BNBMPLC(SZ:000786) ZHONGTAI SECURITIES·2025-08-21 08:47Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5]. Core Views - The company demonstrated resilience with a slight revenue decline of 0.29% year-on-year in the first half of 2025, despite industry demand pressures and intensified price competition [5]. - The gypsum board business saw a revenue decrease of 8.57%, while the paint business experienced a significant growth of 40.82% [5]. - The company is focusing on international expansion, with notable revenue growth in its overseas operations, particularly in Tanzania and Uzbekistan, achieving a year-on-year increase of 68.78% in international business revenue [5]. Financial Performance Summary - The company achieved a total revenue of 135.58 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 19.30 billion yuan, reflecting a year-on-year decrease of 12.85% [5]. - The gross profit margin remained stable at 30.35%, with an increase in the expense ratio from 12.80% to 13.37% [5]. - The company forecasts revenues of 26,635 million yuan for 2025, with a projected net profit of 3,642 million yuan [3][5]. Future Outlook - The company is expected to achieve net profits of 36.42 billion yuan, 54.78 billion yuan, and 59.76 billion yuan for the years 2025 to 2027, respectively [5]. - The current stock price corresponds to a P/E ratio of 12.2 for 2025, 8.1 for 2026, and 7.4 for 2027, indicating potential for growth [5].