KINGFA(600143) 申万宏源证券·2025-04-22 14:15Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved record sales and production in 2024, with a notable increase in modified plastics and improved petrochemical performance, leading to slightly better-than-expected results in Q1 2025 [1][6] - The company’s revenue for 2024 was CNY 60.514 billion, representing a year-on-year growth of 26.2%, while the net profit attributable to shareholders was CNY 0.825 billion, up 160.4% year-on-year [2][6] - The modified plastics segment continues to see high growth, with sales volume reaching 2.5515 million tons in 2024, a 21% increase year-on-year [6] - The company is expanding its new materials capacity, with significant growth in specialty engineering plastics sales in Q1 2025 [6] - The petrochemical segment is expected to improve profitability due to increased operational efficiency and product structure optimization [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are CNY 71.898 billion, with a year-on-year growth rate of 18.8% [2] - The net profit forecast for 2025 is CNY 1.486 billion, reflecting an 80.2% increase year-on-year [2] - Earnings per share are projected to be CNY 0.56 for 2025, with a price-to-earnings ratio of 18 [2][6] - The company’s return on equity (ROE) is expected to improve to 7.7% in 2025 [2] Market Data - As of April 22, 2025, the closing price of the company's stock was CNY 10.41, with a market capitalization of CNY 27.037 billion [3] - The company has a price-to-book ratio of 1.5 and a dividend yield of 0.96% [3]