BNBMPLC(000786) 中邮证券·2024-10-29 02:17Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's Q3 performance shows resilience in core business demand, with a revenue increase of 19.8% year-on-year to 6.77 billion yuan and a net profit increase of 8.2% to 0.93 billion yuan [2][3] - The company's revenue for the first three quarters reached 20.36 billion yuan, up 19.4% year-on-year, while net profit increased by 14.1% to 3.15 billion yuan [2][3] - The company's two-wing strategy has led to robust growth, particularly in waterproofing and coatings, with significant contributions from acquisitions [3] Financial Performance - The company achieved revenues of 14.24 billion yuan from lightweight building materials, 3.58 billion yuan from coatings, and 2.55 billion yuan from other businesses in the first three quarters, reflecting year-on-year growth of 3.7%, 18.7%, and 735.0% respectively [3] - The gross margin for Q3 was 30.1%, and the net margin was 13.95%, showing a slight decline compared to the previous year [3] - The company’s international business revenue reached 171 million yuan, a year-on-year increase of 121.2%, with a net profit of 18 million yuan, up 27.39% [3] Earnings Forecast - The company is expected to generate revenues of 27.7 billion yuan and 29.7 billion yuan in 2024 and 2025, respectively, representing year-on-year growth of 23.42% and 7.34% [4][6] - The forecasted net profit for 2024 and 2025 is 4.395 billion yuan and 4.662 billion yuan, reflecting growth rates of 24.72% and 6.08% [4][6] - The projected P/E ratios for 2024 and 2025 are 11.9X and 11.2X, respectively [4]