研報掘金丨中金:維持萬華化學“跑贏行業”評級,2024年和1Q25業績符預期
中金公司研報指出,萬華化學(600309.SH)2024年和1Q25業績符合市場預期。考慮到可以通過匈牙利BC向美國出口MDI,以及出口美國冰箱冰櫃佔我國產量約10-11%(冰箱冰櫃對MDI需求佔我國聚合MDI需求總量約1/3),預計貿易關稅對MDI業務影響可控。考慮貿易關稅後國內乙烷採購成本大幅上升,但公司乙烯二期項目可以增加石腦油及丁烷等用量進行乙烯生產,同時公司丙烷和丁烷主要從中東地區採購,預計公司PDH裝置在國內同行中仍具備競爭優勢。維持“跑贏行業”評級。
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