华鲁恒升：产品基本面将受益于化工行业的反内卷

Global Research abc 24 December 2025 The chemical industry re-rated recently on enhanced self-discipline and price hikes. Based on our latest product price estimates, we raise 2025-27E earnings 1-5% and lift medium-term ROIC from 15% to 18%. Our new DCF-based (WACC unchanged at 8.6%) PT implies 16x 2026E PE. First Read Hualu-Hengsheng Product fundamentals set to benefit from chemical industry's anti-involution Caprolactam price bottoming out driven by recent anti-involution The market price of caprolactam w ...