BNBMPLC(000786) 天风证券·2025-01-02 12:34Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [9][21]. Core Insights - The company has proposed a stock incentive plan to grant 12.9 million restricted shares, representing approximately 0.764% of the total share capital, with performance targets set for the fiscal years 2025-2027 [1][3]. - The performance targets include a compound annual growth rate (CAGR) of non-net profit attributable to the parent company of at least 14.22%/16.12%/17.08% for the years 2025/2026/2027, respectively, with corresponding profit figures of 4.56 billion, 5.47 billion, and 6.57 billion yuan [1][3]. - The company is optimistic about its "one body, two wings, global layout" strategy, which is expected to drive long-term growth [3][8]. Financial Summary - Revenue projections show a growth from 19.93 billion yuan in 2022 to 31.90 billion yuan in 2026, with a CAGR of 7.71% from 2025 to 2026 [4][11]. - The net profit attributable to the parent company is forecasted to increase from 3.14 billion yuan in 2022 to 5.65 billion yuan in 2026, reflecting a CAGR of 14.56% [4][11]. - The company's earnings per share (EPS) is expected to rise from 1.86 yuan in 2022 to 3.34 yuan in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 17.35 to 9.64 [4][19]. Stock Incentive Plan - The stock incentive plan is designed to enhance employee motivation and operational vitality, with a total expense of approximately 135.3 million yuan for the initial grant of 11.17 million shares [3][8]. - The plan includes a three-phase unlocking mechanism based on achieving specified performance metrics [1][3]. Market Position - The company is positioned within the building materials and renovation materials industry, with a total market capitalization of approximately 54.42 billion yuan [9][21]. - The report highlights the company's strategic acquisitions and growth potential in the context of the industry landscape [3][8].