装置改造有助提升盈利能力，自研技术加速成果转化

装置改造有助提升盈利能力，自研技术加速成果转化 Equipment renovationimprove profitability& Self-developed technology acceleratestransformation 最新动态 ➢第一套乙烯装置改造完成后预计显著降低生产成本。公司生产全流程关键环节，深入推进技改优化落地，打造极致成本。公司采用乙烷、石脑油混合进料的120万吨/年的第二套乙烯装置已在2025H1开车成功，采用丙烷进料的第一套乙烯装置正在进行乙烷进料改造，改造完成后将获得成本优势，从根源上提高公司石化业务盈利能力。 ➢科威特石化工业公司合资完成工商变更登记。科威特石化工业公司（PIC）向万华化学（烟台）石化有限公司增资6.38亿美元，获得万华化学(烟台)石化有限公司25%股权。科威特石化工业公司（PIC）的母公司是科威特石油公司（KPC公司）。KPC公司成立于1980年，是将科威特石油部门的所有国有元素聚集在一个公司框架下的全球主要石油能源集团之一，负责勘探、生产、销售科威特境内所有碳氢化合物资源。 ➢万华福建MDI技改扩能项目获批。2025年10月19日，福州市生态环境局批复万华化学（福建）异氰酸酯有限公司150万吨/年MDI技改扩能一体化项目。该项目拟在原80万吨/年MDI项目基础上将MDI冷媒、缩合装置、光化装置、分离装置技改至匹配150万吨/年MDI产能。根据2024年年报，截至2024年末，公司拥有MDI产能380万吨/年，同时万华福建MDI将技改扩能新增70万吨/年，预计2026年第二季度完成，届时万华全球MDI产能将达到450万吨/年。 动向解读 ➢自研技术加速成果转化。公司MS装置一次性开车成功，丰富了光学业务产品线；叔丁胺产业化成功，不断延伸特种胺的产业链。砜聚合物已产出合格品，完善了万华工程塑料的解决方案。生物基1,3-丁二醇成功导入化妆品客户。电池材料持续加大研发投入，多项技术取得阶段性突破，第四代磷酸铁锂完成量产供应，五代完成定型首发。公司坚持产品差异化战略，开发多个高附加值POE、聚烯烃、尼龙12、改性材料新品，拓展细分市场，助力新业务能力提升。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别134.95、163.50和181.00亿元。参考同行业可比公司估值，给予公司26年14倍PE，给予目标价73.08元，首次覆盖给予“买入”评级。 风险提示 安全风险、行业竞争加剧的风险、海外经营环境变化的风险。 What’s New ➢After the completion of the first ethylene plant renovation, it is expected to significantly reduceproduction costs.Key links in the entire production process of the company, deeply promoting theimplementation of technological transformation and optimization, and creating the ultimate cost. The secondethylene unit with a capacity of 1.2 million tons/year using a mixture of ethane and naphtha as feed has beensuccessfully put into operation in 2025H1. The first ethylene unit using propane as feed is undergoing ethanefeed transformation, which will gain cost advantages and fundamentally improve the profitability of thecompany's petrochemical business. ➢The joint venture of Kuwait Petrochemical Industry Company has completed the registration ofindustrial and commercial changes.Kuwait Petrochemical Industries Corporation (PIC) has increased itscapital by 638 million US dollars to acquire a 25% stake in Wanhua Chemical (Yantai) Petrochemical Co., Ltd.The parent company of Kuwait Petrochemical Industries Company (PIC) is KuwaitPetroleum Company (KPC).KPC was founded in 1980 and is one of the world's major oil and energy groups that brings together all state-owned elements of Kuwait's oil sector under one corporate framework. It is responsible for exploring,producing, and selling all hydrocarbon resources within Kuwait. ➢The Wanhua Fujian MDI technical renovation and capacity expansion project has been approved.OnOctober 19, 2025, the Ecological Environment Bureau of Fuzhou City approved the 1.5 million tons/year MDItechnical renovation and capacity expansion integration project of Wanhua Chemical (Fujian) Isocyanate Co.,Ltd. The project plans to upgrade theMDI refrigerant, condensation unit, photochemical unit, and separationunit to match a production capacity of 1.5 million tons/year based on the original 800000 tons/year MDI project.According to the 2024 annual report, as of the end of 2024, the company has an MDI production capacity of3.8 million tons per year. At the same time, Wanhua Fujian MDI will upgrade and expand its productioncapacity by 700000 tons peryear, which is expected to be completed in 2026Q2. By then, Wanhua's globalMDI production capacity will reach 4.5 million tons per year. What’s Different ➢Self-developed technology accelerates the transformation of achievements.The company's MS devicewas successfully started in one go, enriching the optical business product line; The industrialization of tertbutylamine has been successful, continuously extending the industrial chain of specialty amines. Sulfonepolymer has produced qualified products, improving Wanhua's solution for engineering plastics. Biobased 1,3-butanediol successfully imported into cosmetics customers. The research and development investment inbattery materials continues to increase, and multiple technologies have achieved phased breakthroughs. Thefourth-generation lithium iron phosphate has completed mass production and supply, and the fifth generationhas been finalized and launched. The company adheres to a product differentiation strategy, develops multiplehigh value-added POE, polyolefin, nylon 12, and modified material new products, expands segmentedmarkets, and helps improve new business capabilities. Action ➢Profit forecast.We predict that the company's net profit from 2025 to 2027 will be RMB 13.495 billion, RMB16.350 billion, and RMB 18.100billion, respectively.Referring to the valuation of comparable companies inthe same industry,we give the company 14xPE ratingforFY26andTPof73.08 yuan. For theinitialcoverage,a "BUY" rating is given. Risks Security risks, risks of intensified industry competition, and risks of changes in overseas business environment. 分析师介绍 分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过500篇，主要覆盖行业包括化肥、农