BNBMPLC(000786) 天风证券·2025-04-25 13:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.80 CNY, indicating an expected return of over 20% within the next six months [7][20]. Core Views - The company has shown steady revenue and profit growth, with Q1 2025 revenue and net profit reaching 6.25 billion CNY and 840 million CNY, respectively, representing year-on-year increases of 5.1% and 2.5% [1]. - The company's strategic focus on "one main and two wings" development is expected to yield positive results, with the Uzbekistan production base already profitable and projects in Thailand and Bosnia progressing steadily [4]. - The company plans to invest 171 million CNY in a new industrial paint production facility in Anhui, which will enhance its market competitiveness in the industrial coatings sector [2]. Financial Performance - In Q1 2025, the overall gross margin was 28.94%, a slight year-on-year increase of 0.30 percentage points, while the net profit margin was 13.68%, showing a year-on-year decrease of 0.27 percentage points but a quarter-on-quarter increase of 4% [3]. - The company forecasts a steady increase in revenue, with projected revenues of 22.43 billion CNY in 2023, growing to 34.67 billion CNY by 2027, reflecting a compound annual growth rate of approximately 12.50% [6][15]. - The net profit attributable to the parent company is expected to rise from 3.52 billion CNY in 2023 to 5.84 billion CNY in 2027, with a significant growth rate of 25.11% anticipated in 2025 [6][15]. Market Position - The company is expected to face some pressure in its gypsum board segment due to market factors leading to price declines, but it is likely to maintain or even strengthen its market share [2]. - The waterproof and coating segments are emerging as new growth engines, with waterproof business revenue increasing by 10.54% year-on-year and the coatings segment seeing a remarkable growth of 111.44% year-on-year [2].