——万华化学（600309.SH）2025 年三季报点评 要点 事件：公司发布 2025 年三季度报告。2025 年前三季度，公司实现营收 1442.26 亿元，同比减少 2.29%；实现归母净利润 91.57 亿元，同比减少 17.45%；实现 扣非后归母净利润 91.01 亿元，同比减少 16.72%。2025Q3，公司单季度实现 营收 533.24 亿元，同比增长 5.52%，环比增长 11.48%；实现归母净利润 30.35 亿元，同比增长 3.96%，环比减少 0.20%。 2025 年 10 月 28 日 公司研究 利润环比持平，持续看好化工龙头创新升级 产品销量稳步提升，下游需求疲弱价格下降。2025 年 Q3，公司聚氨酯产销量稳 步提升，同时得益于新增产能的释放公司石化、精细化学品及新材料产品产销量 显著提升。2025Q3，公司聚氨酯产品产量为 156 万吨，同比增长 13.0%；销量 为 155 万吨，同比增长 9.9%。然而，由于下游需求疲弱，部分产品下游库存高 企和竞争加剧，2025Q3 公司聚氨酯产品平均销售价格同比下降 11.6%至 1.18 万元/吨。石化板块方面，2025Q3 公 ...

Core Viewpoint - The report highlights that Wanhua Chemical's equipment upgrades will enhance profitability and accelerate the conversion of self-developed technologies into results [1]. Group 1: Recent Developments - The first ethylene plant's upgrade is expected to significantly reduce production costs, with the company focusing on optimizing key production processes to achieve extreme cost efficiency [2]. - The second ethylene plant, with a capacity of 1.2 million tons per year, successfully commenced operations in the first half of 2025, utilizing a mixed feed of ethane and naphtha [2]. - Kuwait Petrochemical Industries Company (PIC) has increased its investment in Wanhua Chemical (Yantai) Petrochemical Co., Ltd. by $638 million, acquiring a 25% stake [2]. Group 2: Project Approvals - Wanhua Chemical's MDI capacity expansion project in Fujian has been approved, aiming to upgrade the existing 800,000 tons per year MDI project to 1.5 million tons per year by modifying various production units [3]. - By the end of 2024, the company is projected to have an MDI capacity of 3.8 million tons per year, with the Fujian project expected to add 700,000 tons per year, reaching a total global capacity of 4.5 million tons per year by the second quarter of 2026 [3]. Group 3: Technology and Product Development - The company has successfully launched its MS unit, expanding its optical business product line, and has industrialized tert-butylamine, enhancing the specialty amine supply chain [3]. - The company has produced qualified sulfone polymers, improving its engineering plastics solutions, and has successfully introduced bio-based 1,3-butanediol to cosmetic clients [3]. - Ongoing R&D investments in battery materials have led to breakthroughs, with the fourth-generation lithium iron phosphate achieving mass production and the fifth generation reaching initial production [3]. - The company is committed to a differentiated product strategy, developing high-value products such as POE, polyolefins, nylon 12, and modified materials to expand into niche markets [3]. Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 13.495 billion, 16.350 billion, and 18.100 billion yuan for the years 2025 to 2027, respectively [4]. - Based on comparable company valuations, a target price of 73.08 yuan is set, with a "buy" rating assigned for the initial coverage [4].