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研報掘金丨東方證券:維持萬華化學“買入”評級,目標價96.36元
東方證券研報指出,萬華化學二季度業績環比持平,治理改善見成效。從單季度毛利看,25Q2爲58.2億元,環比25Q1減少9.5億元。然而公司積極管控各項費用,使利潤總額僅減少1.85億元,歸母淨利基本持平。認爲在公司經營思路發生重大變化的情況下,一旦全球宏觀企穩,MDI與TDI等產品受益於良好的行業格局有望率先出現反彈,成爲公司以業績爲導向的良好抓手,同時也能扭轉市場對於公司悲觀預期。由於萬華在其中的長期ROE和歷史成長性更爲突出,維持15%估值溢價,對應25年22倍PE,給予目標價96.36元,維持“買入”評級。
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