wanhua(SH:600309) Tianfeng Securities·2025-05-09 04:43Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company achieved an operating revenue of 182.07 billion yuan in 2024, a year-on-year increase of 3.83%, but the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [1][9] - The company plans to distribute a cash dividend of 12.5 yuan per 10 shares based on a total share capital of 3.14 billion shares [1][9] - The first quarter of 2025 saw a decline in revenue to 43.07 billion yuan, down 6.7% year-on-year, with a net profit of 3.08 billion yuan, a decrease of 25.87% [1][9] Revenue Breakdown - In 2024, the company’s revenue from three main business segments was as follows: - Polyurethane series: 75.84 billion yuan, up 12.6% year-on-year - Petrochemical series: 72.52 billion yuan, up 4.6% year-on-year - Fine chemicals and new materials series: 28.27 billion yuan, up 18.6% year-on-year - Other main businesses generated 21.13 billion yuan, down 23.1% year-on-year [2][10] Profitability Analysis - The company’s gross profit margin was 16.2%, a slight decline of 0.6 percentage points year-on-year, with the following segment margins: - Polyurethane series: 26.2% - Petrochemical series: 3.5% - Fine chemicals and new materials series: 12.8% [2][11] Expense and Impairment - The company’s expense ratio for 2024 was 6.2%, with significant increases in sales, management, and financial expenses [3][41] - The company recorded an asset impairment loss of 740 million yuan, impacting overall profitability [3][42] Future Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is as follows: - 2025: 13.13 billion yuan - 2026: 16.31 billion yuan - 2027: 22.48 billion yuan - The previous estimates for 2025 and 2026 were 19.4 billion yuan and 23.5 billion yuan, respectively [4][52]