研報掘金丨國海證券:維持萬華化學“買入”評級,MDI價差環比改善
國海證券研報指出,化工行業未來的競爭優勢在於“工程師紅利”,萬華化學(600309.SH)是國內少有的以技術創新驅動公司發展的典型。公司以優良文化為基礎,通過技術創新和卓越運營打造出高技術和低成本兩大護城河。萬華化學正以週期成長股的步伐向全球化工巨頭之列進軍。短期看,影響萬華化學基本面的是產品的景氣度,從表徵指標來看,價差是影響短期利潤最核心的因素。萬華化學的產品體系日益龐大,為更好地表示公司景氣的程度,我們將萬華化學的產品體系作為一個整體,按照現有的產品體系,對營收和原材料的差值建模,在現有產品體系下追溯歷史上營收和原材料的價差,將價差定義為萬華化學價差指數,以此來判斷公司的景氣位置。長遠看,影響萬華化學基本面的是未來的成長,能夠證明公司具有持續進化能力的里程碑式的產品至關重要。萬華化學在MDI賽道上已經證明了自己,公司未來可能落地的項目就是公司未來發力的方向,就是公司持續進化的空間。考慮公司未來成長性,維持“買入”評級。
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