wanhua(SH:600309) Zhongyuan Securities·2025-04-16 10:58Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase in stock price relative to the market index [1][4][7]. Core Insights - The company achieved an operating revenue of 182.069 billion yuan in 2024, representing a year-on-year growth of 3.38%. However, the net profit attributable to the parent company was 13.033 billion yuan, down 22.49% year-on-year [4][6]. - The first quarter of 2025 saw a decline in revenue to 43.068 billion yuan, a decrease of 6.70% year-on-year, with net profit dropping 25.87% to 3.082 billion yuan [4][6]. - The company is actively addressing global economic uncertainties by enhancing its global channel layout and improving operational efficiency through digital resource investments [4][6]. Summary by Sections Financial Performance - In 2024, the company reported a polyurethane sales volume of 5.64 million tons, up 15.34% year-on-year, and a petrochemical product sales volume of 5.47 million tons, up 15.89% year-on-year [4][6]. - The average prices for key products such as pure MDI and polymer MDI fell by 5.28% and rose by 8.18%, respectively, while TDI and soft foam polyether prices decreased by 20.09% and 9.55% [4][6]. - The overall gross margin for the year was 16.16%, down 0.61 percentage points from the previous year, primarily due to increased R&D expenses and significant impairment losses [4][6]. Future Outlook - The company has a robust pipeline of new projects, including the production of 200,000 tons of POE and 48,000 tons of citral, which are expected to contribute to future growth [4][6]. - Earnings per share (EPS) for 2025 and 2026 are projected to be 4.53 yuan and 5.73 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 12.42 and 9.82 based on the closing price of 56.26 yuan on April 15 [4][6].