wanhua(SH:600309) Ge Long Hui A P P·2025-09-02 06:23Core Viewpoint - Wanhua Chemical is a leading global chemical enterprise with a strong focus on MDI and TDI, establishing a highly competitive integrated industrial chain [1] Production Capacity - As of the first half of 2025, the company will have an MDI production capacity of 3.8 million tons per year, with an expansion of 700,000 tons per year planned for its Fujian facility, expected to be operational in 2026 [1] - The company is a leading global producer of TDI, with a total TDI production capacity of 1.44 million tons per year following the completion of the second phase of the Fujian TDI project in August 2025 [1] Market Demand - The furniture sales in China are performing well, which strongly supports the demand for TDI [1] - The company aims to continue expanding into niche markets to drive growth in new business areas [1] Investment Outlook - Given the company's leading position in the polyurethane industry and the performance growth from petrochemical and new material projects, the future development prospects of the company are viewed positively, leading to an initial "buy" rating [1]