wanhua(SH:600309) ZHESHANG SECURITIES·2025-05-06 03:15Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in 2024 was under pressure due to declining profitability in certain products and asset impairment provisions, resulting in a year-on-year decline in net profit by 22.49% to 13.03 billion yuan [2][9] - Despite short-term challenges, the company is focusing on high-quality development and technological innovation, which is expected to enhance its core competitiveness in the long run [8][9] Financial Summary - In 2024, the company achieved operating revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while the net profit attributable to shareholders was 13.03 billion yuan, down 22.49% [2][10] - For Q1 2025, the company reported operating revenue of 43.07 billion yuan, a year-on-year decrease of 6.70%, but a quarter-on-quarter increase of 24.96% [1][2] - The projected net profit for 2025-2027 is expected to be 13.38 billion yuan, 16.56 billion yuan, and 18.68 billion yuan respectively, with corresponding EPS of 4.26, 5.27, and 5.95 yuan [9][10] Business Performance - The company's MDI and TDI products maintain a global leading position, with ongoing technological advancements and capacity expansions [8][9] - The company is strategically focusing on high-quality development in the petrochemical sector, including partnerships for specialized polyethylene production [8] Market Outlook - The company is expected to face short-term export challenges to the U.S. due to increased tariffs, but long-term impacts are manageable as the company can explore new markets [7][9] - The overall industry supply-demand balance remains stable, with the company positioned to leverage its competitive advantages [7][8]