wanhua(600309) 国海证券·2024-08-15 11:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][20] Core Views - The company achieved a revenue of 97.067 billion yuan in the first half of 2024, representing a year-on-year growth of 10.77%, while the net profit attributable to shareholders decreased by 4.60% year-on-year to 8.174 billion yuan [4][5] - The company is progressing with new projects, including a joint venture to build a 1.6 million ton specialty polyolefin project, indicating a move towards internationalization [3][10] - The company is expected to experience high growth in the future as new capacities come online, with projected revenues of 190.616 billion yuan, 230.538 billion yuan, and 261.770 billion yuan for 2024, 2025, and 2026 respectively [10][18] Financial Performance - In Q2 2024, the company reported a revenue of 50.906 billion yuan, a year-on-year increase of 11.42%, but a net profit of 4.017 billion yuan, which is a decrease of 11.03% year-on-year [1][4] - The operating cash flow for Q2 2024 was 7.208 billion yuan, an increase of 1.53 billion yuan year-on-year [1] - The gross profit margin for Q2 2024 was 15.31%, a slight decrease compared to the previous year [1] Segment Performance - The petrochemical segment generated a revenue of 39.575 billion yuan in the first half of 2024, with a gross margin of 4.52%, reflecting a year-on-year increase of 2.22 percentage points [2] - The polyurethane segment saw a revenue of 12.979 billion yuan, with a gross margin of 16.99%, although it decreased by 5.06 percentage points year-on-year [6][12] - The company’s MDI production capacity is set to double, enhancing its competitive edge in the market [10][18] Future Outlook - The company is expected to maintain a stable dividend policy, proposing a cash dividend of 5.20 yuan per 10 shares for the first half of 2024 [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 6.06 yuan, 8.12 yuan, and 10.01 yuan respectively, indicating a positive growth trajectory [11][20] - The company’s return on equity (ROE) is projected to remain stable at around 19% for 2024, increasing to 22% by 2026 [11][20]