wanhua(SH:600309) China Post Securities·2025-08-29 05:53Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance relative to the market [4][9]. Core Insights - The company reported a revenue of 90.901 billion yuan in the first half of 2025, a year-on-year decrease of 6.35%, with a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% year-on-year [4]. - Despite the decline in revenue and profit, the company experienced stable growth in sales volume across its business segments, with significant increases in the sales of polyurethane series and fine chemicals [4]. - The company is focusing on enhancing its production capabilities and reducing costs through the successful implementation of self-developed technologies, which are expected to improve profitability [4]. - Future profit forecasts suggest a gradual recovery, with net profits projected to reach 13.258 billion yuan in 2025, 16.686 billion yuan in 2026, and 18.902 billion yuan in 2027, indicating a positive growth trajectory [5]. Financial Performance Summary - The latest closing price of the company's stock is 68.05 yuan, with a total market capitalization of 213 billion yuan [3]. - The company’s earnings per share (EPS) are projected to be 4.24 yuan in 2025, 5.33 yuan in 2026, and 6.04 yuan in 2027, reflecting an improving profitability outlook [5][8]. - The company’s asset-liability ratio stands at 64.7%, indicating a moderate level of financial leverage [3][8].