wanhua(SH:600309) KAIYUAN SECURITIES·2025-04-16 10:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's Q4 performance was under pressure, but there is optimism for future performance recovery and long-term growth. The company is expected to benefit from the recovery in the chemical sector and the growth in domestic demand, with new projects contributing to revenue growth [6][8] - In 2024, the company achieved a revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, but the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan. The Q4 revenue was 34.47 billion yuan, down 19.49% year-on-year and 31.80% quarter-on-quarter [6][10] - The company plans to expand its polyurethane production capacity, with MDI capacity expected to reach 4 million tons per year and TDI capacity to reach 1.11 million tons per year by the end of 2024. New projects are anticipated to drive long-term growth [8][10] Financial Summary - In 2024, the company reported a revenue of 182.07 billion yuan, with a year-on-year growth of 3.83%. The net profit attributable to shareholders was 13.03 billion yuan, down 22.49% year-on-year. The projected net profits for 2025, 2026, and 2027 are 14.56 billion yuan, 17.39 billion yuan, and 20.44 billion yuan respectively [6][10] - The company's gross margin for 2024 was 16.2%, with a net margin of 7.2%. The projected EPS for 2025, 2026, and 2027 are 4.64 yuan, 5.54 yuan, and 6.51 yuan respectively [10][13] - The company has a total market capitalization of 176.64 billion yuan, with a current stock price of 56.26 yuan, reflecting a P/E ratio of 12.1 for 2025 [1][10]