wanhua(SH:600309) Guoxin Securities·2025-08-12 03:14Investment Rating - The investment rating for the company is "Outperform the Market" [5][7][36] Core Views - The company has shown a quarter-on-quarter increase in revenue and non-net profit, indicating effective cost control measures [2][10] - The polyurethane segment is experiencing differentiated demand with orderly capacity expansion, while the petrochemical segment faces profitability challenges due to low product prices [3][4][31] - The company is expected to maintain steady growth in revenue and profit over the next few years, with specific earnings per share (EPS) forecasts for 2025-2027 [5][36] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 478.3 billion yuan, a year-on-year decrease of 6.0% but a quarter-on-quarter increase of 11.1%. The net profit attributable to shareholders was 30.4 billion yuan, down 24.3% year-on-year and down 1.3% quarter-on-quarter. The non-net profit attributable to shareholders was 32.0 billion yuan, down 19.3% year-on-year but up 5.4% quarter-on-quarter [2][10] - The gross margin was 12.2%, down 3.1 percentage points year-on-year and down 3.5 percentage points quarter-on-quarter, while the net margin was 7.0%, down 1.7 percentage points year-on-year and down 0.9 percentage points quarter-on-quarter [2][10] Polyurethane Segment - The revenue from the polyurethane segment in Q2 2025 was 184.6 billion yuan, with production and sales volumes of 1.51 million tons and 1.58 million tons, respectively, showing a quarter-on-quarter increase of 3% and 9% [3][13] - The prices for pure MDI, polymer MDI, and TDI were 18,800 yuan/ton, 16,700 yuan/ton, and 12,400 yuan/ton, respectively, with TDI prices rising rapidly in July due to overseas production disruptions [3][13] Petrochemical Segment - The petrochemical segment reported revenue of 186.1 billion yuan in Q2 2025, with production and sales volumes of 1.54 million tons and 1.52 million tons, respectively, reflecting a quarter-on-quarter increase of 9% and 14% [4][31] - The company is optimizing production and sales relationships to enhance profitability, with new capacity from a 1.2 million tons/year ethylene project contributing to revenue [4][31] Fine Chemicals and New Materials - The fine chemicals and new materials segment achieved revenue of 82.6 billion yuan in Q2 2025, with stable development driven by new demand in the ADI business and successful production of high-end optical-grade resins [4][31]