BNBMPLC(SZ:000786) Guoxin Securities·2025-05-09 08:15Investment Rating - The investment rating for the company is "Outperform the Market" [5][23][28] Core Views - The company demonstrates balanced development through both organic growth and acquisitions, with its "One Body, Two Wings" strategy continuing to deliver growth [23][5] - The company maintains a leading position in the gypsum board industry, with significant contributions from its waterproof and coating businesses [23][8] - The company plans to establish a new industrial coating production base with an annual capacity of 20,000 tons, further enhancing its growth prospects [23][8] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 6.246 billion yuan, a year-on-year increase of 5.09% and a quarter-on-quarter increase of 14.45% [8][3] - The net profit attributable to the parent company was 842 million yuan, up 2.46% year-on-year and 67.82% quarter-on-quarter [8][3] - The company reported a comprehensive gross margin of 28.94%, an increase of 0.29 percentage points year-on-year and 1.96 percentage points quarter-on-quarter [2][13] - The net profit margin for Q1 2025 was 13.68%, slightly down by 0.27 percentage points year-on-year but up 4.01 percentage points quarter-on-quarter [2][13] Cash Flow and Operational Efficiency - The company experienced a net cash outflow from operating activities of 222 million yuan in Q1 2025, compared to a net outflow of 26 million yuan in the same period last year [20][3] - Accounts receivable and notes stood at 5.11 billion yuan, showing a slight year-on-year decrease of 0.3%, indicating effective risk management and high-quality development [20][3] - The accounts receivable turnover rate was 1.69 times, and the inventory turnover rate was 1.65 times, reflecting steady operational efficiency improvements [20][3] Earnings Forecast and Valuation - The company forecasts earnings per share (EPS) of 2.61, 3.00, and 3.38 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 11.2, 9.8, and 8.7 times [4][23] - Projected operating revenues for 2025, 2026, and 2027 are 28.144 billion, 31.556 billion, and 34.810 billion yuan, respectively, with growth rates of 9.0%, 12.1%, and 10.3% [4][23]