Gelonghui, August 13 | Huaan Securities Research Report pointed out that Wanhua Chemical (600309.SH)'s second-quarter results were in line with expectations, and the implementation of new production capacity continued to grow. The Q2 petrochemical and new materials sectors grew steadily. It is speculated that the short-term decline in pure MDI and TDI prices in the polyurethane sector and the rise in raw material prices such as pure benzene put pressure on short-term profits, causing the company's 2024Q2 profit to fall slightly month-on-month. The trade-in policy is compounded by expectations of US interest rate cuts. MDI demand is expected to improve in the future. Currently, downstream MDI demand is gradually entering the Spring Festival peak season, and prices are supported. In addition, the 0.2 million ton PoE project has now been put into operation, and the 0.048 million ton citral and derivatives project is expected to be put into operation in the third quarter of 2024. At that time, the citral, vitamin, fragrance and fragrance industry chains will be opened up one after another. The company has a trinity layout, multiple projects have been launched one after another, and future performance will continue to develop. Wanhua Chemical is a well-known enterprise in the global polyurethane industry. New material projects such as new energy, fragrance, POE, and semiconductors are progressing at an accelerated pace. It is expected that capital investment will continue to be high in the future, and the performance center is expected to gradually move upward. Maintain a “buy” rating.