BNBMPLC(SZ:000786) 光大证券研究·2025-03-31 06:59Core Viewpoint - The company reported a revenue of 25.82 billion and a net profit of 3.65 billion for the year 2024, reflecting a year-on-year growth of 15.1% and 3.5% respectively, indicating stable performance despite challenges in the gypsum board segment [2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 25.82 billion, with a net profit attributable to shareholders of 3.65 billion and a net profit excluding non-recurring items of 3.56 billion, representing year-on-year increases of 15.1%, 3.5%, and 1.8% respectively [2]. - The fourth quarter of 2024 saw revenues of 5.46 billion, with a net profit of 0.50 billion and a net profit excluding non-recurring items of 0.49 billion, showing a year-on-year growth of 1.5% but a decline in net profit by 34.7% and 37.8% respectively [2]. - The operating cash flow for 2024 was 5.13 billion, marking an 8.5% increase year-on-year [2]. Group 2: Segment Performance - The gypsum board and keel segments generated revenues of 13.11 billion and 2.29 billion respectively, with declines of 4.8% and 0.1% year-on-year, indicating pressure from external demand [3]. - The sales volume and unit price of gypsum boards decreased by 0.05% and 4.7% respectively, leading to a calculated gross profit of 2.32 per square meter, down 4.7% year-on-year [3]. - The waterproof membrane and waterproof engineering segments reported revenues of 3.32 billion and 0.41 billion, with increases of 19.2% and a decline of 8.1% respectively, showcasing resilience in the waterproof membrane segment [3]. - The coatings business achieved a revenue of 4.14 billion, a significant increase of 328%, primarily due to the consolidation of Jia Baoli [3]. - The "gypsum board+" related businesses generated revenues of 2.55 billion, reflecting a year-on-year growth of 17.7% [3]. Group 3: Profitability and Cost Structure - The company's gross margin remained stable at 29.9%, with the gypsum board gross margin at 38.51%, a slight increase of 0.02 percentage points year-on-year, attributed to cost reduction and efficiency improvements [4]. - The average prices of recycled yellow board paper and thermal coal decreased by 4% and 11% respectively, contributing to the stable gross margin [4]. - The selling, administrative, and R&D expense ratios were 5.6%, 4.4%, and 4.1% respectively, with increases of 1.4, 0.7, and a decrease of 0.1 percentage points, mainly due to the acquisition of Jia Baoli [4]. - The net profit margin for the company was 14.4%, down 1.4 percentage points year-on-year, with the fourth quarter net profit margin at 9.7%, a decline of 4.9 percentage points [4].