理办法》）等有关法律、法规及规范性文件的规定，不 存在损害公司及股东、特别是中小股东利益的情形。 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 北新集团建材股份有限公司（以下简称"公司"）第七届监事会第十三次临 时会议于 2024 年 12 月 31 日上午以现场结合通讯方式召开，现场会议地点为北 京未来科学城七北路 9 号北新中心 A 座 17 层 ...

北新集团建材股份有限公司 2024 年限制性股票激励计划管理办法 4、其他不得成为激励对象的企业员工。 （二）激励对象不得以"代持股份"或者"名义持股"等不规范方式参加公司 股权激励计划。 为贯彻落实北新集团建材股份有限公司（以下简称"公司"）2024 年限制性股 票激励计划（以下简称"激励计划"）及《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等其他有关法律、法规、规范性文件的相关规定，明确激励 计划的管理机构及其职责权限、实施程序、特殊情形处理、信息披露、财务会计与 税收处理、监督管理等各项内容，制定本管理办法。 一、管理机构及其职责权限 公司董事会薪酬与考核委员会负责拟订激励计划草案，经董事会审议通过该草 案，监事会核实激励对象名单，并经国资主管单位审核批准、公司股东大会决议通 过后，董事会具体负责公司股权激励计划的考核与实施工作，董事会薪酬与考核委 员会负责在董事会指导下进行相关薪酬及绩效的考核。 二、激励对象及激励额度 （一）激励对象为与公司或公司的子公司具有雇佣关系或者在公司或公司的子 公司担任职务的董事、高级管理人员、核心骨干人员。激励对象中，董事、高级管 理人员必须经股东大会选举或 ...

一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证股权激励 计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司发展战略和 经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的业 绩进行评价，以实现股权激励计划与激励对象工作业绩、贡献紧密结合，从而提高 管理绩效，实现公司与全体股东利益最大化。 三、考核范围 本办法适用于本次激励计划所确定的所有激励对象，包括公司董事、高级管理 人员、核心骨干人员。 四、考核机构 北新集团建材股份有限公司 2024 年限制性股票激励计划实施考核管理办法 为保证北新集团建材股份有限公司（以下简称"公司"）股权激励计划的顺利 进行，进一步完善公司法人治理结构，形成良好均衡的价值分配体系，激励公司核 心员工诚信勤勉地开展工作，保障公司业绩稳步提升，确保公司发展战略和经营目 标的实现，根据国家有关规定和公司实际，特制定本办法。 公司董事会薪酬与考核委员会负责领导和组织考核工作，并负责对激励对象进 行考核。 五、绩效考评评价指标及标准 （一）公司层面业绩考核 本激励计划授予的限制性股票，分年度进行绩效考核并解 ...

北新集团建材股份有限公司 2024 年限制性股票激励计划首次授予激励对象名单 一、 激励对象获授的限制性股票分配情况 | 姓名 | 职务 | 授予限制性股 | 占授予限制性股 | 占目前公司总 | | --- | --- | --- | --- | --- | | | | 票数量（万股） | 票总量的比例 | 股本的比例 | | 管理 | 董事、总经理 | 9.25 | 0.72% | 0.005% | | 张静 | 董事 | 6.10 | 0.47% | 0.004% | | 李畅 | 副总经理、董事会秘书 | 6.10 | 0.47% | 0.004% | | 杨正波 | 副总经理 | 6.10 | 0.47% | 0.004% | | 王帅 | 副总经理、财务负责人 | 6.10 | 0.47% | 0.004% | | 任利 | 副总经理 | 6.10 | 0.47% | 0.004% | | 邱洪 | 副总经理 | 6.10 | 0.47% | 0.004% | | 付杨 | 总法律顾问 | 6.10 | 0.47% | 0.004% | | 其他核心人员（339 | 人） | 1,065.30 | ...

北京市嘉源律师事务所 关于北新集团建材股份有限公司 2024年限制性股票激励计划(草案)的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二四年十二月 ิ 源 律师事务所 A YUAN LAW OFFICES 北京 BEI JING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 北京市嘉源律师事务所 关于北新集团建材股份有限公司 2024 年限制性股票激励计划(草案)的 法律意见书 嘉源(2024)-05-445 致:北新集团建材股份有限公司 北京市嘉源律师事务所(以下简称本所)接受北新集团建材股份有限公司(以 下简称北新建材或公司)的委托,担任公司实施 2024年限制性股票激励计划(以 下简称本次激励计划)的专项法律顾问,现根据《中华人民共和国公司法》(以 下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、中国证券 监督管理委员会(以下简称中国证监会)、《上市公司股权激励管理办法》(以下 简称《管理办法》)、《深圳证券交易所上市公司业务办理指南第9号 -- 股权激 ...

| | （11）股权激励计划的变更、终止 | 是 | | --- | --- | --- | | | （12）公司发生控制权变更、合并、分立、激励对象发生职务变更、离 | 是 | | | 职、死亡等事项时如何实施股权激励计划 | | | | （13）公司与激励对象各自的权利义务，相关纠纷或争端解决机制 | 是 | | | （14）上市公司有关股权激励计划相关信息披露文件不存在虚假记载、 | | | | 误导性陈述或者重大遗漏的承诺；激励对象有关披露文件存在虚假记载、 | | | | 误导性陈述或者重大遗漏导致不符合授予权益或行使权益情况下全部利 | 是 | | | 益返还公司的承诺。上市公司权益回购注销和收益收回程序的触发标准 | | | | 和时点、回购价格和收益的计算原则、操作程序、完成期限等 | | | | 绩效考核指标是否符合相关要求 | | | 23 | 是否包括公司业绩指标和激励对象个人绩效指标 | 是 | | 24 | 指标是否客观公开、清晰透明，符合公司的实际情况，是否有利于促进 | 是 | | | 公司竞争力的提升 | | | 25 | 以同行业可比公司相关指标作为对照依据的，选取的对照公司 ...