BNBMPLC(000786) 天风证券·2024-08-24 10:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.10 yuan, based on a 25-year PE of 11x [4][6] Core Views - The company achieved a net profit attributable to the parent company of 2.21 billion yuan in the first half of the year, a year-on-year increase of 16.79% [1] - Revenue for the first half of the year reached 13.6 billion yuan, a year-on-year increase of 19.25% [1] - The company's "One Body, Two Wings" strategy is driving growth, with the "Two Wings" (waterproofing and coatings) contributing significantly to revenue and profit [2] - The company's internationalization process is accelerating, with overseas revenue reaching 190 million yuan, a year-on-year increase of 101% [2] Financial Performance - The company's gross profit margin in the first half of the year was 30.94%, a slight increase of 0.74 percentage points year-on-year [3] - The net profit margin was 16.6%, remaining stable year-on-year [3] - Operating cash flow in the first half of the year was 2.04 billion yuan, a significant year-on-year increase of 59.9% [3] - The coatings segment contributed significantly to cash flow, with actual operating cash flow of 400 million yuan [3] Business Segments - The lightweight building materials segment achieved revenue of 9.75 billion yuan, a year-on-year increase of 5.65%, with gypsum board and keel revenues growing by 4.05% and 4.06% respectively [2] - The waterproofing segment achieved revenue of 1.71 billion yuan, a year-on-year increase of 32.37%, while the coatings segment achieved revenue of 1.78 billion yuan, a year-on-year increase of 265.79% [2] - The waterproofing and coatings segments contributed net profits of 133 million yuan and 132 million yuan respectively, with year-on-year growth rates of 39% and 449% [2] Future Outlook - The company's medium- to long-term growth prospects remain promising, with a focus on its core business and the "One Body, Two Wings, Global Layout" strategy [4] - The company has raised its net profit forecasts for 2024-2026 to 4.35 billion yuan, 4.93 billion yuan, and 5.65 billion yuan respectively [4] Valuation and Financial Data - The company's EPS for 2024-2026 is forecasted to be 2.57 yuan, 2.92 yuan, and 3.34 yuan respectively [5] - The company's P/E ratio for 2024-2026 is expected to be 9.87x, 8.70x, and 7.60x respectively [5] - The company's total market capitalization is 42.9 billion yuan, with a current share price of 25.39 yuan [6]