Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Views - The company is expected to achieve a revenue of 1.692 billion yuan in 2024, representing a year-on-year increase of 19.39%, with a net profit attributable to the parent company of 119 million yuan, up 2.90% year-on-year [3] - The demand for modified plastics is driven by the automotive lightweighting trend and the expansion of the home appliance replacement policy, which is expected to benefit the company's business [4][5] - The company has slightly adjusted its profit forecast for 2024-2026 due to increasing competition in the automotive market, with projected net profits of 119 million yuan, 139 million yuan, and 160 million yuan for the respective years [3] Financial Summary - Revenue (million yuan): 2022A: 1,121, 2023A: 1,417, 2024E: 1,692, 2025E: 1,856, 2026E: 2,043 [9][10] - Net Profit (million yuan): 2022A: 91, 2023A: 116, 2024E: 119, 2025E: 139, 2026E: 160 [9][10] - Gross Margin (%): 2022A: 16.2, 2023A: 17.8, 2024E: 16.3, 2025E: 17.0, 2026E: 16.8 [9][10] - P/E Ratios: 2024E: 22.6, 2025E: 19.3, 2026E: 16.9 [9][10]
禾昌聚合（832089）：北交所信息更新：汽车轻量化、家电以旧换新带动改性塑料市场需求，2024年度营收+19.39%