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研報掘金丨國金證券:首予北新建材“買入”評級,目標價36.93元

國金證券研報指出,2019年北新建材(000786.SZ)確定“一體兩翼”戰略目標,當年通過聯合重組進入防水材料業務領域。公司防水卷材收入規模已達行業前3。塗料同樣收併購爲主,建築塗料方面,2023 年底聯合重組嘉寶莉(持股78.34%,2024年2月並表),塗料年產能由10.3萬噸提升至130萬噸以上,2024年嘉寶莉業績承諾完成率81.27%。另外,公司於2017年啓動全球化佈局,2023年加速推進,主要聚焦東南亞、中亞、中東、歐洲和環地中海四大區域,25Q1國際化業務收入、淨利潤同比分別增長73.00%、143.08%。首次覆蓋,給以2025年15倍估值,目標價36.93元,給予公司“買入”評級。

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