BNBMPLC(000786) 国盛证券·2025-03-28 04:03Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.1%, and a net profit attributable to shareholders of 3.65 billion yuan, up 3.5% year-on-year [1] - The gypsum board segment remains a stable revenue source, while the waterproof and coating segments are expanding against market trends, indicating strong growth potential [2][4] - The company is leveraging both organic growth and acquisitions to drive high-quality growth, with a projected revenue of 28.87 billion yuan, 32.14 billion yuan, and 35.45 billion yuan for 2025, 2026, and 2027 respectively [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 25.82 billion yuan, with a net profit of 3.65 billion yuan, showing a slight increase in profitability despite a challenging market environment [1][5] - The gypsum board segment generated 13.11 billion yuan in revenue, while the waterproof segment grew by 18.6% to 4.63 billion yuan, and the coatings segment reached 3.59 billion yuan [2] Cost and Efficiency - The company's expense ratio increased to 14.3% in 2024, with a notable rise in Q4 to 17.8%, primarily due to the acquisition of Jia Baoli [3] - The management of accounts receivable remains strong, with a net operating cash flow of 5.13 billion yuan, reflecting stable cash generation capabilities [3] Future Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 8.4% in net profit from 2025 to 2027, with projected net profits of 4.58 billion yuan, 4.91 billion yuan, and 5.39 billion yuan respectively [4] - The report highlights the company's cost advantages and strong brand power, which are expected to mitigate risks associated with price wars in the industry [4]