wanhua(SH:600309) Shanxi Securities·2024-08-13 23:36Investment Rating - The report maintains a "Buy-B" rating for Wanhua Chemical (600309.SH) [1] Core Views - The polyurethane industry demand continues to grow, with the company achieving a revenue of 35.455 billion yuan from polyurethane series, up 8.19% year-on-year, and a sales volume of 2.69 million tons, up 14.47% year-on-year [1][3] - The company is expected to benefit from the ethane cracking project, which will bring additional volume, and the optimization of product structure is progressing steadily [2][5] Financial Performance - For the first half of 2024, the company reported total revenue of 97.067 billion yuan, a year-on-year increase of 10.77%, while the net profit attributable to shareholders decreased by 4.6% to 8.174 billion yuan [3] - The company’s gross margin for the first half of 2024 was 16.41%, a slight decline of 0.01 percentage points year-on-year, with a period expense ratio of 5.5%, up 0.67 percentage points from the previous year [1][3] Future Projections - The projected net profits for 2024, 2025, and 2026 are 17.061 billion yuan, 22.176 billion yuan, and 25.463 billion yuan respectively, with corresponding EPS of 5.43, 7.06, and 8.11 yuan [5][6] - The company’s P/E ratios for the same years are expected to be 13.8, 10.6, and 9.2 times [5][6] Market Conditions - The global polyurethane industry demand remains strong, with growth in markets such as refrigeration and automotive, while the petrochemical industry is experiencing low profit levels due to various factors including international oil price fluctuations [1][3]