鲁西化工（000830）：业绩符合预期，煤炭成本压力缓解，在建项目陆续落地，看好公司长期发展

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance met expectations, with alleviated coal cost pressures and ongoing project developments supporting long-term growth [1][9] - The company reported a total revenue of 29.76 billion yuan in 2024, a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 2.03 billion yuan, up 147.8% year-on-year [9][10] - The report highlights that while product prices faced downward pressure, the company's new projects are expected to contribute positively to future earnings [9] Financial Data and Profit Forecast - Projected total revenue for 2025 is 31.51 billion yuan, with a net profit forecast of 2.36 billion yuan, corresponding to a PE ratio of 9 [8][10] - The company anticipates a gradual increase in net profit to 2.77 billion yuan by 2027, with corresponding PE ratios decreasing to 7 [9][10] - The report outlines a significant improvement in gross margin from 12.6% in Q1 2025 to 15.4% in 2025E, driven by reduced raw material costs [9][10]