BNBMPLC(SZ:000786) Xin Lang Cai Jing·2025-05-01 10:44Core Viewpoint - The company reported steady growth in Q1 2025, driven by its two main business segments, with significant contributions from both domestic and international markets [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 6.246 billion yuan, a year-on-year increase of 5.09% and a quarter-on-quarter increase of 14.45% [1]. - The net profit attributable to shareholders was 842 million yuan, reflecting a year-on-year growth of 2.46% and a quarter-on-quarter growth of 67.82% [1]. - The net profit after deducting non-recurring items was 819 million yuan, with a year-on-year increase of 3.53% and a quarter-on-quarter increase of 67.36% [1]. Business Segments - The waterproofing business generated revenue of 1.054 billion yuan in Q1 2025, up 10.54% year-on-year, with a net profit of 43 million yuan, an increase of 19.89% [2]. - The coatings business saw significant growth, with Q1 2025 revenue reaching 908 million yuan, a remarkable year-on-year increase of 111.44%, and a net profit of 44 million yuan, up 48.17% [2]. - International business performance was strong, with overseas revenue increasing by 73% year-on-year and net profit rising by 143.08% [2]. Profitability and Cost Management - The gross profit margin for Q1 2025 was 28.94%, showing a year-on-year increase of 0.30 percentage points and a quarter-on-quarter increase of 1.96 percentage points [3]. - The operating expense ratio was 13.69%, with a slight year-on-year increase of 0.26 percentage points [3]. - The net profit margin for Q1 2025 was 13.68%, reflecting a year-on-year decrease of 0.27 percentage points but a quarter-on-quarter increase of 4.01 percentage points [3]. Strategic Developments - The company plans to invest in a new industrial coatings production base in Anqing, Anhui, with an annual capacity of 20,000 tons, aimed at expanding its market presence in Central and Southwest China [4]. - The "one body, two wings" strategy is expected to enhance the company's competitive position and contribute to revenue growth from both the waterproofing and coatings segments [4]. - The company continues to strengthen its leading position in the gypsum board market, further solidifying its market share [4].