研报掘金丨东方证券：华谊集团业绩稳步增长，维持“买入”评级

Core Viewpoint - Huayi Group shows steady growth in performance with strong operational resilience, achieving a net profit attributable to shareholders of 490 million yuan in the first half of the year, a year-on-year increase of 1.50% after adjustments for acquisitions in 2024 [1] Financial Performance - The sales prices of various segments, including methanol, acetic acid and esters, industrial gases, propylene and downstream products, and tires, have declined compared to the same period last year, leading to a decrease in overall gross margin from 8.48% in H1 2024 to 7.82% [1] - The propylene and downstream products segment experienced a significant volume decline of 13.2% due to maintenance at the Guangxi base in the first half of the year [1] Investment Outlook - Despite the slight year-on-year decline in performance across chemical segments due to macroeconomic factors and maintenance, the company maintains stable investment income and effective expense management, resulting in a small increase in net profit attributable to shareholders [1] - The forecast for earnings per share for the company from 2025 to 2027 is 0.43 yuan, 0.60 yuan, and 0.60 yuan respectively, with a target price of 10.32 yuan based on a 24x PE ratio of comparable companies for 2025, maintaining a "buy" rating [1]