HUALU-HENGSHENG(600426) 长江证券·2025-03-30 13:43Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 34.23 billion yuan for 2024, representing a year-on-year increase of 25.6%. The net profit attributable to shareholders was 3.90 billion yuan, up 9.1% year-on-year, while the net profit after deducting non-recurring items was 3.87 billion yuan, an increase of 4.5% year-on-year [2][6] - In Q4 2024, the company achieved a revenue of 9.05 billion yuan, which is a year-on-year increase of 14.3% and a quarter-on-quarter increase of 10.3%. The net profit attributable to shareholders for this quarter was 0.85 billion yuan, up 31.6% year-on-year and 3.5% quarter-on-quarter [2][6] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, which, combined with the total dividend for the first half of 2024, accounts for 32.64% of the net profit attributable to shareholders for the year [6] Financial Performance Summary - The company’s main products include urea, DMF, adipic acid, acetic acid, and others, with Q4 2024 market prices showing a range of changes, including a decrease of 12.8% for urea and a decrease of 11.4% for acetic acid [12] - The company’s gross margin for Q4 2024 was 15.1%, a decrease of 2.5 percentage points quarter-on-quarter, while the net margin was 9.9%, down 0.9 percentage points [12] - The company is expected to achieve net profits of 3.75 billion yuan, 4.17 billion yuan, and 4.72 billion yuan for 2025, 2026, and 2027 respectively [12]