SINOCHEM INTERNATIONAL(SH:600500) Minsheng Securities·2024-07-11 01:00Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of the parent company between 9.5 million and 14.25 million yuan for the first half of 2024, marking a turnaround from a loss in the previous year [1]. - The company has successfully optimized its operational efficiency by revitalizing assets, including the sale of a 70% stake in Shanghai Dehuan Real Estate Co., Ltd., which generated approximately 1.517 billion yuan in cash inflow [2]. - The price of epoxy resin has stabilized, and the company has seen a steady increase in sales, with a year-on-year growth of about 10% in the first quarter [3]. Financial Forecasts - The company forecasts net profits attributable to shareholders of 137 million yuan, 830 million yuan, and 1.269 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.04 yuan, 0.23 yuan, and 0.35 yuan [4][5]. - The current price of the stock is 3.56 yuan, with projected PE ratios of 93x for 2024, 15x for 2025, and 10x for 2026 [4][5].