BNBMPLC(SZ:000786) Western Securities·2025-11-05 10:34Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's main business of gypsum board is under pressure, leading to a larger decline in revenue and profit, while its two wings (waterproof and paint businesses) continue to grow [2][4] - The company aims to combine internal growth with external expansion, focusing on niche markets to create new performance growth points [2] - The company is advancing its "one body, two wings, global layout" strategy, which is expected to enhance long-term value [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved 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% [1][7] - In Q3 alone, revenue was 6.347 billion yuan, down 6.20% year-on-year, and net profit was 657 million yuan, down 29.47% [1][7] - The gross margin decreased by 1.12 percentage points to 29.53%, while the net profit margin fell by 2.37 percentage points to 13.14% [3] Business Segment Performance - The company's gypsum board business is facing challenges due to insufficient demand and intensified competition, resulting in price declines [2] - The waterproof and paint businesses are performing well, contributing positively to overall growth [2][4] Future Outlook - The company is expected to achieve net profits of 3.364 billion yuan, 3.959 billion yuan, and 4.432 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The report forecasts EPS of 1.98 yuan, 2.33 yuan, and 2.61 yuan for the same years [4]