BNBMPLC(000786) Guohai Securities·2024-10-27 15:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company reported strong revenue growth and maintained stable profitability, with a year-on-year increase in revenue of 19.4% and net profit of 14.1% for the first three quarters of 2024 [1][2] - The gross margin has faced some pressure, with a slight increase in expense ratios, attributed to higher sales expenses due to recent acquisitions [2][5] - The company is expected to benefit from the recovery of the real estate market and renovation demand, particularly in gypsum board products, which have a strong market position [5][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 20.36 billion yuan, net profit attributable to shareholders of 3.15 billion yuan, and net profit excluding non-recurring items of 3.07 billion yuan, with respective year-on-year growth rates of 19.4%, 14.1%, and 12.7% [1] - In Q3 2024, the company reported operating revenue of 6.77 billion yuan, net profit of 930 million yuan, and net profit excluding non-recurring items of 910 million yuan, with year-on-year growth rates of 19.8%, 8.2%, and 3.5% [1] - The gross margin for the first three quarters was 30.7%, with a slight decline compared to the previous year, while the net profit margin was 15.4% [2] - The company’s asset-liability ratio increased to 28.0% due to acquisitions, while operating cash flow for the first three quarters was 2.71 billion yuan, reflecting a 38.0% increase year-on-year [2][5] Earnings Forecast - The company is projected to achieve operating revenues of 27.72 billion yuan, 30.05 billion yuan, and 32.75 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.37 billion yuan, 4.85 billion yuan, and 5.45 billion yuan [5][6] - The expected price-to-earnings (P/E) ratios for the next three years are 12.0, 10.8, and 9.6 times [5][6]