Gelonghui, August 14 | Huachuang Securities Research Report pointed out that Wanhua Chemical's (600309.SH) Q2 profit fell slightly month-on-month, and the release of production capacity brought long-term growth momentum. Thanks to the technical improvement and capacity expansion of the MDI plant at the Fujian base, the increase in effective production capacity of the TDI device, and the commissioning of the new polyether plant in Yantai, the three major sectors of 24Q2 continued to increase their contributions. Looking ahead to the second half of the year, some of the company's production capacity and incremental projects are expected to gradually be implemented. Following the successful commissioning of the 0.2 million tons/year PoE project, the 0.048 million tons/year citral fragrance project/Penglai phase I 0.9 million tons/year PDH project/Yantai 1.2 million tons/year large ethylene phase II project are expected to be put into operation one after another by the end of 24q3/24q4/24, respectively. The company has sufficient momentum for long-term growth. Considering that the company, as an industry leader, is expected to take the lead in benefiting from the recovery in industry demand and profit improvement, high-value-added products are expected to gradually be implemented and open up room for future growth. The bank will give the company 15 times PE in 2025, corresponding to a target price of 101.85 yuan for 25 years, maintaining a “strong push” rating.