wanhua(SH:600309) Shanxi Securities·2024-10-30 03:30Investment Rating - The report maintains a "Buy-B" rating for Wanhua Chemical [2][5][8] Core Views - Wanhua Chemical's revenue for Q3 2024 was 505.37 billion yuan, a year-on-year increase of 12.48%, but the net profit attributable to shareholders decreased by 29.41% year-on-year due to rising raw material costs and declining product prices [3][4] - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 143.2 billion, 157.45 billion, and 187.68 billion yuan respectively, with corresponding EPS of 4.56, 5.01, and 5.98 yuan [1][5] Financial Performance - For the first three quarters of 2024, Wanhua Chemical achieved a revenue of 1,476.04 billion yuan, a year-on-year increase of 11.35%, while the net profit was 110.93 billion yuan, down 12.67% [2][3] - The gross profit margin for the first three quarters was 15.38%, a decrease of 1.38 percentage points year-on-year [4] - The company reported a diluted EPS of 3.53 yuan and a return on equity (ROE) of 12.11% as of September 2024 [1][5] Sales and Volume - The sales volume of polyurethane products increased by 14.21% year-on-year, with revenue from this segment reaching 542.45 billion yuan, up 8.32% [3][4] - The petrochemical segment saw a revenue increase of 19.49% year-on-year, although the sales volume decreased by 58.76% [3][4] Cost and Pricing - The average price of pure benzene increased by 13.46% year-on-year, impacting the company's cost structure [3][4] - The report notes that the prices of major products have generally declined, leading to a contraction in industry chain profits [3][4]