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研報掘金丨德邦證券:北新建材收入進入穩步增長通道 維持“買入”評級
格隆匯 05-11 14:11
格隆匯5月11日丨德邦證券研報指出,北新建材(000786.SZ)高基數下23Q1業績穩定增長,石膏板龍頭受益於地產復甦。公司作為中建材集團旗下石膏板龍頭,在國企三年改革的背景下經營效率穩步提升。公司Q1應收賬款增速高於營收增速,主要系公司調整授信政策,實施額度加賬期的年度銷售政策。並且公司經營性現金流出減少。該行指,考慮23年下游需求企穩,收入進入穩步增長通道,在成本費用進一步降低下利潤增速提升,預計2023-2025年公司歸母淨利潤分別為39.63/44.27/49.6億元,EPS分別為2.35/2.62/2.94元,對應PE估值分別為11.06/9.9/8.84,維持“買入”評級。
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