BNBMPLC(000786) 申万宏源证券·2025-04-25 12:19Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a significant recovery in Q1 2025, with total revenue of 6.25 billion yuan, a year-on-year increase of 5.1% and a quarter-on-quarter increase of 14.45%. The net profit attributable to the parent company was 840 million yuan, up 2.5% year-on-year and 67.8% quarter-on-quarter [6] - The gross margin showed a notable recovery, with a sales gross margin of 28.94%, a year-on-year increase of 0.29 percentage points, and a quarter-on-quarter increase of 1.96 percentage points. The net profit margin was 13.68%, down 0.27 percentage points year-on-year but up 4.00 percentage points quarter-on-quarter [6] - The company’s waterproof and paint businesses are emerging as strong growth drivers, with waterproof revenue reaching 1.054 billion yuan (up 10.54% year-on-year) and paint revenue reaching 910 million yuan (up 111.44% year-on-year) [6] - The international business showed robust growth, with revenue increasing by 73% year-on-year and net profit increasing by 143.1% [6] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 31.541 billion yuan in 2025, with a year-on-year growth rate of 22.2%. The net profit attributable to the parent company is projected to be 4.503 billion yuan, representing a year-on-year growth of 23.5% [5] - The earnings per share (EPS) is forecasted to be 2.67 yuan in 2025, increasing to 3.42 yuan by 2027 [5] - The return on equity (ROE) is expected to be 15.7% in 2025, improving to 16.1% by 2027 [5]