Luxi Chemical(000830) 光大证券·2025-04-29 14:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main product prices have declined, leading to a decrease in performance for the second half of 2024 and the first quarter of 2025 [6] - In 2024, the company achieved a revenue of 29.763 billion yuan, a year-on-year increase of 17.37%, and a net profit attributable to shareholders of 2.029 billion yuan, a year-on-year increase of 148% [5] - The company is expected to face challenges in 2025 due to further price declines in key products, resulting in a downward adjustment of profit forecasts for 2025-2026 [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.763 billion yuan, with a net profit of 2.029 billion yuan, reflecting a significant year-on-year growth of 148% [5] - The first quarter of 2025 saw a revenue of 7.290 billion yuan, a year-on-year increase of 7.96%, but a quarter-on-quarter decrease of 10.92% [5] Business Segments - The chemical new materials segment generated a revenue of 20.4 billion yuan in 2024, up 26.8% year-on-year, while the basic chemical products segment saw a revenue of 5.8 billion yuan, down 7.4% year-on-year [6] - The fertilizer business achieved a revenue of 3.07 billion yuan, a year-on-year increase of 17.9% [6] Price Trends - The report highlights a decline in sales prices for key products in the second half of 2024 and the first quarter of 2025, with specific declines noted for PC, PA6, and other chemicals [6] Production Capacity and Management - The company has successfully resumed production of its hydrogen peroxide facility and launched new capacity projects, including a 600,000-ton caprolactam project [7] - The production target for 2025 is set at 13.5 million tons, a 40.6% increase from 2024 [7] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downward due to the decline in product prices, with expected net profits of 2.056 billion yuan for 2025, 2.325 billion yuan for 2026, and 2.643 billion yuan for 2027 [7]