China International Capital Corporation research reports pointed out that based on the utilization of mutually synergistic industry chains, Wanhua Chemical Group (600309.SZ) plans to jointly build a 1.6 million ton special polyolefin integrated facility. Considering the rich experience of the investment consortium in the field of special polyolefins, as well as Wanhua Chemical Group's advantages in the ethane supply chain and the cost competitiveness of the ethane-ethylene production route, we believe that this project cooperation has good profit prospects. In addition, the company plans to fully utilize the carbon dioxide captured from the ethane cracking by-product hydrogen and polyurethane industry chain, as well as the use of 100% zero-carbon electricity in the joint venture project, to reduce overall carbon dioxide emissions. This cooperation is based on the special polyolefin integrated business as a link, and we expect to further deepen cooperation levels with ADNOC, etc., and are expected to further enhance Wanhua Chemical Group's internationalization level. We maintain the target price of 105 yuan, corresponding to a 31.7% upside and a 2024/25 PE ratio of 16/12.6, and maintain an "outperform" rating on the industry.