长城证券-北新建材-000786-Q2业绩阶段性承压，涂料业务表现亮眼

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but the performance of its paint products was strong, particularly in overseas sales [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.558 billion yuan, a year-on-year decrease of 0.29%, and a net profit attributable to shareholders of 1.930 billion yuan, down 12.85% year-on-year [1]. - The second quarter saw a further decline in revenue, net profit, and non-recurring net profit, with year-on-year changes of -4.46%, -21.88%, and -21.53% respectively [1]. - The gross profit margins for various products remained relatively stable, with slight changes: gypsum board at 38.68%, light steel keel at 21.65%, waterproof membrane at 16.97%, and paint at 31.79% [1]. Product Performance - The revenue from paint products increased significantly by 40.82% year-on-year, attributed to the acceleration of the "one body, two wings" strategy and the consolidation of Zhejiang Daqiao into the company's financial statements [1]. - Revenue from gypsum board, light steel keel, and waterproof membrane showed declines of 8.57%, 10.72%, and 2.34% respectively [1]. Regional Sales - The company's overseas sales reached 324 million yuan, marking a year-on-year increase of 68.78%, driven by the ongoing internationalization efforts and growth in production bases in Tanzania and Uzbekistan [1]. Cash Flow and Investment - The company's operating cash flow decreased by 52.86% year-on-year to 962 million yuan, primarily due to the impact of last year's consolidation of Jia Baoli and a reduction in cash received from sales [2]. - The company announced plans to invest 631.8 million yuan in new production lines for gypsum board and light steel keel in Ningbo, which is expected to enhance production capacity and reduce logistics costs [2]. Investment Outlook - Despite the pressure on Q2 performance, the paint business showed strong results, and the company maintains a positive growth outlook with projected net profits of 3.9 billion, 4.3 billion, and 4.9 billion yuan for 2025 to 2027, reflecting year-on-year growth rates of 8%, 10%, and 14% respectively [3].