wanhua(SH:600309) Great Wall Securities·2024-08-22 03:38Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical, expecting the stock price to outperform the industry index by over 15% in the next six months [4][17]. Core Views - Wanhua Chemical's main business remains stable, with a positive outlook on the long-term development of its new materials segment. The polyurethane segment shows steady performance, while the fine chemicals and new materials segments have negatively impacted overall profitability [2][10]. Financial Summary - Revenue for 2022 was 165,565 million, with a year-on-year growth of 13.8%. For 2023, revenue is projected at 175,361 million, reflecting a growth rate of 5.9%. The forecast for 2024 is 197,407 million, with a growth rate of 12.6% [1][12]. - Net profit attributable to shareholders for 2022 was 16,234 million, down 34.1% year-on-year. The 2023 estimate is 16,816 million, with a growth of 3.6%, and for 2024, it is projected at 18,453 million, reflecting a growth of 9.7% [1][12]. - The company's return on equity (ROE) for 2022 was 21.0%, decreasing to 19.4% in 2023, with a forecast of 18.2% for 2024 [1][12]. Segment Performance - In the first half of 2024, revenue from the polyurethane segment was 354.55 billion, with a year-on-year growth of 8.19%. The petrochemical segment generated 395.75 billion, growing by 9.53%, while the fine chemicals and new materials segment brought in 129.79 billion, with a growth of 15.23% [2]. - The gross margin for the polyurethane segment was 28.00%, while the fine chemicals and new materials segment saw a decline to 16.99% [2]. Price Trends - The average price for pure MDI in East China was 19,422 yuan/ton, up 3.07% year-on-year. The average price for polymer MDI was 16,538 yuan/ton, increasing by 6.71%. However, TDI prices fell to 15,713 yuan/ton, down 14.91% [2]. Capacity Expansion - Wanhua Chemical has expanded its MDI capacity from 400,000 tons/year to 800,000 tons/year. The TDI capacity is also set to increase from 250,000 tons/year to 360,000 tons/year [9]. The company is actively investing in new materials and fine chemicals, with several projects expected to commence production in 2024 [10].