BNBMPLC(SZ:000786) Yin He Zheng Quan·2025-10-29 12:44Investment Rating - The report maintains a "Recommended" rating for Beixin Building Materials (stock code: 000786) [1] Core Views - The company is experiencing short-term pressure on performance, with expectations for profit recovery following price increases [1] - Despite a weak real estate market impacting gypsum board demand, the company has managed to increase its market share, solidifying its position as a leader in the gypsum board industry [4] - The company is actively expanding its product matrix and international presence, which is expected to contribute positively to future profits [4] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 19.905 billion yuan, a year-on-year decrease of 2.25%, and a net profit attributable to shareholders of 2.586 billion yuan, down 17.77% year-on-year [4] - In Q3 alone, revenue was 6.347 billion yuan, reflecting a year-on-year decline of 6.20% and a quarter-on-quarter decline of 13.19% [4] - The gross profit margin for the first three quarters was 29.53%, a decrease of 1.12 percentage points year-on-year, with Q3 gross margin at 27.79%, down 2.28 percentage points year-on-year [4] Business Strategy and Outlook - The company is pursuing a "one main, two wings, global layout" strategy, focusing on capacity expansion and mergers and acquisitions to enhance gypsum board and related product capacities [4] - The international revenue significantly increased in the first half of the year, with further contributions expected from new overseas production bases in Thailand and Bosnia [4] - The company is launching high-value-added products in the gypsum board and waterproofing segments, aiming to enhance profitability through market expansion and product upgrades [4] Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is 3.236 billion yuan, 3.665 billion yuan, and 4.187 billion yuan, respectively, with corresponding earnings per share of 1.90 yuan, 2.16 yuan, and 2.46 yuan [6] - The expected price-to-earnings ratios for the same period are 12, 11, and 10 times, indicating a favorable outlook based on the company's growth potential [6]