wanhua(SH:600309) Guoxin Securities·2024-08-13 06:48Investment Rating - The investment rating for Wanhua Chemical is "Outperform the Market" [1][4][22]. Core Views - In Q2 2024, the company's revenue increased on a quarter-on-quarter basis, while net profit attributable to shareholders declined slightly. Revenue reached 50.91 billion yuan (up 11% year-on-year, up 10% quarter-on-quarter), and net profit was 4.02 billion yuan (down 11% year-on-year, down 3% quarter-on-quarter) [1][5]. - The polyurethane segment saw growth in both revenue and production volume, supported by strong demand in the refrigerator and freezer export markets [1][10][11]. - The petrochemical segment experienced a slight increase in sales volume, but product prices fluctuated due to international oil price volatility and weak downstream demand [1][17]. - The fine chemicals and new materials segment also reported increases in production and sales volume, with revenue stability [1][18]. Summary by Relevant Sections Financial Performance - Q2 2024 revenue was 50.91 billion yuan, with a gross margin of 15.3% and a net margin of 8.7%. The total expense ratio was 5% [1][5]. - The company adjusted its net profit forecasts for 2024-2026 to 17.32 billion, 19.94 billion, and 21.85 billion yuan, respectively, with corresponding EPS of 5.52, 6.35, and 6.96 yuan [1][20]. Segment Performance - Polyurethane Segment: Revenue was 17.95 billion yuan, with production and sales volumes of 1.47 million and 1.38 million tons, respectively. The segment benefited from the completion of capacity expansion projects [1][10]. - Petrochemical Segment: Revenue was 21.06 billion yuan, with a sales volume of 1.41 million tons. The segment is undergoing capacity expansions with several projects in progress [1][17]. - Fine Chemicals and New Materials Segment: Revenue was 6.87 billion yuan, with production and sales volumes of 1 million and 0.92 million tons, respectively. The segment is expanding its market share with new product launches [1][18]. Market Conditions - The global demand for polyurethane remains strong, particularly in the refrigerator, freezer, and automotive markets, while the petrochemical industry is experiencing a slight recovery but remains under pressure from low overall profits [1][11][17].