wanhua(SH:600309) Bank of China Securities·2025-09-01 07:25Investment Rating - The investment rating for the company is "Buy" [4][6] Core Views - The company has shown significant improvements in management reforms, enhancing resource allocation efficiency while driving innovation for industrial upgrades. The acceleration of self-developed technology conversion is expected to strengthen the company's competitiveness in the polyurethane sector and its technological innovation capabilities in new materials [4][6] Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of RMB 90.901 billion, a year-on-year decrease of 6.35%. The net profit attributable to the parent company was RMB 6.123 billion, down 25.10% year-on-year. In Q2 2025, revenue was RMB 47.834 billion, a decline of 6.04%, with a net profit of RMB 3.041 billion, down 24.30% year-on-year [4][10][11] - The company's revenue from the polyurethane, petrochemical, and fine chemicals segments for the first half of 2025 was RMB 36.888 billion, RMB 34.934 billion, and RMB 15.628 billion, reflecting year-on-year changes of +4.04%, -11.73%, and +20.41% respectively [9] Valuation Metrics - The estimated EPS for 2025-2027 is projected to be RMB 4.29, RMB 5.61, and RMB 5.61 respectively. The current stock price corresponds to a PE ratio of 15.9x for 2025, 12.2x for 2026, and 12.2x for 2027, indicating a favorable valuation outlook [6][8] Shareholder Information - The major shareholder is Yantai Guofeng Investment Holding Group Co., Ltd., holding 21.59% of the shares [2]