wanhua(SH:600309) Guohai Securities·2024-02-04 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a year-on-year growth in net profit attributable to shareholders of 3.57% in 2023, with total revenue reaching 175.4 billion yuan, an increase of 5.92% compared to the previous year [3][4] - The company is expected to benefit from ongoing capacity expansion and a favorable long-term growth outlook [4][9] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 175.4 billion yuan, up 5.92% year-on-year, and a net profit attributable to shareholders of 16.814 billion yuan, reflecting a 3.57% increase [3] - The fourth quarter of 2023 saw a revenue of 42.807 billion yuan, a year-on-year increase of 21.80%, while net profit for the same period was 4.111 billion yuan, up 56.58% year-on-year [3] Market Dynamics - The company faced a decline in product sales prices but managed to increase product sales volume, leading to overall revenue and profit growth [4] - In Q4 2023, the domestic MDI market experienced mixed trends, with supply constraints due to maintenance schedules at major plants, impacting pricing dynamics [5] Future Growth Potential - The company has several projects under construction, including a 400,000-ton POE project and a 1.08 million-ton aniline project, which are expected to contribute an additional cumulative revenue of 163.03 billion yuan from 2023 to 2025 if completed on schedule [9] - The profit forecast for 2023-2025 indicates net profits of 16.814 billion yuan, 21.981 billion yuan, and 30.872 billion yuan respectively, with corresponding P/E ratios of 13, 10, and 7 times [9][10]