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研報掘金丨長江證券:維持萬華化學“買入”評級,24年主要業務板塊收入增長穩健
格隆匯 03-21 14:34

長江證券研報指出,萬華化學(600309.SH)24年歸屬淨利潤130.3億元,同比變動-22.5%,Q4歸屬淨利潤19.4億元,同比變動-52.8%,環比變動-33.5%。費用與減值影響,四季度盈利有降。公司各業務板塊主要產品銷量及銷售收入同比保持增長態勢,同時加強貿易業務管控,審慎確認收入,貿易收入同比下降。隨着新產能的持續釋放,公司主要產品產銷量有望持續增長,在家電補貼等終端需求的拉動下,看好MDI/TDI盈利端改善。公司聚氨酯龍頭地位突出,行業佈局超前,石化業務逐步貢獻,多點開花的化工新材料成長性十足,競爭力持續增強,預計公司2025-2026年歸屬淨利潤分別爲152.4、181.3億元。維持“買入”評級。

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