北新建材_2025 年三季度因石膏板平均售价疲软不及预期；价格修复（缓慢）正在进行；给予买入评级

27 October 2025 | 10:59PM HKT Equity Research Beijing New Building Materials (000786.SZ) Earnings Review: 3Q25 miss on weak gypsum board ASP; price restoration (slowly) underway; Buy 000786.SZ 12m Price Target: Rmb32.00 Price: Rmb23.65 Upside: 35.3% BNBM reported its 3Q25 results on Oct 24 after market close and held an analyst call on Oct 27. 3Q25 NP of Rmb657mn (-29% yoy) came in -20% below GSe, mainly dragged by lower-than-expected gypsum board GPM and higher-than-expected admin expenses. Topline (-6% yo ...