BNBMPLC(000786) 东兴证券·2024-08-23 10:30Investment Rating - The report maintains a "Strongly Recommend" rating for the company, citing its stable gypsum board business, rapid growth in its "two wings" businesses (waterproofing materials and coatings), and overseas expansion as key drivers for future growth [3][7] Core Views - The company's "one body, two wings" strategy is effectively implemented, with the gypsum board business remaining stable and the waterproofing materials and coatings businesses growing rapidly [2] - The company's profitability remains stable, with an improvement in asset turnover and ROE, driven by optimized product structure and cost control [2] - Overseas expansion in markets such as Africa, Central Asia, the Middle East, and Southeast Asia provides new growth opportunities for the company [2] Financial Performance - In H1 2024, the company achieved revenue of RMB 13.597 billion, a YoY increase of 19.25%, and net profit attributable to shareholders of RMB 2.214 billion, a YoY increase of 16.79% [3] - The company's gross profit margin improved to 30.94%, up 0.74 percentage points YoY, driven by higher margins in gypsum board, keel, and coatings businesses [2] - The company's total asset turnover ratio increased to 0.41, up 0.02 percentage points YoY, and ROE improved to 8.81%, up 0.3 percentage points YoY [2] Business Segments - Gypsum board and keel businesses grew steadily, with YoY growth rates of 4.05% and 4.06%, respectively [2] - Waterproofing materials business grew 32.37% YoY, outperforming the industry despite a downturn in the sector [2] - Coatings business grew 265.79% YoY, driven by the acquisition of Jia Baoli, which contributed to rapid expansion [2] Future Projections - The company is expected to achieve net profits of RMB 4.4 billion, RMB 4.896 billion, and RMB 5.511 billion in 2024, 2025, and 2026, respectively, with EPS of RMB 2.60, RMB 2.90, and RMB 3.26 [3] - Revenue is projected to grow at a CAGR of 12.04% to 13.26% from 2024 to 2026, reaching RMB 34.664 billion by 2026 [4][8] - The company's PE ratios for 2024-2026 are estimated at 9.33x, 8.39x, and 7.45x, respectively, indicating attractive valuations [3][8] Overseas Expansion - The company is actively expanding its presence in overseas markets, including Africa, Central Asia, the Middle East, and Southeast Asia, which is expected to contribute to future growth [2] Industry Context - The company benefits from its leading position in the domestic gypsum board market, with a market share exceeding 60%, and its ability to leverage synergies from acquisitions in the waterproofing and coatings sectors [5]