研报掘金丨华鑫证券：万华化学多元化布局提升竞争力，予“买入”评级

格隆汇2025-08-15

华鑫证券研报指出，万华化学业绩短期承压，多元化布局提升竞争力。作为聚氨酯全球龙头，万华化学拥有全球最大的MDI和TDI产能。2025上半年公司聚氨酯业务实现营业收入368.88亿元，同比增长4.04%，占总营业收入的40.58%，然毛利率同比下降0.47pct。公司积极布局POE弹性体、电池材料等新兴领域，虽然精细化学品及新材料板块目前营收占比较小，但增长潜力较大，有望成为公司未来的重要盈利增长点...

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