BNBMPLC(000786) 光大证券·2024-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company's main business of gypsum board shows steady growth, while the waterproof business performs exceptionally well. The company focuses on gypsum board and related products, enhancing its home decoration channels and expanding into county and rural markets [4][6]. - In 2023, the company achieved a revenue of 22.43 billion yuan, a year-on-year increase of 11.3%, and a net profit of 3.52 billion yuan, up 12.1% year-on-year. The fourth quarter alone saw a revenue of 5.38 billion yuan, a 16.3% increase [3][4]. - The company plans to distribute a cash dividend of 0.835 yuan per share, with a payout ratio of 40%, an increase of 4.75 percentage points year-on-year [3]. Summary by Sections Revenue Performance - The company reported a total revenue of 22.43 billion yuan in 2023, with a year-on-year growth of 11.3%. The net profit reached 3.52 billion yuan, marking a 12.1% increase [3][4]. - The gypsum board production volume was 2.165 billion square meters, up 3.3%, and sales volume was 2.172 billion square meters, up 3.8% [4]. Business Segments - The gypsum board segment generated revenue of 13.77 billion yuan, a 3.0% increase, while the metal framework business saw a revenue decline of 9.1% to 2.29 billion yuan [4]. - The waterproof membrane business revenue surged to 2.79 billion yuan, a 29.0% increase, driven by the expansion of quality customer bases and new channel development [4][6]. Profitability Metrics - The overall gross margin for the company was 29.9%, an increase of 0.6 percentage points year-on-year. The net profit margin stood at 15.85%, reflecting a slight increase [5][6]. - The company’s operating cash flow reached 4.73 billion yuan, a year-on-year growth of 28.8% [5]. Strategic Developments - The company is pursuing a "one body, two wings" development strategy, focusing on gypsum board, waterproof systems, and coatings. It aims to strengthen and expand its waterproof and coating businesses [6][7]. - A significant acquisition was made with a cash purchase of 40.7 billion yuan for 78.3% of the shares in a coatings company, with performance commitments set for the next three years [6][8].