BNBMPLC(000786) 广发证券·2025-01-03 01:25Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.36 CNY per share, corresponding to a PE of approximately 14x for 2025 [1][3][13]. Core Views - The company demonstrates strong confidence in its growth potential, as evidenced by its high performance targets for stock incentives, despite the pressure on new housing completion demand. The confidence stems from the comprehensive implementation of the "One Body, Two Wings, Global Layout" strategy and the potential for more external acquisitions encouraged by policy support [1][2][3]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 38.9 billion CNY, 45.8 billion CNY, and 54.8 billion CNY, respectively, with corresponding PE ratios of 13.2, 11.2, and 9.3 [1][3]. - The company expects stable growth in its gypsum board business, with significant contributions from the waterproofing and coating segments following successful acquisitions and market expansion [2][3]. Business Strategy - The company is focusing on enhancing its core gypsum board business while expanding into complementary products such as light steel keel, powder mortar, mineral wool board, and other gypsum board-related products, which have shown significant growth in recent years [2]. - The waterproofing business has achieved high-quality growth since 2023, with revenue growth rates of 24% and 20% for 2023 and the first half of 2024, respectively [2]. - The coating business, bolstered by the integration of Jia Baoli, is expected to see substantial growth through both organic development and external acquisitions [2]. Stock Incentive Plan - The company announced a new stock incentive plan on January 1, 2025, proposing to grant up to 12.9 million shares, with performance targets set for net profit growth rates of no less than 14.22%, 16.12%, and 17.08% for 2025, 2026, and 2027, respectively [12][16].