wanhua(SH:600309) Xin Lang Cai Jing·2025-08-13 06:29Core Viewpoint - Wanhua Chemical's Q2 performance remained stable quarter-on-quarter, with governance improvements showing results [1] Financial Performance - In Q2 2025, the gross profit was 5.82 billion yuan, a decrease of 0.95 billion yuan compared to Q1 2025 [1] - The company effectively managed various expenses, resulting in a total profit decrease of only 0.185 billion yuan, with net profit attributable to shareholders remaining essentially flat [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 market pessimism regarding the company [1] - Wanhua's long-term ROE and historical growth are highlighted as strong points, maintaining a 15% valuation premium [1] Valuation - The target price is set at 96.36 yuan, corresponding to a 22x PE for 2025, with a "Buy" rating maintained [1]