Gelonghui October 21st | Sealand Securities research reports pointed out that the future competitive advantage of the chemical industry lies in the "engineer dividend", Wanhua Chemical Group (600309.SH) is a typical company in China driven by technological innovation. Based on a superior culture, the company has created two major moats of high technology and low cost through technological innovation and excellent operation. In the short term, what affects the fundamentals of Wanhua Chemical Group is the prosperity of products. In terms of representative indicators, the price difference is the most core factor affecting short-term profits. In the long term, what affects the fundamentals of Wanhua Chemical Group is the future growth, and milestone products that can prove the company's ability to evolve continuously are crucial. Wanhua Chemical Group has already proven itself in the MDI track, and the projects that the company may land in the future are the direction of the company's future efforts, the space for the company's continuous evolution. Considering the company's future high growth, stick to the "buy" rating.