BNBMPLC(SZ:000786) SINOLINK SECURITIES·2025-11-27 07:46Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The acquisition of 80% stakes in two companies enhances the company's market share in the waterproofing materials sector, particularly in North China. The acquisition price has been adjusted downwards due to the decline in the waterproofing industry's market conditions compared to 2022 [3][4]. - The company anticipates an increase in production capacity for various waterproofing materials, including 12 million square meters of asphalt waterproofing membranes, 4 million square meters of polymer waterproofing membranes, and 159,000 tons of waterproof coatings [3]. - The financial performance for the first half of 2025 shows a revenue of approximately 2.49 billion yuan, with a year-on-year growth of about 6%, and a net profit of 140 million yuan, also reflecting a 6% increase [3]. Summary by Sections Acquisition Details - The total price for acquiring 80% stakes in Tangshan Yuanda Hongyu Waterproof Materials Co., Ltd. and Suzhou Yuanda Hongyu Building Materials Technology Co., Ltd. is 418 million yuan. The adjusted acquisition price reflects the current market conditions in the waterproofing industry [2][4]. - The expected revenue and net profit for the Tangshan entity in 2024 are 820 million yuan and 80 million yuan, respectively, with a net profit margin of approximately 9.8% [4]. - The expected revenue and net profit for the Suzhou entity in 2024 are 199 million yuan and 2 million yuan, respectively, with a net profit growth of 40.5% [4]. Financial Projections - The company’s revenue projections for 2025-2027 are 25.99 billion yuan, 27.88 billion yuan, and 29.22 billion yuan, with year-on-year growth rates of 1%, 7%, and 5% respectively. The projected net profits for the same period are 3.15 billion yuan, 3.66 billion yuan, and 4.01 billion yuan, with growth rates of 14%, 7%, and 8% respectively [5][10]. - The price-to-earnings (P/E) ratios based on the closing price on November 26 are projected to be 13, 11, and 10 times for the years 2025, 2026, and 2027, respectively [5].