开源证券：给予华峰化学买入评级

Company Overview - Huafeng Chemical reported Q2 performance exceeding expectations, highlighting cost advantages amid weak demand for spandex and other products [2] - The company achieved revenue of 12.137 billion yuan in H1 2025, a year-on-year decrease of 11.70%, and a net profit attributable to shareholders of 983 million yuan, down 35.23% year-on-year [2] - In Q2 2025, revenue was 5.823 billion yuan, a quarter-on-quarter decline of 7.78%, with a net profit of 479 million yuan, down 42.61% year-on-year and 5.02% quarter-on-quarter [2] Industry Analysis - The spandex industry is experiencing oversupply, with prices at historical lows and demand growth slowing, leading to a "volume over price" trend [2] - The average price of adipic acid in Q2 2025 was 7,235 yuan/ton, down 10.80% quarter-on-quarter, while the average price difference increased by 7.44% [3] - The spandex industry has faced negative gross margins for over two years, with recent production halts indicating a potential acceleration in capacity reduction [4] Future Outlook - The company maintains its profit forecasts for 2025-2027, expecting net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan, with corresponding EPS of 0.50, 0.63, and 0.77 yuan [2] - Current stock price corresponds to P/E ratios of 15.8, 12.6, and 10.3 for the years 2025, 2026, and 2027 respectively, supporting a "buy" rating [2] - The industry is expected to see a recovery in spandex prices as capacity exits the market, benefiting leading companies like Huafeng [4]