BNBMPLC(SZ:000786) Dongxing Securities·2024-10-25 10:01Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company achieved a revenue of 20.364 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19.44%. The net profit attributable to shareholders was 3.145 billion yuan, up 14.12% year-on-year [2][3]. - Despite a sluggish industry environment, the company continues to show stable growth, with a revenue increase of 19.82% in the third quarter compared to the previous year, indicating effective market expansion strategies [3]. - The company's financial health remains robust, with a debt ratio of 27.96%, a decrease of 1.04 percentage points from the previous half-year. The net cash flow from operating activities reached 2.706 billion yuan, a year-on-year increase of 38.01% [3][4]. - The company is positioned to capitalize on the current industry downturn, enhancing its market share and pursuing external growth through acquisitions, such as the purchase of the paint company Jiaboli, which has significantly boosted its paint business [3]. Financial Performance Summary - The company forecasts net profits of 4.265 billion yuan, 4.890 billion yuan, and 5.506 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 2.52 yuan, 2.89 yuan, and 3.26 yuan [4][7]. - The current stock price corresponds to price-to-earnings (PE) ratios of 12.81, 11.18, and 9.93 for 2024, 2025, and 2026, respectively, indicating a favorable valuation [4][7].