BNBMPLC(000786) 申万宏源·2025-01-02 07:42Investment Rating - The report maintains an "Outperform" rating for the company, indicating a relative strength compared to the market performance [15][20]. Core Insights - The company announced a new stock incentive plan aimed at motivating key personnel, with a target of achieving a compound annual growth rate (CAGR) of non-recurring net profit of at least 14.22% from 2025 to 2027 [15]. - The company's growth trajectory remains strong, with a projected non-recurring net profit of 45.6 billion, 54.7 billion, and 65.7 billion for 2025, 2026, and 2027 respectively, suggesting a low valuation with price-to-earnings (PE) ratios of 11.2, 9.4, and 7.8 [15]. - The company is expanding its global footprint and diversifying its business model, focusing on gypsum board as its core product while enhancing its waterproofing and coating segments [15]. - The company holds over 65% market share in the gypsum board industry, indicating a mature and stable growth in this segment [15]. - The report highlights the potential for the waterproofing business to contribute significantly to earnings as market conditions improve [15]. Financial Summary - The company reported total revenue of 22,426 million in 2023, with a projected increase to 26,319 million in 2024, reflecting a year-on-year growth rate of 17.4% [6]. - The net profit attributable to the parent company for 2023 was 3,524 million, with expectations of reaching 3,958 million in 2024, indicating a growth rate of 12.3% [6]. - The earnings per share (EPS) for 2023 was 2.09, projected to rise to 2.34 in 2024 [6]. - The company's gross margin is expected to remain stable around 30% over the next few years [6].