BNBMPLC(SZ:000786) China Post Securities·2025-10-28 07:02Investment Rating - The investment rating for the company is "Hold" [11] Core Views - The company reported a decline in profitability in Q3 2025, with revenue of 19.91 billion yuan, down 2.3% year-on-year, and a net profit of 2.59 billion yuan, down 17.8% year-on-year. The Q3 revenue was 6.35 billion yuan, down 6.2% year-on-year, and net profit was 660 million yuan, down 29.5% year-on-year [4][5] - The company's gross margin for the first three quarters was 29.5%, a decrease of 1.12 percentage points year-on-year, while the Q3 gross margin was 27.8%, down 2.3 percentage points year-on-year. This decline is attributed to intensified competition in the gypsum board industry, leading to slight decreases in both price and volume [5] - Despite the challenging market conditions, the company is pursuing a "one body, two wings, global layout" strategy, which is expected to help it regain a growth trajectory after the industry downturn [5] Financial Summary - The company’s total market capitalization is 39.9 billion yuan, with a total share capital of 1.7 billion shares and a circulating share capital of 1.635 billion shares. The latest closing price is 23.44 yuan, with a 52-week high of 32.49 yuan and a low of 23.44 yuan [3] - The company is projected to achieve revenues of 26.4 billion yuan and 27.8 billion yuan in 2025 and 2026, respectively, representing year-on-year growth rates of 2.3% and 5.3%. The net profit attributable to shareholders is expected to be 3.23 billion yuan in 2025 and 3.69 billion yuan in 2026, with corresponding PE ratios of 12.4X and 10.8X [5][7]