HUALU-HENGSHENG(600426) 民生证券·2025-03-31 13:21Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company achieved a total revenue of 34.226 billion yuan in 2024, representing a year-on-year growth of 25.55%. The net profit attributable to shareholders was 3.903 billion yuan, up 9.14% from the previous year [1][5]. - The sales volume across major business segments showed significant growth, particularly in acetic acid and fertilizer businesses, with acetic acid sales increasing by 116.72% year-on-year [2][3]. - The successful launch of the Jingzhou project has contributed to the company's profitability, generating 7.498 billion yuan in revenue and 919 million yuan in net profit in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 34.226 billion yuan, with a net profit of 3.903 billion yuan. The fourth quarter alone saw revenues of 9.046 billion yuan, a 14.31% increase year-on-year [1][5]. - The company expects net profits to grow to 4.408 billion yuan in 2025, 5.266 billion yuan in 2026, and 5.643 billion yuan in 2027, with corresponding EPS of 2.08, 2.48, and 2.66 yuan [4][5]. Business Segments - The new energy materials segment achieved sales of 2.5522 million tons, a 17.12% increase, while the chemical fertilizer segment saw a 44.54% increase in sales volume to 4.7115 million tons [2][3]. - The acetic acid and derivatives segment experienced a remarkable growth in sales volume, reaching 1.5504 million tons, which is a 116.72% increase year-on-year [2]. Project Development - The company is actively advancing its construction projects, including the melamine resin and nylon 66 high-end materials projects, which are expected to enhance production capacity [3]. - The Jingzhou project has been pivotal in achieving operational efficiency and profitability, with significant revenue contributions since its launch [3].