BNBMPLC(SZ:000786) Minsheng Securities·2024-08-23 08:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 13.597 billion yuan for H1 2024, representing a year-on-year increase of 19.25%, with a net profit attributable to shareholders of 2.214 billion yuan, up 16.79% year-on-year [2]. - The company's gypsum board business remains industry-leading, achieving revenue of 7.303 billion yuan in H1 2024, a year-on-year increase of 4.05% [2]. - The waterproofing business showed significant growth, with revenue from waterproofing membranes reaching 1.709 billion yuan, a year-on-year increase of 32.37% [2]. - The integration of the paint business post-acquisition of Jiaboli has led to a substantial revenue increase of 265.79% year-on-year, reaching 1.783 billion yuan in H1 2024 [2]. - The company is focusing on channel and product upgrades, targeting urban renewal and home decoration markets, while also enhancing its high-end product strategy [2]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 30.94%, a slight increase of 0.74 percentage points year-on-year, while the net profit margin was 16.57%, down 0.12 percentage points year-on-year [2]. - The company’s operating cash flow for H1 2024 was 2.041 billion yuan, reflecting a year-on-year increase of 59.90% [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 4.388 billion yuan, 6.202 billion yuan, and 6.516 billion yuan, respectively, with corresponding PE ratios of 9, 7, and 6 times [3][6].