BNBMPLC(000786) 中邮证券·2025-03-28 10:45Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Views - The company reported a revenue of 25.82 billion yuan for 2024, an increase of 15.14% year-on-year, with a net profit attributable to shareholders of 3.65 billion yuan, up 3.49% year-on-year [5][6]. - In Q4 2024, the company's revenue was 5.46 billion yuan, a year-on-year increase of 1.5%, but the net profit decreased by 34.65% to 502 million yuan [5][6]. - The company is focusing on a dual-wing strategy, which is expected to drive future growth despite current profit pressures [5][6]. Financial Performance - The company’s total assets are valued at 35.1 billion yuan, with a debt-to-asset ratio of 24.0% [4]. - The earnings per share (EPS) for 2024 is projected to be 2.16 yuan, with a price-to-earnings (P/E) ratio of 13.33 [4][9]. - The company expects revenues of 29.7 billion yuan and 33.2 billion yuan for 2025 and 2026, respectively, with corresponding net profits of 4.56 billion yuan and 5.18 billion yuan [7][9]. Product Performance - Revenue from gypsum board decreased by 4.79% to 13.11 billion yuan, while revenue from waterproof membranes increased by 19.23% to 3.32 billion yuan [6][7]. - The company’s paint segment saw a significant increase in revenue by 327.99% to 4.14 billion yuan, primarily due to the consolidation of Gaboli [6][7]. Cost and Cash Flow - The company’s operating cash flow for 2024 was 5.13 billion yuan, an increase of 8.5% year-on-year [7]. - The total expense ratio for 2024 was 14.3%, up 1.8 percentage points from the previous year, driven by higher sales and management expenses [7].