BNBMPLC(SZ:000786) Tebon Securities·2024-08-23 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company has demonstrated robust revenue growth despite industry challenges, with a revenue increase of 19.25% to 13.597 billion yuan in the first half of 2024 and a net profit increase of 16.79% to 2.214 billion yuan [4][7] - The company's strategic focus on the "One Body, Two Wings" strategy is expected to drive long-term growth, with significant contributions from its waterproofing and coating segments [4][7] Summary by Sections Market Performance - The company's stock has shown a performance of -11% compared to the market index [1] Financial Performance - In Q2 2024, the company achieved a revenue of 7.653 billion yuan (+15.39%) and a net profit of 1.392 billion yuan (+7.03%) [4] - The company’s gypsum board business maintained a revenue share of 53.71%, while the coating business saw a significant increase in revenue share from 4.28% to 13.11% due to the acquisition of Jiaboli [4][5] Cost Management - The company reported a slight decrease in expense ratio to approximately 12.31% in Q2 2024, with a notable increase in cash flow, reaching 3.241 billion yuan in cash and cash equivalents [5][7] Strategic Initiatives - The company is investing in new production lines for waterproofing materials, with an estimated total investment of 143 million yuan, aimed at enhancing its competitive position in the market [5][7] - The company’s effective capacity for gypsum board reached 35.62 billion yuan, reinforcing its leading position in the global gypsum board and light steel keel industry [5][7] Future Projections - The company is projected to achieve net profits of 4.430 billion yuan, 5.323 billion yuan, and 6.023 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.27, 7.71, and 6.82 [7][8]