研报掘金丨国海证券：维持万华化学“买入”评级，海外MDI涨价，看好节后聚氨酯景气回升

Core Viewpoint - The report from Guohai Securities indicates that major overseas manufacturers have raised MDI prices in North America, suggesting a potential price increase trend for MDI. The traditional price increase period for polyurethane products occurs around February, influenced by the Lunar New Year holidays in key markets such as mainland China, Taiwan, and Southeast Asian countries, as well as increased demand during Ramadan in the Middle East [1] Industry Summary - February is a traditional price increase period for polyurethane products due to holiday impacts in major consumption markets [1] - The MDI and polyether manufacturers are experiencing smooth shipments, leading to low inventory levels [1] - As of February 24, domestic polymer MDI prices are at 13,900 CNY/ton, pure MDI prices at 17,500 CNY/ton, both stable compared to pre-Lunar New Year levels; TDI prices have increased by 275 CNY/ton to 14,900 CNY/ton [1] Company Summary - Wanhua Chemical is identified as a leading player in the polyurethane industry with significant scale advantages, maintaining a "buy" rating [1]