BNBMPLC(000786) 国盛证券·2025-03-28 06:25Investment 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] - The company is expected to achieve revenues of 28.87 billion yuan, 32.14 billion yuan, and 35.45 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 4.58 billion yuan, 4.91 billion yuan, and 5.39 billion yuan [4] Financial Performance Summary - In 2024, the company reported a revenue of 25.82 billion yuan, with a year-on-year growth rate of 15.1% [5] - The net profit for 2024 was 3.65 billion yuan, reflecting a year-on-year increase of 3.5% [5] - The company’s operating cash flow for 2024 was 5.13 billion yuan, an increase of 8.5% year-on-year, showcasing strong cash flow management [3] - The gross margin for the lightweight building materials segment was 32.4%, with a slight increase of 0.2 percentage points year-on-year [2] Segment Performance Summary - Lightweight building materials generated a revenue of 17.6 billion yuan in 2024, down 2.9% year-on-year, with a net profit of 3.31 billion yuan [2] - The waterproof materials segment saw a revenue increase of 18.6% year-on-year, reaching 4.63 billion yuan, with a net profit of 160 million yuan [2] - The coatings segment reported a revenue of 3.59 billion yuan, with a net profit of 250 million yuan, benefiting from the restructuring of the Jia Baoli business [2]