wanhua(SH:600309) Huaxin Securities·2026-02-28 00:45Investment Rating - The report maintains a "Buy" investment rating for Wanhua Chemical [1] Core Insights - The polyurethane price increase is benefiting Wanhua Chemical, as global MDI supply is highly concentrated among a few multinational giants, with Wanhua being the largest producer [5][6] - The report highlights that Wanhua Chemical's MDI production capacity will increase to 4.5 million tons by Q2 2026, enhancing its competitive position in the market [6] - The cost advantage of Wanhua Chemical's "coal chemical-MDI" integrated production chain allows it to maintain profitability even during price fluctuations, providing a solid competitive moat [7] Financial Projections - The projected net profits for Wanhua Chemical from 2025 to 2027 are 13.51 billion, 16.87 billion, and 19.48 billion yuan respectively, with corresponding P/E ratios of 21.5, 17.3, and 14.9 [8][10] - The report forecasts a revenue growth rate of 15.6% in 2025, followed by 10.3% in 2026 and 5.7% in 2027 [10][11] - The gross profit margin is expected to stabilize around 16.0% to 16.7% over the forecast period [11]