Investment Rating - The report maintains a "Buy" rating for Hechang Polymer [2] Core Views - The company benefits from favorable policies in the automotive and home appliance industries, leading to steady growth in performance for the full year 2024 and Q1 2025. In 2024, the company achieved a revenue of 1.613 billion yuan, a year-on-year increase of 13.84%, and a net profit attributable to shareholders of 121 million yuan, up 4.39% year-on-year. For Q1 2025, revenue reached 435 million yuan, a year-on-year increase of 32.23%, with a net profit of 34 million yuan, up 12.54% year-on-year [2][3] Summary by Sections Revenue and Profitability - The company reported a total revenue of 1.613 billion yuan for 2024, with a year-on-year growth of 13.84%. The net profit attributable to shareholders was 121 million yuan, reflecting a 4.39% increase year-on-year. The first quarter of 2025 saw revenue of 435 million yuan, a significant year-on-year increase of 32.23%, and a net profit of 34 million yuan, up 12.54% year-on-year [2][3] Product Segmentation - Over 80% of revenue comes from modified polyethylene, with a year-on-year revenue increase of 17%. The modified polypropylene segment, which serves the automotive sector, generated 1.352 billion yuan in revenue, up 17.07% year-on-year, accounting for 83.84% of total revenue. Other modified plastics saw a revenue increase of 4.39% to 206 million yuan, while the plastic sheet segment experienced a decline of 30.06% to 42 million yuan due to reduced order volume [3][4] Industry Position and Demand Drivers - Hechang Polymer is positioned as a small giant in the modified plastics industry, driven by demand from the automotive and home appliance sectors. The use of modified plastics in vehicles is expected to increase, with projections indicating a rise to 210 kg per vehicle by 2026. The home appliance sector is also anticipated to see a marginal recovery in demand due to consumption upgrades and replacement needs [4] Financial Forecasts - The report adjusts the net profit forecasts for 2025 and 2026 to 146 million yuan and 166 million yuan, respectively, while introducing a new forecast for 2027 at 189 million yuan. The corresponding P/E ratios are projected at 16.33, 14.32, and 12.61 times for 2025, 2026, and 2027, respectively. The company is expected to achieve long-term stable growth, justifying the "Buy" rating [4]
禾昌聚合（832089）：2024年报、2025一季报点评：受益汽车轻量化与家电换新升级，业绩同比稳步增长