BNBMPLC(000786) 国泰君安·2024-04-11 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] - The target price is set at 35.22, unchanged from the previous forecast [1][2] - The current price is 29.38 [1][2] Core Insights - The report highlights a trend of price increases driven by rising costs of raw materials, with expectations for continued shareholder returns [1] - The demand for gypsum boards is significantly increasing due to home decoration and renovation needs, with sales expansion in waterproofing and coatings expected to continue [1] - The company is projected to achieve EPS of 2.68, 3.65, and 4.01 for the years 2024-2026 [1] Financial Summary - In 2023, the company's revenue reached 224.26 billion, a year-on-year increase of 11.27%, with net profit attributable to shareholders at 35.24 billion, up 12.07% [1][3] - The dividend payout ratio is expected to be 40%, marking a return to near historical highs [1] - The company anticipates a sales volume of gypsum boards in Q4 to be approximately 5.2 billion, reflecting a year-on-year increase of about 4.6% [1] Revenue and Profitability Metrics - The report indicates that the company's revenue for 2024 is projected to be 27,093 million, with a growth rate of 21% [3] - The operating profit (EBIT) is expected to reach 4,872 million in 2024, with a net profit of 4,535 million [3] - The gross margin is expected to improve to 18.0% in 2024, reflecting better cost control and competitive strength [3] Market Position and Competitive Advantage - The company is positioned as a leading player in the new materials industry, benefiting from a strong supply chain and improved pricing power in the gypsum board market [1][3] - The report notes that the company's competitive edge is being strengthened through effective supply chain management and product pricing strategies [1]