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研报掘金丨东方证券:维持万华化学“买入”评级,目标价96.36元

Core Viewpoint - Wanhua Chemical's Q2 performance remained stable on a quarter-on-quarter basis, with governance improvements showing results [1] Financial Performance - In Q2 2025, the company's gross profit was 5.82 billion yuan, a decrease of 0.95 billion yuan compared to Q1 2025 [1] - Despite the decrease in gross profit, the company effectively managed expenses, resulting in a total profit reduction of only 0.185 billion yuan, with net profit attributable to shareholders remaining largely unchanged [1] Market Outlook - The company is expected to benefit from a rebound in MDI and TDI products once global macroeconomic conditions stabilize, which could help reverse the market's pessimistic outlook on the company [1] - Wanhua's long-term return on equity (ROE) and historical growth potential are highlighted as strong points, leading to a maintained valuation premium of 15% [1] Valuation - The target price is set at 96.36 yuan, corresponding to a 22 times price-to-earnings (PE) ratio for 2025, with a "Buy" rating maintained [1]