Miracll(300848) Shenwan Hongyuan Securities·2025-05-21 06:41Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance met expectations, with isocyanate products gradually ramping up production, alleviating raw material cost pressures, and smooth progress in downstream projects [1][6] - The company reported a total revenue of 1.658 billion yuan in 2024, with a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 78 million yuan, down 11.7% year-on-year [2][6] - The company is expected to achieve a net profit of 245 million yuan in 2025, representing a significant year-on-year increase of 215.4% [2][6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2.006 billion yuan, with a year-on-year growth rate of 21.0% [2] - The projected net profit for 2026 is 403 million yuan, with a year-on-year growth of 64.7% [2] - The company's gross margin is expected to improve to 22.0% in 2025, up from 12.9% in 2024 [2] - The return on equity (ROE) is projected to reach 14.0% in 2025, significantly higher than 5.9% in 2024 [2] Market Data - As of May 20, 2025, the closing price of the company's stock was 17.44 yuan, with a market capitalization of 4.176 billion yuan [3][6] - The price-to-earnings (PE) ratio for 2025 is estimated at 30, which is lower compared to industry peers [2][6] Project Progress and Growth Potential - The company’s TPU products are expected to continue ramping up, with a significant project in Henan progressing smoothly, leading to a substantial increase in production capacity [6] - The first phase of the polyurethane industrial park in Henan is set to be completed by July 16, 2024, which will enhance the company's growth potential [6] - The company anticipates a compound annual growth rate (CAGR) of 58% in net profit from 2025 to 2027, indicating strong future growth prospects [6]