BNBMPLC(000786) 国盛证券·2025-01-03 04:26Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has launched a new stock incentive plan aimed at high-quality development, with a total of up to 12.9 million restricted shares to be granted at a price of 18.20 yuan per share [2]. - Despite a downward adjustment in performance assessment targets for 2025-2026, the company remains committed to high-quality growth, with net profit targets set at no less than 4.56 billion yuan for 2025 and 5.02 billion yuan for 2026 [2]. - The acquisition of a 51.42% stake in Zhejiang Daqiao Paint for 207 million yuan is expected to enhance the company's performance and market presence in the industrial paint sector [3]. Financial Summary - The company forecasts revenue growth from 22.43 billion yuan in 2023 to 32.91 billion yuan in 2026, with a compound annual growth rate (CAGR) of 13.7% [3]. - The projected net profit for 2024-2026 is 3.88 billion yuan, 4.56 billion yuan, and 5.02 billion yuan respectively, with corresponding P/E ratios of 14.0, 11.9, and 10.8 [3]. - Key financial metrics include a projected net asset return of 15.1% in 2024, increasing to 16.0% in 2025 [5]. Market Position - The company benefits from a strong market position due to its cost advantages and brand strength, allowing it to avoid price wars and maintain profitability [3]. - The dual business model of waterproofing and coatings is expected to provide significant growth potential even during industry downturns [3].