wanhua(SH:600309) Xin Lang Cai Jing·2025-04-16 06:26Core Viewpoint - Wanhua Chemical reported a revenue of 182.069 billion RMB for FY2024, a year-on-year increase of 4%, but a net profit attributable to shareholders of 13.033 billion RMB, a decrease of 22% year-on-year. For Q1 2025, the company achieved a revenue of 43.068 billion RMB, down 7% year-on-year, and a net profit of 3.082 billion RMB, down 26% year-on-year [1][3]. Group 1: Financial Performance - For FY2024, Wanhua Chemical's revenue was 182.069 billion RMB, with a net profit of 13.033 billion RMB, reflecting a 4% increase in revenue but a 22% decrease in net profit year-on-year [1]. - In Q1 2025, the company reported a revenue of 43.068 billion RMB, which is a 7% decline year-on-year, and a net profit of 3.082 billion RMB, down 26% year-on-year [1][3]. - The sales volume for polyurethane, petrochemicals, and new materials in Q1 2025 showed a year-on-year increase of 11%, -1%, and 23% respectively, while average prices decreased by 5%, 11%, and 2% respectively [3]. Group 2: Market Dynamics - In Q1 2025, the overall market saw a decrease in prices, leading to weakened price differentials and performance pressure, particularly in the export of MDI, while TDI saw volume growth driven by price adjustments [3]. - The price differentials for MDI, TDI, and rigid foam polyether in Q1 2025 were +10%, -25%, and -10% year-on-year, with MDI maintaining relatively high profitability [3]. - The export volumes for MDI and TDI in January-February 2025 were down 19% and up 88% year-on-year respectively, indicating a shift in market dynamics [3]. Group 3: Strategic Developments - Wanhua Chemical successfully acquired the specialty isocyanate business of Vencorex in France on April 10, 2025, which is expected to strengthen its market position and technological barriers in the specialty isocyanate sector [2][4]. - The acquisition includes key production facilities and intellectual property, enhancing Wanhua's capabilities and market presence in Europe, while also providing a stable foundation for future growth [4]. - The acquisition allows Wanhua to bypass trade barriers and enhances customer confidence, contributing to stable cooperation and future growth prospects [4]. Group 4: Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 13.044 billion RMB, 18.949 billion RMB, and 25.604 billion RMB for the years 2025 to 2027 [5]. - The investment rating for Wanhua Chemical is maintained at "Recommended" [5].