BNBMPLC(000786) 天风证券·2025-03-31 07:47Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.80 CNY, indicating an expected relative return of over 20% within the next six months [7][22]. Core Insights - The company achieved a net profit attributable to the parent company of 3.65 billion CNY in 2024, reflecting a year-on-year growth of 3.49%. The total revenue for the year was 25.82 billion CNY, up 15.14% from the previous year [1][4]. - The company's "One Body, Two Wings" strategy continues to progress, with the lightweight building materials segment contributing a net profit of 3.31 billion CNY, despite a slight decline of 3.2% year-on-year. The waterproof and coating segments showed significant growth, with net profits increasing by 5.8% and 581% respectively [2][4]. - The overall gross margin for 2024 was stable at 29.88%, with specific margins for gypsum board, waterproof materials, and coatings at 38.5%, 17.1%, and 31.9% respectively [3]. Financial Performance Summary - The company reported a net cash inflow from operating activities of 5.13 billion CNY in 2024, marking an 8.45% increase year-on-year. The cash flow from the waterproof and coating segments was 470 million CNY and 630 million CNY respectively [3]. - The projected revenue for 2025 is estimated at 28.92 billion CNY, with a growth rate of 12% anticipated for the following years [6][17]. - The company’s earnings per share (EPS) for 2024 is projected to be 2.16 CNY, with a price-to-earnings (P/E) ratio of 13.46 [6][17]. Global Expansion and Future Outlook - The company is accelerating its global expansion strategy, with profitable operations established in Uzbekistan and ongoing projects in Thailand and Bosnia. A stock incentive plan for 2024 aims to align the interests of the core team with long-term growth [4][6]. - The forecasted net profit for 2025 is 4.56 billion CNY, with further growth expected in subsequent years, reaching 5.84 billion CNY by 2027 [4][6].