wanhua(SH:600309) Ge Long Hui·2026-01-05 10:52Core Viewpoint - Wanhua Chemical has been selected as a core asset in the chemical industry for the "Betting on China" initiative, driven by a recovery in the global chemical sector and strong growth potential in emerging industries such as new energy vehicles and semiconductors [1] Industry Background - The global chemical industry is expected to enter a recovery phase by the end of 2025, with net profit growth projected at 15%-20% in 2026, significantly benefiting leading companies like Wanhua Chemical [2] Key Opportunities in 2026 - The MDI industry is set for an upswing, with global MDI capacity at 8.5 million tons and demand at 8.2 million tons in 2025, leading to enhanced pricing power for Wanhua Chemical [3] - Emerging materials are expected to see explosive growth, with global demand for lithium iron phosphate exceeding 10 million tons and significant opportunities in semiconductor materials and bio-based materials [3] - Wanhua's global presence, with over 50% of revenue from overseas, positions it well to benefit from international demand recovery and pricing strategies [3] Fundamental Analysis - Wanhua Chemical has diversified its business beyond traditional cyclical reliance, achieving stable growth through its "three-horsepower" strategy [4] - The polyurethane segment generated revenue of 55.14 billion yuan in the first three quarters of 2025, maintaining a high gross margin of 26% [4] - The petrochemical segment has become the largest business unit, with revenue of 59.32 billion yuan, benefiting from cost reductions and raw material efficiency [5] - The emerging materials segment, contributing 23.81 billion yuan, includes high-value products that reduce cyclical dependency [5] Core Competitiveness - Wanhua Chemical's leadership is supported by four key barriers: advanced technology, scale advantages, a complete industrial chain, and a global footprint [6] - The company holds leading positions in MDI and TDI production, with a global market share exceeding 30% in MDI [6] Investment Appeal - Wanhua Chemical's current P/E ratio of 19.29 is below the average for global chemical leaders, indicating significant valuation recovery potential [7] - Projected net profit for 2026 is expected to reach 18-20 billion yuan, driven by growth across all business segments [7] - The company represents a dual opportunity for investment, combining cyclical recovery with growth potential in emerging sectors [7]