万华化学系列之十：ADNOC乙烷供应链

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 107.09 CNY, reflecting a 15% premium on the estimated PE ratio of 18 times for 2024 [1][15]. Core Views - The company is expected to see a gradual increase in revenue, with projected sales of 185,675 million CNY in 2024, representing a 5.9% year-on-year growth [2]. - The company's net profit attributable to the parent company is forecasted to reach 18,280 million CNY in 2024, with an 8.7% year-on-year increase [2]. - The report highlights the strategic partnership with ADNOC, which is seen as a potential facilitator for establishing an ethane supply chain, crucial for the company's future operations [5][11]. Financial Summary - Revenue Forecast: - 2022: 165,565 million CNY - 2023: 175,361 million CNY - 2024: 185,675 million CNY [2] - Net Profit: - 2022: 16,234 million CNY - 2023: 16,816 million CNY - 2024: 18,280 million CNY [2] - Earnings Per Share (EPS): - 2024: 5.82 CNY - 2025: 6.89 CNY - 2026: 8.00 CNY [3][15] - Profitability Ratios: - Gross Margin: 17.5% in 2024 - Net Margin: 9.8% in 2024 - Return on Equity (ROE): 19.2% in 2024 [2] Strategic Developments - The company plans to utilize ethane as a raw material in its upcoming Yantai Ethylene Phase II project, which is expected to commence operations by the end of this year [5][11]. - The partnership with ADNOC, particularly the acquisition of a stake in the Rio Grande LNG project, is viewed as a significant step towards securing a stable ethane supply chain [11][13].