Luxi Chemical(000830) 华泰证券·2025-04-27 09:58Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.98 RMB [7][8]. Core Views - The company achieved a significant increase in net profit for 2024, with a year-on-year growth of 148%, reaching 2.03 billion RMB. The revenue for the same period was 29.76 billion RMB, up 17% year-on-year [1]. - The first quarter of 2025 saw a revenue of 7.29 billion RMB, an 8% increase year-on-year, although net profit decreased by 27% to 410 million RMB due to substantial inventory impairment losses [1][4]. - The company is expected to benefit from integrated production and scale advantages, with new capacity gradually coming online, which is anticipated to drive performance growth [1][4]. Summary by Sections Financial Performance - For 2024, the company reported a revenue of 29.76 billion RMB and a net profit of 2.03 billion RMB, with a proposed dividend of 0.35 RMB per share [1]. - The fourth quarter of 2024 showed a revenue of 8.18 billion RMB, a 10% increase year-on-year, and a net profit of 450 million RMB, up 46% year-on-year [1]. - The first quarter of 2025 reported a revenue of 7.29 billion RMB, an 8% increase year-on-year, but a net profit decline of 27% [1][3]. Market Conditions - The average prices for various chemical products, including butanol and DMF, declined in 2024 due to oversupply, impacting revenue from the new materials and basic chemicals segments [2][3]. - The company’s new nylon 6 project and improved capacity utilization contributed to a 27% revenue increase in the new materials segment [2]. Cost Management - The cost side of the coal chemical sector showed improvement in the first quarter of 2025, with significant price drops in raw materials like power coal and lanthanum [3]. - The company has initiated new projects, including a 400,000-ton organic silicon project, which is expected to contribute to future revenue growth [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 estimates net profits of 2.0 billion, 2.3 billion, and 2.6 billion RMB respectively, with corresponding EPS of 1.07, 1.22, and 1.39 RMB [4][6]. - The report assigns a 14x PE ratio for 2025, reflecting the company's integrated advantages and potential from new projects, leading to a target price of 14.98 RMB [4].