BNBMPLC(SZ:000786) Soochow Securities·2024-08-23 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 13.597 billion yuan in H1 2024, representing a year-on-year increase of 19.25%, and a net profit attributable to shareholders of 2.214 billion yuan, up 16.79% year-on-year [3] - Despite industry challenges, the company achieved revenue growth across various business segments, with significant increases in the waterproof and paint sectors [3] - The company is focusing on high-end gypsum board products and expanding its global presence, particularly in Southeast Asia, Central Asia, the Middle East, and Europe [3][4] Summary by Sections Financial Performance - In H1 2024, the gypsum board segment generated revenue of 7.303 billion yuan, a year-on-year increase of 4.05%, while the lightweight steel keel and paint segments saw revenues of 1.273 billion yuan (up 4.06%) and 1.783 billion yuan (up 265.79%), respectively [3] - The waterproof membrane segment achieved revenue of 1.709 billion yuan, reflecting a year-on-year increase of 32.37% [3] - The company's overseas business revenue reached 192 million yuan, a significant increase of 100.65% year-on-year [3] Profitability and Margins - The gross margins for H1 2024 were reported as follows: gypsum board at 39.62%, lightweight steel keel at 21.22%, waterproof membrane at 19.31%, and paint at 31.28% [3] - The overall gross margin showed stability, attributed to the company's high-end product strategy [3] Cash Flow - The net cash flow from operating activities for H1 2024 was 2.041 billion yuan, a substantial year-on-year increase of 59.90% [4] - The cash flow performance was bolstered by increased sales and the contribution from newly acquired subsidiaries [4] Earnings Forecast - The company slightly adjusted its net profit forecasts for 2024-2026 to 4.268 billion yuan, 4.941 billion yuan, and 5.505 billion yuan, respectively, with corresponding P/E ratios of 10X, 8X, and 7X [4] - The company is expected to continue benefiting from its strategic initiatives and robust operational capabilities [4]