BNBMPLC(SZ:000786) Dongxing Securities·2024-04-30 02:30Investment Rating - The report maintains a "Strong Buy" rating for the company [1][7]. Core Views - The company achieved a revenue of 5.944 billion yuan in Q1 2024, representing a year-on-year growth of 24.62%. The net profit attributable to shareholders was 822 million yuan, up 38.11% year-on-year [2]. - The integration of the acquired company, Carpoly, has significantly contributed to revenue and profit growth, despite a weak industry demand environment. The acquisition was completed on February 29, 2024, adding one month of revenue and profit to the company's figures [2][3]. - The company is leveraging its financial and resource advantages to expand market share and implement credit sales policies, which has led to stable revenue and profit growth [2]. - The annualized return on total assets for Q1 2024 was 11.22%, an increase of 2.18 percentage points year-on-year, while the return on equity (ROE) reached 13.82%, up 2.69 percentage points year-on-year [2][3]. Financial Performance Summary - The company forecasts net profits of 4.425 billion yuan, 4.920 billion yuan, and 5.538 billion yuan for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 2.62 yuan, 2.91 yuan, and 3.28 yuan [3][8]. - The current stock price corresponds to price-to-earnings (PE) ratios of 12.64, 11.36, and 10.10 for 2024, 2025, and 2026, indicating a favorable valuation [3][8]. Company Overview - The company is a leading manufacturer of gypsum board in China, holding over 60% market share in the gypsum board industry. It is actively developing its "one body, two wings" strategy by acquiring leading companies in waterproof materials and coatings [4].