wanhua(SH:600309) Minsheng Securities·2025-04-16 06:16Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a sales revenue of 182.07 billion yuan in 2024, a year-on-year increase of 3.83%, while the net profit attributable to shareholders was 13.03 billion yuan, down 22.49% year-on-year [1]. - In Q1 2025, the company reported a sales revenue of 43.07 billion yuan, a decrease of 6.70% year-on-year but an increase of 24.96% quarter-on-quarter [1]. - The company has maintained steady growth in product sales across its three main segments: polyurethane, petrochemicals, and fine chemicals, with significant year-on-year increases in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 13.03 billion yuan, with a projected decline in net profit to 12.19 billion yuan in 2025, followed by a recovery to 13.64 billion yuan in 2026 and 15.99 billion yuan in 2027 [6][10]. - The projected sales revenue for 2025 is 228.09 billion yuan, reflecting a growth rate of 25.3% [6][10]. Product Sales - In 2024, the company sold 564 million tons of polyurethane products, up 15.34% year-on-year, and 547 million tons of petrochemical products, up 15.89% year-on-year [2]. - In Q1 2025, the sales volume of polyurethane products was 145 million tons, showing a year-on-year increase of 8.09% but a quarter-on-quarter decrease of 5.84% [2]. Research and Development - The company has made significant advancements in R&D, including the successful launch of new technologies that enhance product quality and reduce costs, maintaining its global leadership in MDI and TDI products [3]. - New production facilities have been established, including the world's largest single-unit capacity for POCHP and advancements in fine chemicals and high-end materials [3]. Competitive Position - As of the end of 2024, the company had an MDI capacity of 3.8 million tons, expected to increase to 4.5 million tons by 2026, solidifying its position as the largest global supplier of MDI and TDI [4]. - The company is also expanding its petrochemical business with new projects expected to enhance profitability [4].