wanhua(SH:600309)2024-05-08 23:32Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical [8] Core Views - The company's Q1 2024 performance met market expectations, with revenue of 46.161 billion yuan (YoY +10.07%, QoQ +7.84%) and a net profit of 4.157 billion yuan (YoY +2.57%, QoQ +1.07%) [8] - The MDI segment shows signs of recovery, supported by the release of new capacity and strong demand in the refrigerator and cold storage sectors [8][11] - The petrochemical segment benefits from improved cost conditions and rising oil prices, leading to better profitability [11] - The new materials segment continues to expand, with multiple projects underway to enhance capacity [12] Summary by Sections Financial Performance - Q1 2024 revenue reached 46.161 billion yuan, with a net profit of 4.157 billion yuan, indicating a year-on-year growth of 2.57% [8] - The company expects net profits of 18.520 billion yuan, 20.169 billion yuan, and 25.989 billion yuan for 2024, 2025, and 2026 respectively [9] Business Segments - MDI Segment: Revenue of 17.502 billion yuan in Q1 2024, with a year-on-year increase of 11.5% [11] - Petrochemical Segment: Revenue of 18.514 billion yuan in Q1 2024, with a year-on-year increase of 1.8% [11] - New Materials Segment: Revenue growth of 25.7% year-on-year in Q1 2024, driven by new project launches [12] Market Demand - The refrigerator industry remains robust, with Q1 2024 production of 2.3621 million units, a 6.08% increase year-on-year, and exports reaching 1.779 million units, up 34.1% [17] - The demand for MDI is expected to improve further due to strong domestic and international market conditions [24] Future Outlook - The company plans significant capital expenditures to support ongoing projects, with a focus on becoming a leading player in the global chemical industry [26][27] - By 2025, Wanhua Chemical's MDI global market share is projected to approach 40%, enhancing profitability for large-scale enterprises [24]