BNBMPLC(000786) 申万宏源·2025-02-28 05:36Investment Rating - The report maintains a rating of "Outperform" for the company [5] Core Views - The recent price increase of gypsum boards by Taishan Gypsum indicates a potential improvement in profitability for the company, which holds over 65% market share in the gypsum board sector [5] - The company has demonstrated strong resilience in its gypsum board business, maintaining stable sales despite the downturn in the real estate market since 2021 [5] - The company is expanding its global footprint and diversifying its business model, which includes waterproofing and coatings, enhancing its growth potential [5] Financial Data and Earnings Forecast - Total revenue is projected to grow from 22,426 million yuan in 2023 to 33,224 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 11% [4][7] - The net profit attributable to the parent company is expected to increase from 3,524 million yuan in 2023 to 5,295 million yuan in 2026, reflecting a CAGR of around 17.6% [4][7] - Earnings per share (EPS) is forecasted to rise from 2.09 yuan in 2023 to 3.13 yuan in 2026 [4][7] - The company maintains a gross margin of approximately 30% and a return on equity (ROE) projected to reach 16.4% by 2026 [4][7]