BNBMPLC(SZ:000786) Guoxin Securities·2025-05-09 06:40Investment Rating - The investment rating for the company is "Outperform the Market" [5][23][28] Core Views - The company demonstrates balanced development through both organic growth and acquisitions, with its "One Body, Two Wings" strategy continuing to deliver growth [23] - The company maintains its leading position in the gypsum board industry while expanding its waterproof and coating businesses, contributing to overall growth [23] - The expected EPS for 2025-2027 is projected to be 2.61, 3.00, and 3.38 CNY per share, with corresponding PE ratios of 11.2, 9.8, and 8.7 times [23] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 6.246 billion CNY, a year-on-year increase of 5.09% and a quarter-on-quarter increase of 14.45% [1][8] - The net profit attributable to the parent company was 842 million CNY, up 2.46% year-on-year and 67.82% quarter-on-quarter [1][8] - The comprehensive gross margin improved to 28.94%, with a year-on-year increase of 0.29 percentage points and a quarter-on-quarter increase of 1.96 percentage points [2][13] - The net profit margin for Q1 2025 was 13.68%, showing a slight year-on-year decline of 0.27 percentage points but an increase of 4.01 percentage points quarter-on-quarter [2][13] Cash Flow and Operational Efficiency - The company reported a net cash outflow from operating activities of 222 million CNY in Q1 2025, compared to a net outflow of 26 million CNY in the same period last year [3][20] - Accounts receivable and notes stood at 5.11 billion CNY, showing a slight year-on-year decrease of 0.3%, indicating effective risk management and high-quality development [20] - The accounts receivable turnover rate was 1.69 times, and the inventory turnover rate was 1.65 times, reflecting steady operational efficiency improvements [20]