wanhua(SH:600309) Shanxi Securities·2025-10-28 06:44Investment Rating - The report maintains a "Buy-B" rating for Wanhua Chemical (600309.SH) [1] Core Views - The company reported a year-on-year decline in total revenue and net profit for the first three quarters of 2025, with total revenue at 144.23 billion yuan, down 2.3%, and net profit at 9.16 billion yuan, down 17.5% [5][6] - The third quarter of 2025 showed a recovery in revenue, with total revenue reaching 53.32 billion yuan, up 5.5% year-on-year and 11.5% quarter-on-quarter [5] - The company is expected to benefit from its leading position in the MDI business and the deepening integration of its petrochemical segment, with growth potential in fine chemicals and new materials [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 144.23 billion yuan, with a net profit of 9.16 billion yuan [5] - The third quarter saw a total revenue of 53.32 billion yuan, with a net profit of 3.03 billion yuan [5] - The basic earnings per share for the first three quarters of 2025 was 2.92 yuan, with a diluted earnings per share also at 2.92 yuan [4] - The net asset return rate was 8.67% as of September 30, 2025 [4] Product Performance Summary - In Q3 2025, the sales volume of the polyurethane series, petrochemical series, fine chemicals, and new materials increased by 9.9%, 32.6%, and 30.0% year-on-year, respectively [6] - The average market price for pure MDI products was approximately 18,300 yuan/ton, down 2.7% from the first half of the year, while TDI products saw an increase of 18.5% due to supply constraints [6] Future Projections - The company is projected to achieve net profits of 12.31 billion yuan, 15.96 billion yuan, and 17.81 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 16, 12, and 11 [9] - Revenue is expected to grow from 197.86 billion yuan in 2025 to 238.91 billion yuan in 2027, reflecting a compound annual growth rate [13][15]