BNBMPLC(SZ:000786) China Post Securities·2025-04-28 12:02Investment Rating - The investment rating for the company is "Buy" [12] Core Views - The company reported a revenue of 6.246 billion yuan in Q1 2025, representing a year-on-year increase of 5.09%, and a net profit attributable to shareholders of 842 million yuan, up 2.46% year-on-year [4][5] - The main business of gypsum board remains resilient, with a slight increase in sales expected despite industry pressures, while other segments such as waterproofing and coatings have shown significant growth [5][6] - The company is pursuing a "one body, two wings" strategy, focusing on its core gypsum board business while expanding into new categories and regions, which is expected to drive long-term growth [6] Financial Summary - The company has a total market capitalization of 49.9 billion yuan and a circulating market value of 48.2 billion yuan [3] - The projected revenues for 2025 and 2026 are 29.7 billion yuan and 33.2 billion yuan, respectively, with year-on-year growth rates of 15.1% and 11.8% [8][11] - The expected net profit attributable to shareholders for 2025 and 2026 is 4.56 billion yuan and 5.17 billion yuan, reflecting growth rates of 25.1% and 13.4% [6][11]