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研報掘金丨華創證券:維持萬華化學“強推”評級,目標69.30元
格隆匯 05-15 15:13
華創證券研報指出,萬華化學(600309.SH)2024FY實現歸母淨利潤130.33億元,同比-22.49%;2025年Q1實現歸母淨利潤30.82億元,同比/環比分別-25.87%/+58.89%。靜待油價利空出盡,積極推動原料多元化。海外聚氨酯玩家經營承壓,看好長期MDI競爭優勢提供超額利潤。認為未來隨着海外老舊產能裝置退出,公司有望充分享受到MDI景氣度抬升的收益。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,高附加值產品有望打開未來成長空間,給予公司2025年15倍PE,對應25年目標69.30元,維持“強推”評級。
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