BNBMPLC(000786) 中邮证券·2025-03-28 12:23Investment 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]. - 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 decline in Q4 profit was attributed to a slight decrease in gypsum board prices and increased sales and management expenses due to the consolidation of Jia Baoli [6]. Financial Performance Summary - 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 Summary - Gypsum board revenue was 13.11 billion yuan in 2024, down 4.79% year-on-year, with a sales volume of 2.171 billion square meters [6]. - The revenue from waterproof membranes increased by 19.23% to 3.322 billion yuan, while the revenue from coatings surged by 327.99% to 4.141 billion yuan due to the consolidation of Jia Baoli [6]. Cost and Cash Flow Summary - The company’s operating cash flow for 2024 was 5.13 billion yuan, reflecting an increase of 8.5% year-on-year [7]. - The total expense ratio for 2024 was 14.3%, an increase of 1.8 percentage points year-on-year, primarily due to higher sales expenses from the newly acquired coating business [7].