BNBMPLC(000786) 华创证券·2024-04-29 07:32Investment Rating - Strong Buy (Maintained) with a target price of 39.6 RMB, current price at 30.08 RMB [1] Core Views - Revenue and net profit both showed significant growth in Q1 2024, exceeding expectations [1] - Revenue: 5.944 billion RMB, up 24.62% YoY - Net profit: 822 million RMB, up 38.11% YoY - Operating cash flow: -25.62 million RMB, up 91.52% YoY - The growth was primarily driven by existing businesses (gypsum board, gypsum board+, and waterproofing) despite weak demand in Q1 [1] - Profitability improved due to lower energy costs and the company's push towards high-end gypsum board products [1] - The acquisition of Jiabaoli contributed to increased expenses and receivables [1] - Gross margin: 28.65%, up 1.74 pct YoY - Net margin: 13.95%, up 1.44 pct YoY - Receivables increased by 142% compared to the beginning of the year Business Expansion - Diversification into multiple product categories and markets is breaking growth ceilings [1] - Gypsum board+ business achieved 150% growth in 2023 - Waterproofing business showed significant synergy effects - Coating business completed initial layout with Jiabaoli acquisition - Overseas revenue reached 222 million RMB in 2023, up 45% YoY, marking three consecutive years of high growth Financial Forecasts - Revenue and net profit are expected to grow steadily from 2024 to 2026 [2] - Revenue: 29.434 billion RMB (2024E), 33.776 billion RMB (2025E), 38.884 billion RMB (2026E) - Net profit: 4.459 billion RMB (2024E), 5.114 billion RMB (2025E), 6.037 billion RMB (2026E) - EPS: 2.64 RMB (2024E), 3.03 RMB (2025E), 3.57 RMB (2026E) - Valuation multiples: PE of 11x (2024E), 10x (2025E), 8x (2026E) [2] Key Financial Metrics - Total assets: 30.661 billion RMB (2023A), expected to grow to 42.760 billion RMB by 2026E [8] - ROE: 15.1% (2023A), expected to rise to 17.9% by 2026E [8] - Debt-to-equity ratio: 13.6% (2023A), expected to decrease to 7.5% by 2026E [8]