wanhua(SH:600309) Tianfeng Securities·2025-05-09 06:23Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company achieved a 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 revenue of 43.07 billion yuan, a decline of 6.7% year-on-year, with a net profit of 3.08 billion yuan, down 25.87% [1][9] Revenue Breakdown - The company’s revenue in 2024 was segmented 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: 28.27 billion yuan (up 18.6% year-on-year) - Other main businesses: 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 gross profit amounting to 29.43 billion yuan [2][11] - The gross profit for the Polyurethane series was 19.83 billion yuan, for Petrochemical series was 2.55 billion yuan, and for Fine chemicals and new materials was 3.61 billion yuan, with significant declines in the latter [2][11] Expense and Impairment - The company’s expense ratio for 2024 was 6.2%, with total expenses amounting to 6.736 billion yuan, an increase of 12.64 billion yuan year-on-year [3][41] - The company recorded an impairment loss of 740 million yuan, primarily affecting inventory and fixed assets [3][42] Future Profit Forecast - The projected net profit for 2025-2027 is estimated at 13.13 billion yuan, 16.31 billion yuan, and 22.48 billion yuan respectively, with the 2025 and 2026 forecasts revised down from previous estimates [4][52]