BNBMPLC(000786) CAITONG SECURITIES·2024-10-25 08:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 20.364 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 19.44%. The net profit attributable to shareholders was 3.145 billion yuan, up 14.12% year-on-year [2][3] - The company is expanding its main business and enhancing its structure, focusing on gypsum board and waterproofing sectors, while also integrating acquisitions to drive growth [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 4.242 billion, 4.949 billion, and 5.667 billion yuan respectively, with corresponding EPS of 2.51, 2.93, and 3.35 yuan per share [3] Financial Performance Summary - Q1-Q3 2024 revenue growth was driven by the expansion of gypsum board and waterproofing businesses, alongside the consolidation of Jia Baoli [2] - The gross profit margin for Q3 was 30.07%, showing a decline due to competitive pricing in the gypsum board market [2] - The company’s operating cash flow for Q1-Q3 was 2.706 billion yuan, an increase of 38.01% year-on-year, attributed to higher revenue and improved collection [2][3] Future Projections - Revenue projections for 2024-2026 are 28.519 billion, 32.226 billion, and 35.445 billion yuan, with growth rates of 27.17%, 13.00%, and 9.99% respectively [4][5] - The net profit growth rates for the same period are projected at 20.37%, 16.67%, and 14.52% [4][5] - The company’s PE ratios for 2024-2026 are estimated at 12.88x, 11.04x, and 9.64x, indicating a favorable valuation trend [3][4]