BNBMPLC(000786) 申万宏源证券·2025-03-30 14:45Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Insights - The company reported a total revenue of 25.82 billion yuan for 2024, representing a year-on-year increase of 15.1%. However, the net profit attributable to shareholders was 3.65 billion yuan, a modest increase of 3.5% year-on-year. In Q4 alone, the revenue was 5.46 billion yuan, showing a year-on-year growth of 1.5% but a quarter-on-quarter decline of 19.4%. The net profit for Q4 was 500 million yuan, down 34.7% year-on-year and 46.2% quarter-on-quarter, indicating that the performance fell short of expectations due to declining demand and rising costs [7]. - The company continues to solidify its leading position in the gypsum board market, with a production volume of 2.166 billion square meters in 2024, a slight increase of 0.04% year-on-year. However, sales volume decreased by 0.05% to 2.171 billion square meters. The average price of gypsum board is expected to decline by 0.3 yuan per square meter due to intensified market competition [7]. - The company has successfully integrated its paint business, achieving a revenue of 4.141 billion yuan in the coatings segment, a significant increase of 328.0% year-on-year, primarily due to the consolidation of Jia Baoli [7]. - Recent price increases for Taishan gypsum products may signal a recovery in industry demand and a reduction in price competition, which could lead to improved profitability for the company's gypsum board business [7]. Financial Data and Profit Forecast - The company forecasts total revenue of 31.54 billion yuan for 2025, with a year-on-year growth rate of 22.2%. The net profit attributable to shareholders is projected to be 4.50 billion yuan, reflecting a growth rate of 23.5% [6][9]. - The gross margin for 2024 is expected to remain stable at 29.9%, while the net margin is projected to be 14.4%, a decrease of 1.4 percentage points year-on-year [7]. - The report provides a detailed financial summary, including operating income, costs, and profit margins for the years 2023 to 2027, indicating a steady growth trajectory for the company [9].