wanhua(600309) 开源证券·2024-03-20 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company continues to show improvement in performance, with a revenue of 175.36 billion yuan in 2023, a year-on-year increase of 5.92%, and a net profit attributable to shareholders of 16.82 billion yuan, up 3.59% year-on-year. The fourth quarter alone saw a revenue of 42.81 billion yuan, a year-on-year increase of 21.80% [2][3]. - The report anticipates that the company will benefit from the recovery in the chemical sector, with new projects expected to drive future growth. Profit forecasts for 2024-2026 have been adjusted, with net profits projected at 20.22 billion yuan, 25.91 billion yuan, and 26.81 billion yuan respectively [2][3]. Sales and Revenue Performance - In 2023, the sales volume for various segments showed significant year-on-year growth: polyurethane (489,000 tons, +16.93%), petrochemicals (472,000 tons, +4.02%), and fine chemicals and new materials (159,000 tons, +67.84%). Revenue from these segments was 67.39 billion yuan, 69.33 billion yuan, and 23.84 billion yuan respectively [3]. - The overall gross margin for the segments was 27.69%, 3.51%, and 21.42%, reflecting changes in pricing and costs [3]. Project Development and Future Growth - The company has a robust pipeline of new projects, including a 1.2 million tons/year ethylene project and expansions in MDI and TDI capacities, which are expected to enhance its market position [4]. - The company is strategically expanding its production capabilities, with plans to increase MDI capacity from 400,000 tons/year to 800,000 tons/year and TDI capacity from 250,000 tons/year to 330,000 tons/year [4]. Financial Summary - The company reported a revenue of 175.36 billion yuan in 2023, with projections for 2024-2026 indicating revenues of 206.87 billion yuan, 238.99 billion yuan, and 249.67 billion yuan respectively [5]. - The net profit attributable to shareholders is expected to grow from 20.22 billion yuan in 2024 to 26.81 billion yuan in 2026, with corresponding EPS of 6.44 yuan, 8.25 yuan, and 8.54 yuan [5].