研报掘金丨民生证券：维持万华化学“推荐”评级，看好公司发展趋势

Core Viewpoint - Minsheng Securities report indicates that Wanhua Chemical's quarterly net profit remains stable, with significant growth in petrochemical and new material sales [1] Sales Performance - In the first half of the year, the sales volume of major products continued to grow, with Q2 showing rapid growth in petrochemical and fine chemical products [1] - In Q2 2025, the sales volume of polyurethane products reached 1.58 million tons, a year-on-year increase of 2.72% and a quarter-on-quarter increase of 8.97% [1] - Petrochemical products achieved a sales volume of 1.52 million tons, with a year-on-year increase of 11.59% and a quarter-on-quarter increase of 14.29% [1] - Fine chemicals and new materials recorded a sales volume of 650,000 tons, reflecting a year-on-year increase of 16.98% and a quarter-on-quarter increase of 20.37% [1] Subsidiary Performance - Subsidiary Ningbo Wanhua saw significant profit growth, while BorsodChem and battery materials are currently in a loss position [1] Strategic Developments - The company is accelerating the lightening of petrochemical raw materials and has launched multiple self-developed projects [1] - Wanhua Chemical is recognized as a leader in the domestic chemical industry, continuously innovating in technology and expanding its industrial chain in polyurethane, petrochemicals, fine chemicals, and new materials [1] Outlook - The company’s development trend is viewed positively, maintaining a "recommended" rating [1]