wanhua(SH:600309) Huaxin Securities·2026-02-27 13:45Investment Rating - The report maintains a "Buy" investment rating for Wanhua Chemical [1] Core Insights - The report highlights that Wanhua Chemical is set to benefit significantly from the recent price increases in polyurethane products, particularly MDI and TDI, driven by both domestic and international market dynamics [5][6] - The company is positioned as a leading player in the MDI market, with a production capacity of 3.8 million tons per year, making it the largest globally and the largest supplier of TDI [6] - Wanhua's cost advantage stems from its integrated "coal-chemical-MDI" production process, which allows it to maintain profitability even during price downturns, enhancing its resilience compared to competitors [7][8] Financial Projections - The report forecasts Wanhua Chemical's net profit attributable to shareholders for 2025, 2026, and 2027 to be 135.11 billion, 168.69 billion, and 194.78 billion yuan respectively, with corresponding P/E ratios of 21.5, 17.3, and 14.9 [8][10] - Revenue projections for the same years are estimated at 210.39 billion, 232.02 billion, and 245.28 billion yuan, reflecting growth rates of 15.6%, 10.3%, and 5.7% respectively [10][11] Market Dynamics - The report notes that the price of MDI in China has increased to an average of 14,100 yuan per ton, with TDI prices reaching 14,981 yuan per ton, indicating a positive price trend in the domestic market [4][5] - Internationally, major players like Huntsman and BASF have announced price increases, which are expected to further support domestic price recovery [5][6]