BNBMPLC(000786) 新浪财经·2025-04-01 00:35Core Insights - The company reported a revenue of 25.82 billion yuan for 2024, representing a year-on-year increase of 15.1%, with a net profit attributable to shareholders of 3.65 billion yuan, up 3.5% year-on-year [1] - In Q4, the company achieved a revenue of 5.46 billion yuan, a slight increase of 1.5% year-on-year, but net profit dropped by 34.7% to 500 million yuan [1] - The average price of gypsum boards faced downward pressure, while sales volume and gross margin showed resilience [1] Gypsum Board Business - The company sold 2.171 billion square meters of gypsum boards in 2024, remaining stable year-on-year, with revenue from this segment declining by 4.8% to 13.1 billion yuan [1] - The average price of gypsum boards decreased by 0.30 yuan to 6.04 yuan per square meter [1] - The gross margin for gypsum boards was 38.51%, a slight increase of 0.02 percentage points year-on-year, indicating some cost reduction measures [1] Waterproof and Coating Business - The waterproof business generated revenue of 4.63 billion yuan in 2024, up 18.6% year-on-year, with a net profit of 164 million yuan, an increase of 6.6% [2] - The coating business saw significant growth, with revenue reaching 3.59 billion yuan, a staggering increase of 812% year-on-year, and net profit of 252 million yuan, up 577% [2] - Accounts receivable and other receivables in the waterproof business totaled approximately 2.34 billion yuan, a decrease of 314 million yuan year-on-year, indicating good control over receivables [2] Financial Performance - The company's expense ratios for sales, management (including R&D), and financial costs were 5.59%, 8.47%, and 0.29%, respectively, reflecting an overall increase of 1.85 percentage points year-on-year [2] - Operating cash flow remained strong at 5.134 billion yuan, up 8.45% year-on-year [2] - The dividend payout ratio for 2024 was maintained at 40%, showing stability [2] Market Expansion - The company is focusing on expanding its presence in the home decoration and rural markets, with sales in these segments growing by 17% and 21% respectively in 2024 [3] - There is significant potential for further growth in the home decoration and rural markets as the company enhances its channel coverage [3] Investment Outlook - The company is expected to achieve net profits of 4.4 billion yuan, 5.0 billion yuan, and 5.37 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 11.0, 9.7, and 9.1 based on the closing price on March 27 [4] - The company has been given an "Accumulate" rating [4]