wanhua(SH:600309) KAIYUAN SECURITIES·2025-04-16 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The company's performance in Q4 2024 was under pressure, but there is optimism for future performance recovery and long-term growth, supported by ongoing expansion in polyurethane capacity [6][8] - In 2024, the company achieved operating revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while net profit attributable to shareholders was 13.03 billion yuan, a year-on-year decrease of 22.49% [6][10] - The company is expected to benefit from the recovery in the chemical sector, with new projects set to drive revenue growth in the coming years [6][8] Financial Performance Summary - In Q4 2024, the company reported operating revenue of 34.47 billion yuan, down 19.49% year-on-year and 31.80% quarter-on-quarter, with a net profit of 1.94 billion yuan, down 52.83% year-on-year and 33.55% quarter-on-quarter [6][10] - For Q1 2025, the company achieved revenue of 43.07 billion yuan, a decrease of 6.70% year-on-year but an increase of 24.96% quarter-on-quarter, with a net profit of 3.08 billion yuan, down 25.87% year-on-year but up 58.89% quarter-on-quarter [6][10] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 14.56 billion yuan, 17.39 billion yuan, and 20.44 billion yuan respectively, with corresponding EPS of 4.64 yuan, 5.54 yuan, and 6.51 yuan [6][10] Production Capacity and Market Position - As of the end of 2024, the company had an MDI production capacity of 3.8 million tons/year and TDI production capacity of 1.11 million tons/year, with plans for further expansion [8] - The company is expected to complete a 700,000 tons/year MDI capacity upgrade by Q2 2026 and a new 330,000 tons/year TDI project by May 2025 [8] - The company is positioned to continue its growth trajectory as a leading player in the global chemical industry [8]