WHC posted strong 3Q17 results with EPS of RMB1.08, 30% QoQ/ 145% YoY;meanwhile, 9M17 recorded EPS of RMB2.87, 212% YoY. We believe the strongset of results was driven by: 1) robust MDI spread surge due to tight supplysituation created by Hurricane Harvey, which took out capacity in Texas; and 2)hehy performances from petrochemical and functional materials. The resultsbeat expectations. Following the strong 3Q17 results, we lift our 2017E/18E EPSby 14.8%/14.0% and our target price by 14% to RM47.5, factoring in higher MDIspreads in 2017/18E (RMB17.5k /17.0k per ton); we reiterate our Buy rating.

万华三季度业绩强劲，每股收益为人民币1.08元，季环比上涨30％，年同比上涨145％，与此同时,截至2017年9月末每股收益2.87元，同比上涨212.7％。 我们认为结果的强势是由以下因素所驱动的：1）由于哈维飓风造成的供应紧张，由于德克萨斯州的能力下降， 2）石化和功能材料的健康表现。 业绩预期。 继2011年第三季度业绩强劲之后，我们将2017E / 18E EPS提高14.8％/ 14.0％，目标价格上涨14％至47.5元人民币，主要因素是2017 / 18E（即每吨人民币17.5千克/17.0克）的更高的MDIspreads。 我们重申我们的买入评级。