Zhang Weibao and Liu Han of Huaxin ** Co., Ltd. recently conducted research on Wanhua Chemical and released a research report "Company Event Review Report: 23 Years of Performance Growth, Strengthening the Implementation of Shareholder Returns", this report gives a ** rating to Wanhua Chemical, and the current stock price is 7001 yuan.
Wanhua Chemical (600309).
Event. Wanhua Chemical announced on February 3 that it will promote the company's "quality and efficiency improvement", and release the 2023 performance report, in 2023, the company will achieve operating income of 175.4 billion yuan, a year-on-year increase of 592%, and the net profit attributable to the parent company was 16.8 billion yuan, a year-on-year increase of 357%。
Investment Essentials. The main products are priced by volume, and the company's performance will grow in 2023.
In 2023, the company will achieve an operating income of 17536.1 billion yuan, a year-on-year increase of 592%；Net profit attributable to shareholders of listed companies was 1681.4 billion yuan, a year-on-year increase of 357%；Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 1640.8 billion yuan, a year-on-year increase of 387%。According to the performance express report, the company will achieve an operating income of 428 in 2023Q40.7 billion yuan, a year-on-year increase of 2180%；Net profit attributable to shareholders of listed companies 411.1 billion yuan, a year-on-year increase of 5661%；Net profit not attributable to the parent company was 398 billion yuan, a year-on-year increase of 6535%。
The company actively responded to changes in the business environment, deepened the regional layout and industrial layout, released the production capacity of new devices rapidly, continued to deepen the global market, and the product sales increased year-on-year, but the company's product sales decreased year-on-year, and at the same time, affected by factors such as the decline in major chemical raw materials and energy, the production cost of products also decreased year-on-year. Affected by the above factors, the company's operating income and net profit attributable to shareholders of listed companies increased compared with the same period last year.
MDI has the world's largest production capacity, and the promotion of new projects is helping growth.
The company's holding subsidiary, "Wanhua Fujian Isocyanate", plans to expand the production capacity of the MDI plant from 400,000 tons per year to 800,000 tons per year through technological transformation on the basis of the existing MDI plant. At the same time, the supporting gas expansion and transformation project is also advancing, and it is planned to increase the syngas production capacity to 330,000 nm3 h and build a 200,000 tons per year synthetic ammonia plant at the same time, with an estimated total construction period of 45 months.
In terms of MDI production capacity, coupled with the 400,000-ton reconstruction and expansion, Wanhua's MDI production capacity will reach 3.8 million tons per year, which is distributed in Yantai, Ningbo, Fujian and Hungary, ranking first in the world. On January 30, the second phase of MDI unit (800,000 tons per year) of Wanhua Ningbo Industrial Park, which was shut down for maintenance at the end of 2023, announced the resumption of production.
Strengthen the implementation of the shareholder return plan, and maintain a continuous and stable dividend policy.
The company has formulated and disclosed the "Wanhua Chemical Shareholder Return Plan for the Next Three Years (2021-2023)". In the past three years, the company's annual cash dividend amount accounted for more than 30% of the net profit attributable to shareholders of listed companies in the consolidated statements of the current year. The dividend ratios from 2020 to 2022 are: 84% vs. 3095%。The company promises to provide investors with continuous and stable cash dividends on the premise of ensuring normal operation, and continue to increase project investment in related fields in accordance with the company's strategic planning in combination with the company's operating status and business development goals, so as to bring long-term investment returns to shareholders.
Profit**. Considering the company's growth, our company's revenue from 2023 to 2025 is. 0 billion yuan, EPS were. 82 yuan, the corresponding PE of the current stock price is. 7 times, maintaining the "** investment rating."
Risk Warning. economic downside risks; Product** volatility risk; the risk that the construction of the project is less than expected; The risk of limited construction by environmental protection policies; The risk that downstream demand will be lower than expected.
*According to the calculation of the research report data released in the past three years, the research team of Guotai Junan Zhong Hao has conducted in-depth research on the stock, and the average accuracy of the past three years is 7664%, and its **2023 attributable net profit is 1681.7 billion, 13 per cent converted at the current price07。
The latest profit** breakdown is as follows:
A total of 22 institutions have rated the stock in the last 90 days, **22 ratings; The average institutional price target over the last 90 days is 10417。
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