BNBMPLC(000786) 东吴证券·2024-10-27 20:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company reported a revenue of 20.364 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 19.44%, with a net profit attributable to shareholders of 3.145 billion yuan, up 14.12% year-on-year [2]. - The market share of gypsum board has increased against the backdrop of weak industry demand, with the company maintaining stable sales and prices in its gypsum board business, while also expanding its waterproof and paint segments [2][3]. - The gross margin has remained stable at 30.65%, with a slight decrease in Q3 due to changes in business structure, while cash flow from operating activities showed a significant increase of 38% year-on-year [2][3]. Financial Forecasts and Valuation - The company is expected to achieve net profits of 4.268 billion yuan, 4.941 billion yuan, and 5.505 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12.3X, 10.6X, and 9.5X based on the closing price on October 25 [3]. - The revenue forecast for the company is projected to be 27.884 billion yuan in 2024, 30.884 billion yuan in 2025, and 34.070 billion yuan in 2026, with year-on-year growth rates of 24.34%, 10.76%, and 10.31% respectively [1][3].