wanhua(SH:600309) Xin Lang Cai Jing·2025-10-31 03:28Core Viewpoint - Wanhua Chemical is a leading global player in the polyurethane industry, with a strong focus on isocyanate products and a differentiated advantage in technology and the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Wanhua Chemical achieved a revenue of 144.226 billion yuan, ranking first in the industry, significantly higher than the second-ranked Yinuowei at 5.577 billion yuan [2] - The main business composition includes polyurethane series at 36.888 billion yuan (40.58%), petrochemical series at 34.934 billion yuan (38.43%), fine chemicals and new materials at 15.628 billion yuan (17.19%), and others at 11.33 billion yuan (12.46%) [2] - The net profit for the same period was 10.088 billion yuan, also ranking first in the industry, far exceeding Yinuowei's 164 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wanhua Chemical's debt-to-asset ratio was 64.57%, down from 67.19% year-on-year but still above the industry average of 37.87% [3] - The gross profit margin for the same period was 13.44%, a decrease from 15.38% year-on-year and below the industry average of 14.96% [3] Group 3: Executive Compensation - Chairman Liao Zengtai's salary for 2024 is 1.7237 million yuan, an increase of 559,400 yuan from 2023 [4] - President Kou Guangwu's salary for 2024 is 5.0982 million yuan, a decrease of 187,100 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.49% to 243,600 [5] - The average number of circulating A-shares held per shareholder increased by 10.16% to 12,900 [5] Group 5: Analyst Ratings and Future Projections - Changjiang Securities maintains a "Buy" rating, projecting net profits for 2025-2027 to be 12.18 billion, 16.34 billion, and 20.23 billion yuan respectively [6] - Dongwu Securities also maintains a "Buy" rating, adjusting net profit projections for 2025-2027 to 12.7 billion, 16.1 billion, and 18.1 billion yuan, with year-on-year growth rates of -3%, +27%, and +13% respectively [6]