wanhua(600309) 华鑫证券·2024-11-12 10:50Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company faced pressure in Q3 2024, with a year-to-date revenue of 147.6 billion yuan, reflecting an 11.35% year-on-year increase, while net profit decreased by 12.67% to 11.1 billion yuan [2][4] - The company is entering a new phase of internationalization through a joint venture with international giants to build a specialized polyethylene integrated project in Fuzhou, expected to enhance its global competitiveness [5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 50.5 billion yuan, a 12.48% year-on-year increase, but a net profit of 2.9 billion yuan, down 29.41% year-on-year [2][3] - The company produced 1.38 million tons of polyurethane products in Q3, a 6.12% decrease from the previous quarter, but sales increased by 2.17% to 1.41 million tons [3] Raw Material Prices - Significant increases in raw material prices were noted in Q3 2024, with pure benzene up by 13.06%, propane by 25.16%, and butane by 24.35%, impacting overall net profit [4] Future Earnings Forecast - The company’s EPS is projected to be 6.20 yuan in 2024, 7.34 yuan in 2025, and 8.36 yuan in 2026, with corresponding PE ratios of 13.0, 11.0, and 9.6 [6][8]