BNBMPLC(000786) 华创证券·2025-04-10 09:03Investment Rating - The report assigns a "Recommendation" rating to the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][16]. Core Views - The company achieved a revenue of 25.821 billion yuan in 2024, representing a year-on-year increase of 15.14%. The net profit attributable to the parent company was 3.647 billion yuan, up 3.49% year-on-year [2][9]. - The company is steadily advancing its "one body, two wings" strategy, which is expected to stabilize its performance. The target price is set at 36.45 yuan per share, based on a projected PE ratio of 14x for 2025 [2][9]. Financial Performance Summary - Revenue and Profit Growth: - 2024 revenue: 25.821 billion yuan, up 15.14% year-on-year - 2024 net profit: 3.647 billion yuan, up 3.49% year-on-year [2][9] - Segment Performance: - Gypsum board revenue: 13.107 billion yuan, down 4.79% year-on-year - Waterproof membrane revenue: 3.322 billion yuan, up 19.23% year-on-year - Coating revenue: 4.141 billion yuan, up 327.99% year-on-year, driven by the completion of the Gaboli restructuring [9][10]. - Future Projections: - Expected revenue growth rates for 2025-2027 are 12.5%, 9.1%, and 7.8% respectively - Expected net profit growth rates for the same period are 20.6%, 14.1%, and 11.6% respectively [4][10]. Strategic Initiatives - The company is focusing on transforming into a consumer-oriented building materials service provider, enhancing its market coverage in both domestic and overseas markets [9][10]. - The company has launched new service models and expanded its product offerings, particularly in the coatings sector, which has seen significant growth due to strategic acquisitions and market expansion [9][10].