wanhua(600309) 长江证券·2025-03-20 06:15Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 182.07 billion yuan for 2024, reflecting a year-on-year increase of 3.8%. However, the net profit attributable to shareholders decreased by 22.5% to 13.03 billion yuan, and the net profit excluding non-recurring items fell by 18.7% to 13.36 billion yuan [6][11]. - In Q4 2024, the company achieved a revenue of 34.46 billion yuan, down 19.5% year-on-year and 31.8% quarter-on-quarter. The net profit for this quarter was 1.94 billion yuan, a decrease of 52.8% year-on-year and 33.5% quarter-on-quarter [6][11]. - The company is actively responding to global economic uncertainties by enhancing its global channel layout and improving the operational efficiency of its facilities through digital resource investments [11]. - The polyurethane segment shows an upward profit trend, with expected improvements in MDI/TDI profitability driven by increased demand from the home appliance sector [11]. - The petrochemical segment is expected to improve profitability, with the company pushing forward the construction of its ethylene projects, which may lead to a revaluation of its petrochemical business [11]. - The fine chemicals and new materials segment continues to expand, with the company focusing on key target customers and emerging market opportunities [11]. - The company is projected to achieve net profits of 15.24 billion yuan and 18.13 billion yuan in 2025 and 2026, respectively [11].