BNBMPLC(SZ:000786) China Post Securities·2025-08-20 06:19Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Views - The company's gypsum board demand is under pressure, while the paint segment has achieved significant growth [5][6]. - In the first half of 2025, the company reported revenue of 13.56 billion yuan, a year-on-year decline of 0.3%, and a net profit attributable to shareholders of 1.93 billion yuan, down 12.9% year-on-year [5]. - The company expects revenue for 2025 and 2026 to be 27.5 billion yuan and 29.4 billion yuan, respectively, with year-on-year growth rates of 6.6% and 6.7% [7][9]. Company Overview - The latest closing price is 26.81 yuan, with a total market capitalization of 45.3 billion yuan [4]. - The company has a total share capital of 1.69 billion shares, with 1.617 billion shares in circulation [4]. - The asset-liability ratio stands at 24.0%, and the price-to-earnings ratio is 12.42 [4]. Financial Performance - In the second quarter of 2025, the company achieved revenue of 7.31 billion yuan, a year-on-year decline of 4.5%, and a net profit of 1.09 billion yuan, down 21.9% year-on-year [5][6]. - The revenue breakdown for the first half of 2025 shows gypsum board, keel, waterproof membrane, and paint revenues of 6.68 billion, 1.14 billion, 1.72 billion, and 2.51 billion yuan, respectively, with year-on-year changes of -8.6%, -10.7%, +0.6%, and +40.8% [6]. - The company’s operating cash flow decreased by 52.86% year-on-year to 0.96 billion yuan [7]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025 and 2026 is 3.89 billion yuan and 4.13 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.7X and 11.0X [7][9].