BNBMPLC(SZ:000786) Dongguan Securities·2025-08-19 08:55Investment Rating - The report maintains an "Accumulate" rating for Beixin Building Materials (000786) [2][5] Core Views - The company reported a revenue of 13.558 billion yuan for the first half of 2025, a slight decrease of 0.29% year-on-year, and a net profit attributable to shareholders of 1.929 billion yuan, down 12.85% year-on-year. The decline in performance is attributed to credit impairment losses of 69.76 million yuan [5] - The company's revenue from the paint business showed significant growth, with a 40.82% year-on-year increase, reaching 2.511 billion yuan, while the gypsum board revenue decreased by 8.57% to 6.677 billion yuan [5] - The overall sales net profit margin decreased to 14.56%, down 2 percentage points year-on-year, despite a slight increase in gross margin to 30.35% [5] Summary by Relevant Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 13.558 billion yuan, with a net profit of 1.929 billion yuan, and a basic earnings per share of 1.142 yuan. The second quarter showed a revenue of 7.312 billion yuan, down 4.46% year-on-year but up 17.06% quarter-on-quarter [5] - The company’s return on equity (ROE) stands at 12.86% [5] Business Segments - Gypsum board revenue accounted for 49.25% of total revenue, while the paint segment contributed 18.52% and the waterproof membrane segment 12.68% [5] Cost Management - The company maintained good cost control, with sales expenses rising by 14.92% to 699 million yuan, while financial expenses decreased by 42.90% to 24.336 million yuan due to reduced interest-bearing liabilities [5] - The asset-liability ratio improved to 23.01%, down 5.99 percentage points year-on-year, indicating an optimized asset structure [5] Future Outlook - The company is expected to continue its "one body, two wings global layout" strategy, focusing on strengthening its gypsum board and paint businesses while expanding into emerging international markets [5] - Earnings per share (EPS) are projected to be 2.73 yuan and 3.21 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 9.8 and 8.36 [5]