BNBMPLC(000786) 东兴证券·2025-03-28 12:23Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company achieved an annual revenue of 25.8212 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.6469 billion yuan, up 3.49% year-on-year, with a basic earnings per share of 2.16 yuan [3][4]. - Despite a downturn in the real estate sector affecting gypsum board demand, the company's sales volume remained stable, with a slight decline of only 0.05% year-on-year. The gypsum board production capacity utilization rate reached 66.52%, supporting an increase in market share [4]. - The waterproof materials business grew by 19.23% year-on-year, while the paint business saw a significant increase of 327.99% due to the acquisition of Jiaboli. This indicates a successful dual growth strategy through both organic and external means [4]. - The integration of Jiaboli has increased the company's sales and management expense ratios, leading to a rise in the sales expense ratio by 1.35 percentage points year-on-year. However, the overall operating efficiency has improved, with a reduction in the operating cycle by 10.54 days [5]. Financial Forecasts - The company is projected to achieve net profits of 4.479 billion yuan, 5.063 billion yuan, and 5.657 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding earnings per share are expected to be 2.65 yuan, 3.00 yuan, and 3.35 yuan [6][12]. - The current stock price corresponds to price-to-earnings ratios of 10.85, 9.60, and 8.59 for the years 2025 to 2027, indicating a favorable valuation given the company's operational resilience during a period of low demand [6].