wanhua(600309) 长城证券·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical, expecting the stock price to outperform the industry index by over 15% in the next six months [4][15]. Core Views - Wanhua Chemical's leading position in the polyurethane industry remains solid, with continuous growth in both petrochemical and new materials sectors [2][9]. - The company achieved steady revenue growth in 2023, with total revenue of 175.36 billion yuan, a year-on-year increase of 5.92% [1][2]. - The report highlights the company's ongoing capacity expansion and its strategic acquisitions, which are expected to enhance its market position and profitability [7][9]. Financial Summary - Revenue and Profitability: - 2023 revenue was 175.36 billion yuan, with a net profit of 16.82 billion yuan, reflecting a 3.59% increase year-on-year [1]. - Projected revenues for 2024, 2025, and 2026 are 197.41 billion yuan, 224.10 billion yuan, and 252.86 billion yuan, respectively, with expected growth rates of 12.6%, 13.5%, and 12.8% [1][9]. - Earnings Per Share (EPS): - The EPS for 2023 was 5.36 yuan, with projections of 5.88 yuan, 7.24 yuan, and 8.24 yuan for the years 2024, 2025, and 2026, respectively [1][9]. - Profit Margins: - The gross margin for 2023 was 16.79%, showing a slight increase of 0.22 percentage points year-on-year [3]. - The net profit margin was 10.44%, up by 0.15 percentage points year-on-year [3]. Segment Performance - Polyurethane Segment: - Revenue from the polyurethane segment was 67.39 billion yuan, with a year-on-year growth of 7.14% [2]. - The segment's sales volume increased by 16.93% to 489,000 tons [2]. - Petrochemical Segment: - Revenue from the petrochemical segment was 69.33 billion yuan, with a slight decline of 0.44% year-on-year [2]. - The sales volume for this segment grew by 4.02% to 472,000 tons [2]. - Fine Chemicals and New Materials: - This segment generated 23.90 billion yuan in revenue, marking an 18.45% increase year-on-year [2]. - The sales volume surged by 67.84% to 159,000 tons [2]. Capacity Expansion and Strategic Initiatives - The company has completed acquisitions and expansions, including a new TDI production facility in Xinjiang and capacity upgrades in its existing plants [7][9]. - Wanhua Chemical is the largest global supplier of MDI and TDI, with a total MDI capacity of 3.1 million tons per year and TDI capacity of 950,000 tons per year [7][9]. - The report emphasizes the company's integrated petrochemical operations, which enhance its competitive edge and overall value [8][9].