BNBMPLC(000786) 东吴证券·2025-03-30 14:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 25.821 billion yuan in 2024, representing a year-on-year growth of 15.14%, while the net profit attributable to shareholders was 3.647 billion yuan, up 3.49% year-on-year [7] - The gypsum board business remains stable, with the waterproof and coating businesses continuing to expand rapidly, with waterproof materials revenue increasing by 18.65% [7] - The company is focusing on international expansion in regions such as Southeast Asia, Central Asia, the Middle East, Europe, and the Mediterranean, with overseas revenue reaching 417 million yuan, a year-on-year increase of 87.6% [7] - The gross margin for 2024 was 29.88%, with the gypsum board gross margin at 38.51%, remaining stable despite price pressures [7] - The company’s cash flow from operating activities was 5.134 billion yuan, an increase of 8.5% year-on-year, indicating improved operational efficiency [7] - The company’s strategic focus on "one body and two wings" is expected to enhance its market share in the gypsum board sector and drive growth in the waterproof and coating businesses [7] Financial Summary - Total revenue forecast for 2024 is 25.821 billion yuan, with a projected growth rate of 15.14% [8] - The net profit attributable to shareholders is forecasted to be 3.647 billion yuan for 2024, with a growth rate of 3.49% [8] - The earnings per share (EPS) for 2024 is estimated at 2.16 yuan, with a price-to-earnings (P/E) ratio of 13.46 [8] - The company’s total assets are projected to reach 35.139 billion yuan in 2024, with a debt-to-asset ratio of 23.96% [8] - The company’s return on equity (ROE) is expected to be 14.21% for 2024 [8]