BNBMPLC(SZ:000786) Changjiang Securities·2025-08-24 11:15Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 13.558 billion yuan in the first half of 2025, a slight decrease of 0.3% year-on-year. The net profit attributable to shareholders was 1.93 billion yuan, down 12.8% year-on-year, while the net profit excluding non-recurring items was 1.892 billion yuan, down 12.3% year-on-year [2][4]. - In the second quarter alone, the company reported a revenue of 7.312 billion yuan, a decline of 4.5% year-on-year, with a net profit of 1.087 billion yuan, down 21.9% year-on-year [4]. - The gypsum board business showed resilience despite industry pressures, with revenue of 6.677 billion yuan in the first half of 2025, down 8.57% year-on-year. The gross margin for gypsum board slightly decreased by 0.94 percentage points to 38.68% [9]. - The waterproof business grew by approximately 6% year-on-year, achieving a revenue of around 2.49 billion yuan, while the paint business saw a significant increase in revenue of 44.4% year-on-year, reaching around 2.16 billion yuan [9]. - The company is expected to maintain stable profitability and pricing power, with projections for net profits of 3.95 billion yuan and 4.58 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 11.4 and 9.8 times [9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 13.558 billion yuan, with a net profit of 1.93 billion yuan, reflecting a year-on-year decline of 12.8% [2][4]. - The second quarter results showed a revenue of 7.312 billion yuan and a net profit of 1.087 billion yuan, marking a year-on-year decline of 21.9% [4]. Business Segments - Gypsum Board: Revenue of 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68% [9]. - Waterproof Business: Revenue of approximately 2.49 billion yuan, up 6% year-on-year, with a net profit of 140 million yuan [9]. - Paint Business: Revenue of around 2.16 billion yuan, up 44.4% year-on-year, with a net profit of 170 million yuan [9]. Growth Outlook - The company is expected to see continued growth in its waterproof and paint segments, with a focus on expanding its product categories and potential acquisitions [9].