wanhua(SH:600309) Minsheng Securities·2024-09-19 12:00Investment Rating - The report maintains a "Recommended" rating for Wanhua Chemical with a target price of 75.61 CNY [2] Core Views - The Federal Reserve's recent interest rate cut is expected to benefit MDI exports, particularly in the North American real estate market, which has been suppressed by high mortgage rates [2] - Wanhua Chemical is a leading player in the domestic chemical industry, with strong competitive advantages established through continuous technological innovation and industry chain layout [2][3] - The company is projected to see significant revenue growth, with expected revenues of 175.36 billion CNY in 2024, increasing to 286.79 billion CNY by 2026 [3] Financial Forecasts - Revenue projections for Wanhua Chemical are as follows: - 2024: 175.36 billion CNY - 2025: 198.80 billion CNY - 2026: 235.41 billion CNY - 2027: 286.79 billion CNY [3] - Net profit attributable to shareholders is forecasted to be: - 2024: 16.82 billion CNY - 2025: 17.23 billion CNY - 2026: 21.64 billion CNY - 2027: 24.47 billion CNY [3] - The report anticipates a PE ratio of 14x for 2024, decreasing to 10x by 2026 [2][3] Market Position - The United States is identified as the largest export destination for Wanhua Chemical's MDI products, accounting for approximately 25.17% of the company's exports in 2023 [2] - The company is the main exporter of MDI to the U.S., with a significant portion of its revenue derived from the insulation sector [2]