BNBMPLC(000786) 东莞证券·2025-03-27 09:05Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][8] Core Views - The company reported a slight increase in performance for the year 2024, with total revenue reaching 25.821 billion yuan, a year-on-year growth of 15.14%, and a net profit attributable to shareholders of 3.647 billion yuan, up 3.49% year-on-year [6][7] - The company maintains a stable gross profit margin of 29.88%, while the net profit margin decreased slightly to 14.12%, down 1.59 percentage points [6] - The company continues to implement its "one body, two wings, global layout" development strategy, with a leading position in the domestic gypsum board market and the largest global steel keel industry group [6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total operating revenue of 25.821 billion yuan, with a year-on-year increase of 15.14% [6] - The operating profit was 3.974 billion yuan, up 2.43% year-on-year, and the net profit was 3.726 billion yuan, reflecting a 4.82% increase [6] - Basic earnings per share (EPS) for the year were 2.159 yuan, a growth of 3.5% [6] Cost and Expenses - The total sales expenses were 1.443 billion yuan, an increase of 51.84% year-on-year, while management expenses rose to 1.128 billion yuan, up 38.49% [6] - The overall expense ratio increased to 14.34%, up 1.85 percentage points [6] Asset Structure and Cash Flow - The company's asset-liability ratio stood at 23.96%, a slight increase of 1.36 percentage points year-on-year, indicating a stable asset structure [6] - Operating cash flow for the year was 5.134 billion yuan, an increase of 8.45% year-on-year, with a net inflow of 2.428 billion yuan in Q4 [6] Future Earnings Forecast - The company is projected to achieve EPS of 2.73 yuan and 3.21 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 10.5 times and 9 times [6][7]