BNBMPLC(000786)2024-10-27 06:43Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company reported a record high revenue of 20.36 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 19.4%. The net profit attributable to shareholders was 3.15 billion yuan, up 14.1% year-over-year [5][6] - The company’s gross margin for the first three quarters was 30.65%, with a net margin of 15.70%, showing slight declines compared to the previous year [5] - The increase in expenses reflects the company's commitment to expand during a challenging market environment, with total expense ratios rising to 9.91% in Q3 [5] - Accounts receivable increased significantly, but overall cash flow remains stable, indicating robust financial health despite the rise in receivables [5] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 20.36 billion yuan, with a year-over-year growth rate of 19.4% [6] - The projected revenues for 2024, 2025, and 2026 are 28.58 billion yuan, 31.30 billion yuan, and 34.55 billion yuan, respectively, with expected growth rates of 27.5%, 9.5%, and 10.4% [6][7] - The net profit for 2024 is projected to be 4.58 billion yuan, with a year-over-year growth of 30.0% [6][7] - The earnings per share for 2024 is estimated at 2.71 yuan, with a price-to-earnings ratio of 11 times based on the closing price on October 26, 2024 [6][7]