Miracll(SZ:300848) Shenwan Hongyuan Securities·2025-09-15 06:12Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 801 million yuan, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 39 million yuan, a year-on-year increase of 25.25% [6] - The company is expected to see significant growth in profits due to the completion of its projects in Henan, with a projected compound annual growth rate of 56% from 2025 to 2027 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 1,803 million yuan, with a year-on-year growth rate of 8.7% [2] - Net profit attributable to shareholders for 2025 is projected to be 205 million yuan, reflecting a year-on-year increase of 164% [2] - Earnings per share for 2025 is estimated at 0.48 yuan [2] - Gross margin is expected to improve to 21.5% in 2025 [2] - Return on equity (ROE) is projected to reach 12% in 2025 [2] Market Data - As of September 12, 2025, the closing price of the stock is 16.79 yuan, with a market capitalization of 4,020 million yuan [3] - The stock has a price-to-earnings (PE) ratio of 35 for 2025 [2][3] - The company has a book value per share of 3.56 yuan and a debt-to-asset ratio of 58.65% [3] Project Updates - The company has successfully launched the first phase of its polyurethane industrial park in Henan, with some facilities already in stable operation and supplying products [6] - The company is developing high-performance polyurethane products, which are expected to enhance its market position and profitability [6]