Beijing New Building Materials Public Limited Company
000786.SZ · SHZ
Company research
Beijing New Building Materials Public Limited Company (BNBM, 000786.SZ) is a leading Chinese manufacturer and global distributor of green building materials, founded in 1979 and listed on the Shenzhen Stock Exchange in 1997. As the new materials platform of China National Building Material Group — a Fortune Global 500 enterprise — BNBM has grown into the world's largest gypsum board industrial group, with a production scale of 2.47 billion square meters, and China's largest new green building materials industrial group. The company operates through three core divisions — Light Building Material, Water-Proof Building Material, and Coatings and Building Material — offering a broad product portfolio that includes gypsum boards, light steel framing, mineral wool acoustic panels, rock wool insulation, waterproofing materials, paints, mortars, flooring, and interior/exterior wall and ceiling systems. Under CEO Li Guan, BNBM pursues a strategic focus of "one core, two wings, global footprint," reinforcing its dominant gypsum board business while accelerating growth in waterproofing and coatings, and expanding into international markets across Asia, the Middle East, Africa, Oceania, and the Americas.
Research reports
Annual review notes that 2025 earnings declined as gypsum board volumes and pricing fell amid weak property demand, while waterproofing and coatings (“two wings”) became the main growth engines and operating cash flow weakened but stayed positive. The analysts expect earnings to recover from 2026 as new coating capacity, overseas gypsum board projects and better cost control improve profitability, and therefore maintain an “overweight” (增持) stance on the stock.
Dongxing Securities · October 29, 2025北新建材（000786.SZ）：优化夯实发展基础Q3 2025 report highlights revenue and profit declines versus the prior year due to prolonged weakness in downstream real estate demand, lower gross margin and higher selling and administrative expense ratios, which compressed net margin and ROE. Despite near-term earnings pressure, the analysts stress the company’s optimization of its debt structure and low funding costs, plus investment in gypsum fibre board and overseas gypsum board lines, as foundations for future growth, so they keep a “strongly recommended” (强烈推荐) rating.
Guosen Securities · August 21, 2025北新建材（000786.SZ）2025 年中报点评：收入整体稳健，海外同比高增H1 2025 commentary shows broadly stable revenue but double‑digit declines in net and core profit, with gypsum board volumes and prices under pressure while waterproofing and especially coatings deliver growth and overseas income surges about 69% from a low base. The report forecasts EPS recovery from 2026 as the “one core, two wings” strategy (gypsum board plus waterproofing and coatings) and international expansion progress, and it maintains an “outperform the market” (优于大市) rating on valuation grounds despite cyclical demand risks.
Dongguan Securities · August 19, 2025北新建材（000786）2025 年中报点评：经营稳健，涂料业务增长明显Mid‑year review notes slightly lower revenue and a notable drop in net profit driven by credit impairment charges and softer gypsum board profitability, but highlights that coatings revenue rose about 40% year‑on‑year and that expense control and balance‑sheet structure improved with lower leverage and financing costs. The analysts expect continued benefits from the “one core, two wings, global layout” strategy, project EPS growth for 2025–2026 and therefore reiterate an “accumulate” (增持) recommendation while flagging property demand, margin and execution risks.