北新建材（000786）：营收承压回落，Q3提价盈利改善可期

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company experienced a revenue decline in Q2, with a 0.3% year-on-year decrease in total revenue for H1 2025, amounting to 13.56 billion yuan, and a 12.9% drop in net profit attributable to shareholders, totaling 1.93 billion yuan [7] - The company has implemented price increases for its gypsum boards and waterproof materials, indicating potential for profit improvement in Q3 [7] - The company is progressing with its long-term development strategy, including new production projects in various locations [7] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 4.018 billion yuan, 4.761 billion yuan, and 5.518 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue is projected to reach 26.605 billion yuan in 2025, with a year-on-year growth rate of 3.0% [6] - The net profit attributable to shareholders is expected to be 4.018 billion yuan in 2025, reflecting a 10.2% year-on-year growth [6] - The company's gross margin is forecasted to be 29.8% in 2025, with a return on equity (ROE) of 14.3% [6] - The earnings per share (EPS) is projected to be 2.38 yuan in 2025 [6]