BNBMPLC(000786) 中泰证券·2025-03-28 12:46Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Insights - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.65 billion yuan, with a year-on-year increase of 3.49% [4]. - The gypsum board business saw a revenue decline of 4.79% to 13.11 billion yuan, primarily due to price reductions, while the waterproofing business experienced a robust growth of 18.80%, generating 4.66 billion yuan in revenue [4]. - The acquisition of Jiaboli has completed the company's strategic layout of "two wings," enhancing its presence in the waterproofing and coating sectors, with the coating business revenue soaring by 327.99% to 4.14 billion yuan [4]. Financial Performance Summary - The company forecasts revenue growth from 22.43 billion yuan in 2023 to 36.83 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 12% [2]. - The net profit attributable to shareholders is projected to increase from 3.52 billion yuan in 2023 to 6.57 billion yuan in 2027, reflecting a CAGR of around 19% [2]. - The earnings per share (EPS) is expected to rise from 2.09 yuan in 2023 to 3.89 yuan in 2027, indicating a strong growth trajectory [2]. Business Segment Analysis - The gypsum board segment's revenue is projected to stabilize, while the waterproofing and coating segments are expected to drive significant growth, contributing to the overall revenue increase [4]. - The company is actively expanding its market presence in Southeast Asia, Central Asia, and Europe, with overseas sales reaching 417 million yuan, a year-on-year increase of 87.59% [4]. - The company is enhancing its operational efficiency, as evidenced by the improvement in cash flow from the waterproofing segment, which increased by 33.68% to 470 million yuan [4].