BNBMPLC(000786) 申万宏源·2024-12-05 01:03Investment Rating - The report maintains an "Outperform" rating for the company [7][9]. Core Views - The acquisition of a 51.4% stake in Zhejiang Daqiao Paint by the company's wholly-owned subsidiary, Beixin Paint, enhances its industrial coatings segment [7][8]. - The acquisition price is considered reasonable, with Zhejiang Daqiao Paint's high-end products accounting for approximately 70% of its output, and the estimated valuation being around 4.05 billion yuan [8]. - The company's industrial coatings segment will be strengthened, complementing its existing brands and expanding its market presence [9]. Financial Summary - For 2024, the company is projected to achieve a revenue of 28.582 billion yuan, with a year-on-year growth rate of 27.5% [10]. - The net profit for 2024 is estimated at 4.579 billion yuan, reflecting a growth of 29.9% compared to the previous year [10]. - The earnings per share (EPS) for 2024 is forecasted to be 2.71 yuan, with a price-to-earnings (P/E) ratio of 11 times based on the closing price on December 4 [10].