BNBMPLC(000786) 中泰证券·2025-04-26 12:43Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Views - The company achieved revenue growth of 5.09% year-on-year in Q1 2025, demonstrating strong operational resilience despite a complex market environment [4]. - The company is focusing on expanding its industrial coatings business through acquisitions and self-built factories, enhancing its product portfolio and market reach [5]. - The report forecasts significant growth in net profit for the years 2025 to 2027, with expected figures of 46.18 billion, 55.42 billion, and 65.68 billion respectively, indicating a strong growth trajectory [5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 6.246 billion yuan, up 5.09% year-on-year, and a net profit of 842 million yuan, up 2.46% year-on-year [3][4]. - The company's gross margin improved to 28.94%, a year-on-year increase of 0.29 percentage points, marking two consecutive years of improvement [4]. - The company’s net profit margin slightly decreased to 13.68% from 13.95% in the previous year, while the net profit from the waterproof and coatings segments saw significant increases of 19.89% and 48.17% respectively [4]. Business Segment Performance - The waterproof segment generated revenue of 1.054 billion yuan in Q1 2025, reflecting a year-on-year growth of 10.54% [4]. - The coatings segment experienced a remarkable revenue increase of 111.44% in Q1 2025, attributed to a low base effect from the previous year [4]. - The "integrated" business, primarily focused on gypsum boards, reported a revenue decline of 6.07% year-on-year, likely due to a decrease in product prices [4]. Future Outlook - The company is actively pursuing international expansion, with a focus on Southeast Asia, Central Asia, the Middle East, and Europe, achieving a 73% year-on-year increase in international business revenue in Q1 2025 [5]. - The establishment of a new industrial coatings production base in Anhui Province, with a planned investment of 171 million yuan, is expected to further enhance production capacity [4][5].