Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 16.50 yuan [6][13]. Core Insights - The controlling shareholder, China Energy Conservation, plans to increase its stake in the company by 365 to 730 million yuan, reflecting confidence in the company's future development prospects [2][13]. - The company achieved a revenue of 2.826 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.31% [13]. - The company is actively expanding into the new materials sector, with significant projects underway, including the second phase of the Wanrun Industrial Park, which will produce semiconductor-related materials [13]. Financial Summary - Total revenue is projected to decline from 4.305 billion yuan in 2023 to 3.693 billion yuan in 2024, before recovering to 4.857 billion yuan by 2027, with a CAGR of 13.6% from 2025 to 2027 [4][14]. - Net profit attributable to the parent company is expected to decrease significantly from 763 million yuan in 2023 to 246 million yuan in 2024, before increasing to 577 million yuan by 2027 [4][14]. - Earnings per share (EPS) are forecasted to rise from 0.27 yuan in 2024 to 0.63 yuan in 2027 [4][14]. Market Data - The company's market capitalization is approximately 13.069 billion yuan, with a 52-week stock price range of 9.79 to 14.39 yuan [7][8]. - The company has a net asset value per share of 7.80 yuan, with a price-to-book ratio of 1.8 [8][14]. Industry Context - The company operates within the basic chemicals and raw materials sector, focusing on new materials [5].

Core Viewpoint - Wanrun Co., Ltd. is preparing the C05 project for the second phase of its industrial park, which will support the production capacity of display PI materials [1] Group 1 - The C05 project will include approximately 700 tons of production capacity for display PI finished materials [1] - The project is being developed in response to the company's own situation and downstream demand [1]

Core Viewpoint - The company is preparing to expand its production capacity for display-use PI materials, which is crucial for capitalizing on the growing OLED market opportunities driven by the construction of large-size OLED panel production lines in China [1] Group 1: Company Plans and Capacity - The company is planning the second phase of its industrial park, specifically the C05 project, which will include approximately 700 tons of production capacity for display-use PI materials [1] - This new capacity is expected to support the company's development in display-use PI materials, aligning with downstream demand [1] Group 2: Market Context - The inquiry from investors highlights the competitive landscape, particularly referencing a competitor's significant investment in OLED display core materials and equipment [1] - The ongoing construction of 8.6 generation OLED large-size panel production lines in China presents a market opportunity that the company aims to leverage [1]

Core Viewpoint - The company has made progress in the development of polyether ether ketone (PEEK) materials, with pilot production already achieved and a capacity of approximately 100 tons established for further market promotion and verification [2] Group 1: Production and Capacity Expansion - The company is actively promoting and verifying its PEEK materials, having sent samples to multiple downstream clients [2] - The company is preparing for the second phase of the Wanrun Industrial Park, which includes a planned capacity of approximately 700 tons for display-use polyimide (PI) finished materials [2] - The project is expected to require an initial investment of 287 million yuan to expand the production capacity of photolithography-related materials and display-use polyimide materials by 1,451 tons [2] Group 2: Financial Performance - In the first half of the year, the company achieved a main operating revenue of 1.87 billion yuan, a year-on-year decrease of 4.42% [2] - The net profit attributable to the parent company was 218 million yuan, reflecting a year-on-year increase of 1.35% [2] - The net profit excluding non-recurring gains and losses was 209 million yuan, which represents a year-on-year increase of 6.9% [2]

Core Viewpoint - Wanrun Co., Ltd. is preparing the C05 project for the second phase of Wanrun Industrial Park, which will support the production capacity of display PI finished materials [1] Group 1 - The C05 project will include approximately 700 tons of production capacity for display PI finished materials [1] - The project is being developed in response to the company's own situation and downstream demand [1]