BNBMPLC(SZ:000786) Hua Yuan Zheng Quan·2026-03-31 10:24Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The main business of gypsum board is under pressure, while the "two wings" businesses are becoming growth engines [5] - The company faced revenue decline due to downstream demand pressure and changes in industry competition, leading to a decrease in gross and net profit margins starting from the second quarter [7] - The company’s performance in 2025 showed a total revenue of 252.80 billion yuan, down 2.09% year-on-year, and a net profit of 29.06 billion yuan, down 20.31% year-on-year [7] Financial Summary - For 2026, the estimated revenue is 25,809 million yuan, with a year-on-year growth rate of 2.09% [6] - The estimated net profit for 2026 is 2,811 million yuan, with a year-on-year decline of 3.28% [6] - The estimated earnings per share (EPS) for 2026 is 1.65 yuan [6] - The company’s return on equity (ROE) is projected to be 9.75% in 2026 [6] - The price-to-earnings (P/E) ratio is estimated to be 15.76 for 2026 [6] Segment Performance - Gypsum board segment revenue was 119.63 billion yuan in 2025, down 8.73% year-on-year, with a gross margin of 36.90% [7] - The revenue from the metal framework segment was 19.72 billion yuan, down 13.74% year-on-year [7] - The waterproof membrane segment achieved revenue of 33.14 billion yuan, down 0.24% year-on-year [7] - The paint segment saw revenue growth of 22.99% year-on-year, reaching 50.93 billion yuan, attributed to the integration of Zhejiang Bridge Paint and the high-end positioning of Jiaboli [7]