格隆汇8月15日｜华鑫证券研报指出，万华化学业绩短期承压，多元化布局提升竞争力。作为聚氨酯全 球龙头，万华化学拥有全球最大的MDI和TDI产能。2025上半年公司聚氨酯业务实现营业收入368.88亿 元，同比增长4.04%，占总营业收入的40.58%，然毛利率同比下降0.47pct。公司积极布局POE弹性体、 电池材料等新兴领域，虽然精细化学品及新材料板块目前营收占比较小，但增长潜力较大，有望成为公 司未来的重要盈利增长点。公司还坚持产品差异化战略，开发多个高附加值POE、聚烯烃、尼龙12、改 性材料新品，拓展细分市场，助力新业务能力提升。尽管盈利能力承压，公司核心业务的现金回流能力 依然稳健，能够稳定产生正向现金流，公司短期业绩承压，但聚氨酯产品在国内的稀缺性地位不改，新 产能投产后将进一步巩固公司龙头地位。给予"买入"投资评级。 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of 1.45 billion to 1.65 billion yuan in Q1 2025, representing a year-on-year increase of 41.79% to 61.35%, but a quarter-on-quarter decrease of 30.51% to 38.93% [1] - The average price of ethane in Q1 2025 is projected to be 27.17 cents per gallon, with a year-on-year increase of 39.30% and a quarter-on-quarter increase of 25.64%, indicating strong profitability despite rising costs [2] - The company is advancing its high-end new materials industrial park project, which is expected to enhance product structure and profitability, providing strong momentum for long-term development [2] Group 2 - The company is optimistic about the cost advantages in the C2 industry chain leading to substantial profits and high growth potential from new project launches, with projected net profits of 7.1 billion yuan, 9.2 billion yuan, and 11.1 billion yuan for 2025-2027 [3] - Corresponding EPS for 2025-2027 is expected to be 2.12 yuan, 2.72 yuan, and 3.30 yuan per share, with PE ratios of 10.8X, 8.4X, and 7.0X respectively, leading to a "buy" rating for the company [3]