Miracll(300848) 华安证券·2025-04-24 04:30Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2] Core Views - The company's performance met expectations, with the polyurethane integration project gradually ramping up production [2] - In 2024, the company achieved operating revenue of 1.658 billion yuan, a year-on-year increase of 12.42%, while the net profit attributable to the parent company was 78 million yuan, a year-on-year decrease of 11.70% [5] - The TPU market demand remained stable in 2024, with a notable increase in production and sales of polyurethane new materials, achieving a production volume of 100,500 tons and sales volume of 97,200 tons, representing year-on-year increases of 23.20% and 22.23% respectively [7][8] Financial Performance - The company reported a gross profit margin of 12.91% in 2024, a decrease of 1.13 percentage points year-on-year, and a net profit margin of 4.25%, down 1.72 percentage points year-on-year [5] - The projected net profit for 2025-2027 is estimated at 115 million, 204 million, and 274 million yuan respectively, with corresponding P/E ratios of 62.96X, 35.48X, and 26.38X [10][12] - The company's total assets are projected to grow from 3.85 billion yuan in 2024 to 8.63 billion yuan in 2027 [13] Production Capacity Expansion - The company has successfully launched its 100,000-ton TPU new capacity and the first phase of the polyurethane industrial park, which includes the production of key specialty monomers [8][9] - The expansion projects are expected to enhance the company's production capacity and improve the proportion of high-end TPU products, thereby strengthening its product layout [9]