<p>亨斯迈（HUN）在其鹿特丹聚氨酯工厂发生意外中断后，已下调其 2025 年第四季度调整后 EBITDA 展望，该工厂的大型 MDI 生产线预计将持续停产至大约 12 月中旬。</p>
<p>查看我们对亨斯迈的最新分析。</p>
<p>此次更新是在股价大幅上涨后发布的，过去一个月的股价回报约为 32%，帮助亨斯迈在年初至今的表现较弱和多年来深度负面的股东总回报中恢复了一些失地。这表明近期的势头改善了市场情绪，但尚未改变长期的故事。</p>
<p>如果这种事件驱动的变动让你重新考虑材料类股票的投资，值得扫描其他快速增长且内部持股比例高的股票，这些股票可能会提供更强的结构性增长以及承诺的内部持股者。</p>
<p>尽管最近股价飙升，亨斯迈的股价在过去一年和五年仍大幅下跌，投资者现在面临一个更棘手的问题：亨斯迈在这里真的被低估了吗，还是市场已经在定价任何周期性复苏？</p>
<h2>最受欢迎的叙述：高估 10.3%</h2>
<p>与亨斯迈最后的收盘价 10.61 美元相比，最受关注的叙述指向较低的公允价值，暗示最新的反弹已经超出了基本面。</p>
<p><em>该公司正在积极转型，将其投资组合从低利润的商品化学品转向特种化学品（例如，粘合剂、弹性体、航空航天复合材料），旨在进一步提高 EBITDA 利润率和未来周期的整体盈利能力。成本优化、营运资本管理和战略性资产关闭（例如，欧洲的马来酸酐设施）预计将增强自由现金流的生成，并支持在下一个宏观经济上行周期中改善净利润率和盈利韧性。</em></p>
<p>阅读完整叙述。</p>
<p>想看看这个叙述中包含了什么样的利润提升和收益反弹，以及这如何证明一个溢价估值倍数？基础预测结合了适度的收入增长、从亏损到盈利的急剧转变，以及一个更常用于快速增长公司的未来收益倍数。想知道这些变化如何结合成一个仍低于今天价格的单一公允价值数字？你需要完整的叙述来了解哪些假设在发挥重要作用。</p>
<p><strong>结果：公允价值为 9.62 美元（高估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，全球 MDI 市场的持续过剩产能和疲软的建筑需求可能会延长利润压力，并挑战这一叙述中嵌入的乐观复苏假设。</p>
<p>了解亨斯迈叙述的关键风险。</p>
<h2>价值的另一种角度</h2>
<p>我们的估值工作还通过亨斯迈的市销率 0.3 倍进行分析，远低于同行的 0.8 倍和更广泛的美国化工行业的 1.2 倍，甚至低于公允比率 0.7 倍。市场是否对短期痛苦反应过度？</p>
<p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/49f8c8c7-2a0c-466f-a276-e7b762b337a1/chart/ps-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/49f8c8c7-2a0c-466f-a276-e7b762b337a1/chart/ps-multiple-vs-industry"/></p>
<p>纽约证券交易所：HUN 截至 2025 年 12 月的市销率</p>
<h2>自己构建亨斯迈叙述</h2>
<p>如果你更愿意自己深入数字并挑战这些假设，可以通过 “Do it your way” 在几分钟内构建个性化的亨斯迈观点。</p>
<p>亨斯迈研究的一个很好的起点是我们的分析，强调了可能影响你投资决策的两个关键奖励和两个重要警示信号。</p>
<h2>准备好更多投资想法了吗？</h2>
<p>在你继续之前，利用 Simply Wall Street 筛选器挖掘新机会，以免错过潜在的长期赢家。</p>
<ul>
<li>考虑这些 920 只被低估的股票，基于现金流市场尚未完全认可的增长故事。</li>
<li>通过关注这 25 只处于加速 AI 采用核心的 AI 便士股票，探索下一波创新。</li>
<li>通过扫描这些 14 只收益率超过 3% 的股息股票，增强你的收入流，这可能有助于支持更可靠的现金流。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

亨斯迈

<p>亨斯迈（HUN）因鹿特丹工厂的中断下调了 2025 年第四季度的 EBITDA 预期。尽管最近股价上涨了 32%，但公司面临关于其估值的问题，公允价值估计为 9.62 美元，暗示其被高估。亨斯迈正向特种化学品转型以改善利润率，但由于全球 MDI 市场的产能过剩和疲弱的建筑需求，仍面临挑战。与同行相比，该公司的市销率较低，这引发了市场对短期问题反应的质疑</p>

<p>Huntsman (HUN) has reduced its fourth quarter 2025 adjusted EBITDA outlook after an unplanned disruption at its Rotterdam polyurethanes plant, where the larger MDI production line is expected to remain offline until roughly mid December.</p>
<div class="lb-trans"><p>亨斯迈（HUN）在其鹿特丹聚氨酯工厂发生意外中断后，已下调其 2025 年第四季度调整后 EBITDA 展望，该工厂的大型 MDI 生产线预计将持续停产至大约 12 月中旬。</p>
</div><p>See our latest analysis for Huntsman.</p>
<div class="lb-trans"><p>查看我们对亨斯迈的最新分析。</p>
</div><p>The update comes after a sharp run, with a 1 month share price return of about 32 percent helping Huntsman claw back some ground despite a much weaker year to date picture and deeply negative multi year total shareholder returns. This suggests recent momentum is improving sentiment but not yet rewriting the longer term story.</p>
<div class="lb-trans"><p>此次更新是在股价大幅上涨后发布的，过去一个月的股价回报约为 32%，帮助亨斯迈在年初至今的表现较弱和多年来深度负面的股东总回报中恢复了一些失地。这表明近期的势头改善了市场情绪，但尚未改变长期的故事。</p>
</div><p>If this kind of event driven move has you rethinking your materials exposure, it could be worth scanning other fast growing stocks with high insider ownership that might offer stronger structural growth alongside committed insiders.</p>
<div class="lb-trans"><p>如果这种事件驱动的变动让你重新考虑材料类股票的投资，值得扫描其他快速增长且内部持股比例高的股票，这些股票可能会提供更强的结构性增长以及承诺的内部持股者。</p>
</div><p>With shares still down sharply over one and five years despite the recent spike, investors now face a tougher question: is Huntsman genuinely undervalued here, or is the market already pricing in any cyclical recovery?</p>
<div class="lb-trans"><p>尽管最近股价飙升，亨斯迈的股价在过去一年和五年仍大幅下跌，投资者现在面临一个更棘手的问题：亨斯迈在这里真的被低估了吗，还是市场已经在定价任何周期性复苏？</p>
</div><h2>Most Popular Narrative: 10.3% Overvalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：高估 10.3%</h2>
</div><p>Compared with Huntsman’s last close at $10.61, the most followed narrative points to a lower fair value, implying the latest rebound has already overshot fundamentals.</p>
<div class="lb-trans"><p>与亨斯迈最后的收盘价 10.61 美元相比，最受关注的叙述指向较低的公允价值，暗示最新的反弹已经超出了基本面。</p>
</div><p><em>The company is actively transforming its portfolio away from lower-margin, commodity chemicals toward specialty chemicals (e.g., adhesives, elastomers, aerospace composites), aiming to further improve EBITDA margins and overall profitability in future cycles. Cost optimization, working capital discipline, and strategic asset closures (e.g., the maleic anhydride facility in Europe) are expected to enhance free cash flow generation and support improved net margins and earnings resilience during the next macro upturn.</em></p>
<div class="lb-trans"><p><em>该公司正在积极转型，将其投资组合从低利润的商品化学品转向特种化学品（例如，粘合剂、弹性体、航空航天复合材料），旨在进一步提高 EBITDA 利润率和未来周期的整体盈利能力。成本优化、营运资本管理和战略性资产关闭（例如，欧洲的马来酸酐设施）预计将增强自由现金流的生成，并支持在下一个宏观经济上行周期中改善净利润率和盈利韧性。</em></p>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Want to see what kind of margin lift and earnings rebound this narrative is baking in, and how that justifies a premium valuation multiple? The underlying projections blend modest top line growth, a sharp swing from losses to profits, and a future earnings multiple more commonly reserved for faster growing names. Curious how those moving parts combine into a single fair value number that still sits below today’s price? You will need the full narrative to see which assumptions do the heavy lifting.</p>
<div class="lb-trans"><p>想看看这个叙述中包含了什么样的利润提升和收益反弹，以及这如何证明一个溢价估值倍数？基础预测结合了适度的收入增长、从亏损到盈利的急剧转变，以及一个更常用于快速增长公司的未来收益倍数。想知道这些变化如何结合成一个仍低于今天价格的单一公允价值数字？你需要完整的叙述来了解哪些假设在发挥重要作用。</p>
</div><p><strong>Result: Fair Value of $9.62 (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 9.62 美元（高估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, sustained overcapacity in global MDI markets and weak construction demand could prolong margin pressure and challenge the upbeat recovery assumptions embedded in this narrative.</p>
<div class="lb-trans"><p>然而，全球 MDI 市场的持续过剩产能和疲软的建筑需求可能会延长利润压力，并挑战这一叙述中嵌入的乐观复苏假设。</p>
</div><p>Find out about the key risks to this Huntsman narrative.</p>
<div class="lb-trans"><p>了解亨斯迈叙述的关键风险。</p>
</div><h2>Another Angle on Value</h2>
<div class="lb-trans"><h2>价值的另一种角度</h2>
</div><p>Our valuation work also looks at Huntsman through its price to sales ratio of 0.3 times, which is far below both peers at 0.8 times and the wider US Chemicals industry at 1.2 times, and even under a fair ratio of 0.7 times. Is the market overreacting to near term pain?</p>
<div class="lb-trans"><p>我们的估值工作还通过亨斯迈的市销率 0.3 倍进行分析，远低于同行的 0.8 倍和更广泛的美国化工行业的 1.2 倍，甚至低于公允比率 0.7 倍。市场是否对短期痛苦反应过度？</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/49f8c8c7-2a0c-466f-a276-e7b762b337a1/chart/ps-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/49f8c8c7-2a0c-466f-a276-e7b762b337a1/chart/ps-multiple-vs-industry"/></p>
<p>NYSE:HUN PS Ratio as at Dec 2025</p>
<div class="lb-trans"><p>纽约证券交易所：HUN 截至 2025 年 12 月的市销率</p>
</div><h2>Build Your Own Huntsman Narrative</h2>
<div class="lb-trans"><h2>自己构建亨斯迈叙述</h2>
</div><p>If you would rather dig into the numbers yourself and challenge these assumptions, you can build a personalized Huntsman view in minutes by using Do it your way.</p>
<div class="lb-trans"><p>如果你更愿意自己深入数字并挑战这些假设，可以通过 “Do it your way” 在几分钟内构建个性化的亨斯迈观点。</p>
</div><p>A great starting point for your Huntsman research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>亨斯迈研究的一个很好的起点是我们的分析，强调了可能影响你投资决策的两个关键奖励和两个重要警示信号。</p>
</div><h2>Ready for more investment ideas?</h2>
<div class="lb-trans"><h2>准备好更多投资想法了吗？</h2>
</div><p>Before you move on, tap into fresh opportunities using the Simply Wall Street Screener, so you are not leaving potential long term winners on the table.</p>
<div class="lb-trans"><p>在你继续之前，利用 Simply Wall Street 筛选器挖掘新机会，以免错过潜在的长期赢家。</p>
</div><ul>
<li>Consider overlooked growth stories with these 920 undervalued stocks based on cash flows that the market has not fully recognized yet.</li>
<li>Explore the next wave of innovation by targeting these 25 AI penny stocks positioned at the heart of accelerating AI adoption.</li>
<li>Strengthen your income stream by scanning these 14 dividend stocks with yields &gt; 3% that may help support more reliable cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>考虑这些 920 只被低估的股票，基于现金流市场尚未完全认可的增长故事。</li>
<li>通过关注这 25 只处于加速 AI 采用核心的 AI 便士股票，探索下一波创新。</li>
<li>通过扫描这些 14 只收益率超过 3% 的股息股票，增强你的收入流，这可能有助于支持更可靠的现金流。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

在鹿特丹工厂中断导致 2025 年第四季度 EBITDA 预期降低后，评估亨斯迈（HUN）的估值