wanhua(600309) 长江证券·2025-03-20 08:09Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. 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 after deducting non-recurring gains and losses fell by 18.7% to 13.36 billion yuan [2][4]. - In the fourth quarter of 2024, the company achieved a revenue of 34.46 billion yuan, a year-on-year decline of 19.5% and a quarter-on-quarter decline of 31.8%. The net profit attributable to shareholders was 1.94 billion yuan, down 52.8% year-on-year and 33.5% quarter-on-quarter [2][4]. - 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 [9]. - The polyurethane segment shows an upward profit trend, with expected improvements in MDI/TDI profitability driven by new capacity releases and demand from end markets like home appliances [9]. - The petrochemical segment is expected to improve profitability, with the C3/C4 and C2 comprehensive price differentials increasing by 22.8% and 2.1% respectively in Q1 2025 [9]. - The fine chemicals and new materials segment continues to expand, with the company closely tracking key target customers and actively exploring emerging market opportunities [9]. Financial Summary - For 2024, the company’s total revenue is projected at 182.07 billion yuan, with operating costs of 154.93 billion yuan, resulting in a gross profit of 27.14 billion yuan, which is a decrease from the previous year [18]. - The net profit attributable to shareholders is forecasted to be 13.03 billion yuan for 2024, with expectations of 15.24 billion yuan and 18.13 billion yuan for 2025 and 2026 respectively [9][18]. - The company’s earnings per share (EPS) is expected to be 4.15 yuan in 2024, increasing to 4.85 yuan in 2025 and 5.78 yuan in 2026 [18].