Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The modified polypropylene industry is experiencing steady growth driven by demand from the automotive and home appliance sectors. The company has established a wholly-owned subsidiary in Singapore to expand its overseas presence, which will serve as a platform for international trade and customer development [3][4] - The company's revenue and net profit are projected to grow steadily, with net profits expected to reach 1.46 billion, 1.66 billion, and 1.89 billion RMB from 2025 to 2027, corresponding to a P/E ratio of 18.69, 16.39, and 14.43 times respectively [3][9] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 879 million RMB and a net profit of 73 million RMB, representing year-on-year growth of 26.83% and 23.43% respectively. The second quarter of 2025 saw revenue of 445 million RMB and a net profit of 39 million RMB, with year-on-year growth of 21.96% and 34.76% [8] - The company focuses on modified high polymer materials, with significant revenue growth in modified polypropylene, which increased by 34.38% year-on-year [8] Market Expansion - The company is expanding its overseas operations with the establishment of a subsidiary in Singapore, which will facilitate international market penetration and supply chain management [3][4] Revenue and Profit Forecast - The projected total revenue for 2023 is 1.417 billion RMB, with a year-on-year growth of 26.40%. By 2027, the revenue is expected to reach 2.565 billion RMB, with a growth rate of 14.59% [1][9] - The projected net profit for 2023 is 115.83 million RMB, with a year-on-year growth of 26.81%. By 2027, the net profit is expected to reach 189.09 million RMB, with a growth rate of 13.60% [1][9]
禾昌聚合（832089）：2025中报点评：改性聚丙烯驱动业绩稳步增长，设立新加坡子公司拓展海外布局