wanhua(SH:600309) Changjiang Securities·2024-10-30 07:00Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 147.6 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.4%, while the net profit attributable to shareholders was 11.09 billion yuan, down 12.7% year-on-year [3] - The company has adopted a "three transformations and one reduction" strategy (globalization, differentiation, refinement, and cost reduction) to respond to global economic changes, leading to stable growth in production and sales [3] - The polyurethane segment is expected to see improved profitability due to the release of new capacity and recovery in end-user demand [4] - The petrochemical segment is under pressure, but the company is working on projects that may enhance the value of its ethane resources [4] - The fine chemicals and new materials segment is expanding, with new projects contributing to growth [5] - The company plans to maintain a cash dividend policy, distributing no less than 30% of the distributable profits annually over the next three years [5] - The projected net profits for 2024, 2025, and 2026 are 14.92 billion yuan, 19.78 billion yuan, and 22.71 billion yuan, respectively [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 50.54 billion yuan, a year-on-year increase of 12.5% but a quarter-on-quarter decrease of 0.7% [3] - The net profit for Q3 2024 was 2.92 billion yuan, down 29.4% year-on-year and 27.3% quarter-on-quarter [3] Business Segments - Polyurethane: MDI and TDI price spreads showed positive trends, with expectations for improved profitability in Q4 2024 [4] - Petrochemicals: The segment faced low profitability, but ongoing projects are expected to enhance the value of ethane resources [4] - Fine Chemicals and New Materials: The segment is expanding with new projects, contributing to overall growth [5] Dividend Policy - The company will focus on cash dividends, ensuring a stable profit distribution policy [5]