BNBMPLC(000786) 国投证券·2025-01-02 09:45Investment Rating - The report maintains a "Buy - A" rating for the company, with a 12-month target price of 37.18 CNY, indicating a potential upside from the current price of 32.21 CNY [15][16]. Core Views - The company is positioned as a leader in the gypsum board industry, with a solid main business and a successful implementation of its dual-wing strategy, which is expected to continue expanding its product categories [8]. - The company has shown strong operational performance despite industry demand pressures, with net profit growth exceeding 10% since Q2 2023, and revenue and net profit growth rates of 19.44% and 14.12% respectively for the first three quarters of 2024 [8]. - The company’s long-term growth and operational resilience are reflected in its stock incentive plan, which sets ambitious performance targets for 2025-2027, indicating confidence in sustained profitability [14][22]. Financial Summary - Revenue is projected to grow from 27.97 billion CNY in 2024 to 34.45 billion CNY in 2026, with year-on-year growth rates of 24.72%, 11.21%, and 10.77% respectively [22]. - Net profit is expected to increase from 4.26 billion CNY in 2024 to 5.43 billion CNY in 2026, with corresponding growth rates of 20.79%, 13.46%, and 12.45% [22]. - The company’s dynamic PE ratios are forecasted to be 12.0, 10.6, and 9.4 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [16].