Core Viewpoint - Wanhua Chemical (600309) is recognized as a global leader in the chemical industry, with a strong focus on MDI and TDI products, and is expected to benefit from improving market conditions and strategic expansions [2][3]. Investment Highlights - Wanhua Chemical is a leading global chemical company with a diversified business structure, focusing on MDI and TDI as core products while expanding into petrochemicals, fine chemicals, and new materials [2]. - The MDI business is experiencing improved supply-demand dynamics, with the company's market share projected to increase from 22% in 2020 to 32% by 2024, supported by limited new capacity in the industry [2]. - The company plans to expand its MDI capacity by 700,000 tons/year, with new production expected to come online in 2026, further solidifying its market position [2]. - The TDI market is also characterized by oligopoly, with prices rising due to supply disruptions. Wanhua Chemical has a TDI capacity of 1.44 million tons/year and is expected to benefit from price increases [3]. - The petrochemical sector is anticipated to recover as industry profitability improves, with Wanhua Chemical's projects expected to enhance its competitive edge [3]. - The fine chemicals and new materials segment is seeing growth, with several new products set to launch between 2024 and 2025, contributing to revenue diversification [4]. - Revenue forecasts for Wanhua Chemical are projected at 185.6 billion, 193.9 billion, and 202.7 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 13.5 billion, 16.5 billion, and 19 billion yuan [4]. - The company has received a "buy" rating from analysts, reflecting confidence in its leading position in the polyurethane industry and the potential for revenue growth from new projects [4][7].
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