中化国际（600500）：减值拖累2024全年业绩，25Q1经营减亏

Investment Rating - The investment rating for Sinochem International is maintained at "Buy" [1] Core Views - The report indicates that the company's performance in 2024 was significantly impacted by impairment losses, leading to a net profit of -2.84 billion yuan, a year-on-year decrease of 53.52% [4][6] - In Q4 2024, the company reported a revenue of 13.43 billion yuan, a year-on-year increase of 19.32%, but a net loss of 2.32 billion yuan, reflecting a substantial decline in profitability [6] - The first quarter of 2025 showed a reduction in losses, with a net loss of 396 million yuan, which is a 38.64% decrease year-on-year [5][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 52.93 billion yuan, down 2.48% year-on-year, and a net profit of -2.84 billion yuan [4][6] - The Q4 2024 results showed a significant decline in net profit, primarily due to impairment provisions totaling 1.606 billion yuan [6] - The first quarter of 2025 reported a revenue of 10.80 billion yuan, a decrease of 7.01% year-on-year, but an improvement in net loss compared to the previous quarter [5][7] Business Strategy - The company is focusing on building a "2+2" core industrial chain, with a rich pipeline of projects under construction [8][9] - It aims to strengthen its position in epoxy resin and polymer additives, while also expanding into engineering plastics and specialty fibers [9] Profit Forecast - The forecast for net profit from 2025 to 2027 is -729 million yuan, 48 million yuan, and 421 million yuan respectively, with corresponding P/E ratios of 276.89 and 31.47 [10][11]