HUALU-HENGSHENG(600426) 华创证券·2025-03-31 02:47Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - The company is expected to see continuous profit recovery driven by the ramp-up of new projects and cost optimization efforts [1]. - The report highlights a significant increase in total revenue for 2024, reaching 34.226 billion yuan, a year-on-year growth of 25.6% [2][6]. - The net profit attributable to shareholders is projected to be 3.903 billion yuan for 2024, reflecting a year-on-year increase of 9.1% [2][6]. Financial Summary - Revenue Forecast: - 2024A: 34,226 million yuan - 2025E: 38,647 million yuan (12.9% growth) - 2026E: 41,524 million yuan (7.4% growth) - 2027E: 43,924 million yuan (5.8% growth) [2][7] - Net Profit Forecast: - 2024A: 3,903 million yuan - 2025E: 4,178 million yuan (7.1% growth) - 2026E: 4,714 million yuan (12.8% growth) - 2027E: 5,096 million yuan (8.1% growth) [2][7] - Earnings Per Share (EPS): - 2024A: 1.84 yuan - 2025E: 1.97 yuan - 2026E: 2.22 yuan - 2027E: 2.40 yuan [2][7] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025 is projected at 14 times, with a target price of 27.58 yuan based on current market conditions [2][6]. Operational Insights - The company has seen revenue contributions from various segments, including new energy materials, chemical fertilizers, organic amines, and acetic acid derivatives, with notable growth in the acetic acid segment at 98.34% year-on-year [6]. - The report indicates that the company has successfully optimized its product mix and improved operational efficiency, leading to stable revenue growth despite some price declines in key products [6]. Future Outlook - The company is expected to benefit from improved margins in the first quarter of 2025 due to rising urea prices driven by spring planting demand and a decrease in coal prices, which will alleviate cost pressures [6]. - The ongoing projects and new material product developments are anticipated to provide new growth momentum for the company in the medium to long term [6].