Investment Rating - The report assigns an "Accumulate" rating to the company, marking the first coverage of the stock [1]. Core Views - The company is a leading manufacturer of polyurethane raw materials and other downstream derivative products in China, with a focus on research, production, and sales [5]. - The company achieved a revenue of 68.57 billion yuan in 2024, representing a year-on-year growth of 8.92%, and a net profit attributable to shareholders of 1.77 billion yuan, up 38.72% year-on-year [5]. - The report forecasts revenue growth for the company, projecting revenues of 75.51 billion yuan in 2025, 83.67 billion yuan in 2026, and 92.74 billion yuan in 2027, with net profits of 1.83 billion yuan, 2.14 billion yuan, and 2.38 billion yuan respectively [4][5]. Financial Summary - The company’s revenue and profit forecasts for the upcoming years are as follows: - 2023A: Revenue 62.96 billion yuan, Net Profit 1.27 billion yuan - 2024A: Revenue 68.57 billion yuan, Net Profit 1.77 billion yuan - 2025E: Revenue 75.51 billion yuan, Net Profit 1.83 billion yuan - 2026E: Revenue 83.67 billion yuan, Net Profit 2.14 billion yuan - 2027E: Revenue 92.74 billion yuan, Net Profit 2.38 billion yuan [4][6]. - The company’s earnings per share (EPS) is projected to be 0.63 yuan in 2025, increasing to 0.82 yuan by 2027 [4][6]. Market Position - The company holds a competitive edge in the polyurethane industry, with its CPU products recognized as a national manufacturing champion and its combination ether products as a provincial champion in Shandong [5]. - The domestic production capacity for polyether polyols is expected to grow at a compound annual growth rate (CAGR) of 12.5% over the next five years, indicating a robust market environment [5].
一诺威：聚氨酯领先企业，业绩逆势增长-20250516