2025 年 06 月 29 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250623-20250629）： 生物航煤价格上涨，制冷剂价格维持强势 走势比较 (20%) (10%) 0% 10% 20% 30% 24/7/1 24/9/11 24/11/22 25/2/2 25/4/15 25/6/26 基础化工 沪深300 相关研究报告 << 化 工 新 材 料 周 报 （ 20250616- 20250622）： 生物航煤、溴素价格上 涨，维生素、腈纶、多晶硅价格下 滑>>--2025-06-22 <<民爆行业深度报告——行业整合 加速，需求稳健增长>>--2025-06-18 << 化 工 新 材 料 周 报 （ 20250609- 20250615）：生物航煤(SAF)、生物柴 油价格上涨，制冷剂价格维持高 位>>--2025-06-15 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 53.90 CNY [5]. Core Views - The company has shown continuous revenue growth in home decoration paint for 2024 and Q1 2025, with a significant increase in net profit due to reduced expenses and impairment losses [2][3]. - The decline in revenue growth is primarily attributed to the decrease in engineering wall paint sales, while home decoration wall paint revenue has increased due to expanded channels and promotional efforts [3][10]. - The company is transitioning towards high-end retail and enhancing its small B channel network, which is expected to drive growth in both retail and engineering segments [10][11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 12.105 billion CNY (down 2.97% YoY) and a net profit of 332 million CNY (up 91.27% YoY) [2][3]. - For Q1 2025, the revenue was 2.130 billion CNY (up 3.12% YoY) with a net profit of 105 million CNY (up 123.33% YoY) [2][9]. - The company plans to distribute a cash dividend of 3.20 CNY per 10 shares and increase capital stock by 4 shares for every 10 shares held [2]. Revenue Breakdown - Home decoration wall paint revenue reached 2.967 billion CNY (up 12.75% YoY), while engineering wall paint revenue was 4.084 billion CNY (down 12.65% YoY) [3]. - The company’s gross margin for 2024 was 29.60%, with a Q4 gross margin of 32.50% [4][8]. Future Projections - Revenue projections for 2025-2027 are 13.369 billion CNY, 14.674 billion CNY, and 16.016 billion CNY, with net profits expected to be 809 million CNY, 959 million CNY, and 1.125 billion CNY respectively [11][14]. - The company is expected to maintain a dynamic PE of 31.7x, 26.7x, and 22.8x for the years 2025, 2026, and 2027 [11][14].