研报掘金丨华鑫证券：万华化学多元化布局提升竞争力，予“买入”评级

Core Viewpoint - Wanhua Chemical's short-term performance is under pressure, but its diversified layout enhances competitiveness [1] Group 1: Financial Performance - In the first half of 2025, Wanhua Chemical's polyurethane business achieved operating revenue of 36.888 billion yuan, a year-on-year increase of 4.04%, accounting for 40.58% of total operating revenue [1] - The gross profit margin for the company decreased by 0.47 percentage points year-on-year [1] Group 2: Business Strategy and Growth Potential - The company is actively expanding into emerging fields such as POE elastomers and battery materials, which currently have a small revenue share but significant growth potential [1] - Wanhua Chemical adheres to a product differentiation strategy, developing multiple high-value-added products including POE, polyolefins, nylon 12, and modified materials to expand into niche markets [1] Group 3: Cash Flow and Market Position - Despite the pressure on profitability, the core business maintains a robust cash flow capability, consistently generating positive cash flow [1] - The scarcity of polyurethane products in the domestic market remains unchanged, and the commissioning of new production capacity will further solidify the company's leading position [1] - The investment rating is set at "Buy" [1]