BNBMPLC(SZ:000786) 光大证券研究·2025-08-20 23:06Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating ongoing challenges in the market and specific product segments [4][5]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 13.56 billion and net profit of 1.93 billion, reflecting a year-on-year decrease of 0.3% and 12.9% respectively [4]. - For Q2 2025, the company reported revenue of 7.31 billion and net profit of 1.09 billion, showing a year-on-year decline of 4.5% and 21.9% respectively [4][5]. - The operating cash flow for Q2 was 1.18 billion, down 42.7% year-on-year [4]. Group 2: Product Performance - The gypsum board segment continued to face pressure, with revenue declining by 8.6% in the first half of 2025 [5]. - The waterproof materials segment showed relative stability, with revenue of 1.72 billion, a slight increase of 0.6% year-on-year [5]. - The coatings business experienced significant growth, with revenue of 2.51 billion, up 40.8% year-on-year, attributed to a low base effect from the previous year [5]. Group 3: Regional Performance - Revenue from the northern region decreased by 12.4% to 4.20 billion, while the southern region saw a 9.0% increase to 6.69 billion [5]. - The company achieved 320 million in overseas revenue, marking a substantial year-on-year increase of 68.8% [5]. Group 4: Profitability and Costs - The gross margin for the first half of 2025 was 30.4%, down 0.6 percentage points year-on-year, with the gypsum board gross margin at 38.7%, down 0.9 percentage points [6]. - The operating cash flow for the first half was 960 million, a decrease of 52.9% year-on-year, primarily due to changes in cash inflows related to the acquisition of Gaboli [6][8]. Group 5: Strategic Developments - The company is expanding its coatings business with a new production base for industrial coatings and has integrated Zhejiang Daqiao into its operations [8]. - International operations in Tanzania and Uzbekistan are showing double-digit growth in revenue and profit [8]. - The company is progressing with its gypsum board production line in Thailand and other international projects [8].