Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading player in the polyurethane raw materials sector, focusing on the research, production, and sales of polyurethane raw materials and other downstream derivatives [1][10] - The company is expected to see significant profit growth, with projected net profits of 150 million, 178 million, and 215 million yuan for 2024, 2025, and 2026 respectively, corresponding to EPS of 0.52, 0.61, and 0.74 yuan per share [1][4] - The report highlights the favorable market conditions for the polyurethane industry in China, with a projected CAGR of 4.79% from 2021 to 2027 [2][23] Summary by Sections Company Overview - The company specializes in polyurethane raw materials and has a strong presence in the construction of sports venues [1][10] - It has achieved a market share of 34.61% in the CPU product category, ranking first nationally [3][19] Market Trends - The global polyurethane industry is shifting towards China, with significant growth potential in the elastomer market, expected to grow at a rate of 9-11% from 2023 to 2028 [2][23] - The domestic polyurethane market is projected to reach 237.9 billion yuan by 2027 [2][23] Financial Performance - The company reported a revenue of 6.308 billion yuan in 2022, with a slight decline in 2023, but is expected to rebound with a growth of 10.5% in 2024 [4][16] - The net profit for the first half of 2024 is projected to grow by 24.45% year-on-year, indicating strong cost control measures [16][20] Product Segmentation - The company's main products include elastomers, polyester, and polyether, with a growing revenue contribution from these categories [18][19] - The report details the various product categories, including CPU, TPU, and other derivatives, which are crucial for the company's revenue [14][19]
一诺威：北交所公司深度报告：聚氨酯CPU全国单项冠军，技术+产业链共建竞争优势