BNBMPLC(000786) 东吴证券·2025-01-05 05:19Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company's gypsum board business is expected to continue increasing its global market share under the strategic guidance of "one body and two wings, global layout." The supporting businesses, including metal framing, waterproofing, and coatings, are projected to contribute to sustained rapid growth [3]. - The company's stock incentive plan reflects confidence in its development, with high performance targets set for net profit growth in the coming years. The adjusted net profit forecasts for 2024-2026 are 39.02 billion, 46.77 billion, and 55.72 billion RMB, respectively [3]. - The company is expanding its industrial coatings segment through the acquisition of Zhejiang Daqiao Paint, which will enhance its market presence and production capacity in the East China region [3]. Financial Projections - Total revenue is projected to grow from 22.43 billion RMB in 2023 to 32.64 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 9.86% [9]. - The net profit attributable to the parent company is expected to increase from 3.52 billion RMB in 2023 to 5.57 billion RMB in 2026, reflecting a CAGR of about 19.13% [9]. - The earnings per share (EPS) is forecasted to rise from 2.09 RMB in 2023 to 3.30 RMB in 2026, indicating a strong growth trajectory [9]. Market Data - The company's closing price is reported at 32.49 RMB, with a market capitalization of approximately 54.89 billion RMB [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 15.58 in 2023 to 9.85 in 2026, suggesting an attractive valuation as earnings grow [9]. Strategic Initiatives - The company is focusing on international expansion, particularly in Southeast Asia, Central Asia, the Middle East, Europe, and the Mediterranean region, to drive high growth in overseas operations [3]. - The strategic execution of enhancing the gypsum board business and integrating waterproofing and coatings is expected to stabilize volume and price, thereby consolidating market position [3].