KINGFA(SH:600143) Shenwan Hongyuan Securities·2025-07-15 01:43Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 5.50 to 6.50 billion yuan in the first half of 2025, representing a year-on-year growth of 45% to 71%, with a median estimate of 6.00 billion yuan [6] - The growth in net profit is attributed to the steady increase in modified plastics and special engineering plastics, as well as significant reduction in losses in the petrochemical sector [6] - The company is actively expanding its global footprint and enhancing its product structure, particularly in the automotive, electronics, and new energy sectors [6] - The demand for domestically controlled supply chains is driving growth in special engineering plastics, with significant innovations in high-frequency communication and AI devices [6] - The petrochemical segment is expected to continue improving profitability through cost reduction and efficiency enhancement initiatives [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 60,514 million yuan in 2024 to 95,355 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.3% [5][8] - The net profit attributable to shareholders is forecasted to increase from 1,486 million yuan in 2025 to 2,633 million yuan in 2027, reflecting a CAGR of approximately 32.1% [5][8] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2025 to 1.00 yuan in 2027 [5][8] - The company's return on equity (ROE) is projected to improve from 7.7% in 2025 to 11.6% in 2027 [5][8]