Chanhen(002895) 海通证券·2025-04-17 11:12Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential upside of over 15% relative to the CSI 300 index [19]. Core Views - The company achieved a 23.01% year-on-year growth in net profit after deducting non-recurring items for 2024, primarily driven by the release of new project capacities and increased product sales [2][12]. - The company plans to distribute a minimum cash dividend of 646 million yuan for 2024, with a proposed dividend of 12 yuan per 10 shares [12]. - The company has launched a stock incentive plan for 2025, proposing to grant 9.309 million restricted shares at a price of 11.40 yuan per share [12]. Financial Summary - The company reported revenues of 5,906 million yuan in 2024, a 36.72% increase year-on-year, with a net profit of 956 million yuan, reflecting a 24.80% growth [12]. - The projected revenues for 2025, 2026, and 2027 are 7,088 million yuan, 7,713 million yuan, and 8,450 million yuan, respectively, with corresponding net profits of 1,284 million yuan, 1,537 million yuan, and 1,763 million yuan [4][12]. - The earnings per share (EPS) are expected to be 2.38 yuan for 2025, 2.85 yuan for 2026, and 3.27 yuan for 2027 [12]. Market Data - The company's stock price has ranged between 15.92 yuan and 24.90 yuan over the past 52 weeks, with a total market capitalization of 12,287 million yuan [7]. - The company has a net asset value per share of 11.46 yuan, with a price-to-book ratio of 2.0 [8]. Dividend and Share Buyback - The company has initiated a share buyback program, repurchasing 3,318,406 shares, which were successfully canceled [12]. - The board has proposed a mid-term dividend plan, contingent on meeting specific profitability and cash flow criteria [12].