研報掘金丨華創證券:維持萬華化學“強推”評級,產能釋放帶來長期成長動能
華創證券研報指出,萬華化學(600309.SH)Q2利潤環比微降,產能釋放帶來長期成長動能。得益於福建基地MDI裝置的技改擴能,TDI裝置有效產能增加以及煙台聚醚新裝置的投產,24Q2公司三大板塊持續貢獻量增。展望下半年,公司部分在建產能及增量項目有望逐步落地,繼一期20萬噸/年POE 項目順利投產運行後,4.8 萬噸/年檸檬醛-香精香料項目/蓬萊一期90萬噸/年PDH項目/煙台120萬噸/年大乙烯二期項目預計分別將於24Q3/24Q4/24年底陸續投產,公司長期成長動能充足。考慮到公司作為行業龍頭有望率先受益於行業需求復甦及盈利改善,高附加值產品有望逐步落地並打開未來成長空間,該行給予公司2025年15倍PE,對應25 年目標價101.85元,維持“強推”評級。
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