Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q1 2025 has shown signs of recovery after hitting a low, with expectations for a positive outlook at the bottom of the cycle [1][6] - The company reported a total revenue of 182.07 billion yuan for 2024, with a year-on-year growth of 3.8%, while the net profit attributable to shareholders was 13.03 billion yuan, down 22.5% year-on-year [2][6] - The MDI segment is expected to see a recovery in demand, particularly from the refrigerator industry, which has shown strong export growth [18][6] - The company has made significant provisions for asset impairments in 2024, which will allow for a lighter operational burden moving forward [16][6] - The report anticipates that the company's MDI global market share could approach 40% with new capacity coming online [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 200.03 billion yuan, with a projected net profit of 14.73 billion yuan, reflecting a year-on-year growth of 13% [2][6] - The earnings per share (EPS) is expected to be 4.69 yuan for 2025, with a projected PE ratio of 12 [2][6] - The company’s gross margin is forecasted to be 15.4% in 2025, with a return on equity (ROE) of 13.5% [2][6] Market Data - As of April 22, 2025, the company's closing price was 54.08 yuan, with a market capitalization of 169.8 billion yuan [3][6] - The company has a price-to-book (PB) ratio of 1.7, indicating a significant margin of safety compared to its historical average [6] Segment Performance - The polyurethane segment is expected to see revenue growth of 12.55% in 2024, driven by strong demand in the export market [7][6] - The petrochemical segment reported a revenue increase of 4.6% in 2024, although profitability remains under pressure due to weak demand [9][10] - The new materials segment is projected to grow by 18.61% in 2024, supported by successful project launches [11][12]

Core Viewpoint - The company, Wanhua Chemical Group Co., Ltd., is set to hold its 2024 annual performance briefing on April 30, 2025, to discuss its operational results and financial status with investors [2][3][5]. Group 1: Meeting Details - The meeting will take place on April 30, 2025, from 13:30 to 14:30 [5]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible via the website http://roadshow.sseinfo.com/ [5]. - The format of the meeting will include video recording and online interaction [2][5]. Group 2: Investor Participation - Investors can submit questions from April 23 to April 29, 2025, through the Roadshow Center's website or via the company's email [2][6]. - The company will address commonly asked questions during the briefing [3][6]. Group 3: Financial Instruments - The company has received approval for the issuance of various debt financing instruments, including short-term and medium-term notes, as part of its financial strategy [7]. - On April 21, 2025, the company successfully issued its first medium-term note for the year, with the funds already received [7].

万华化学 将出席第十届生物基大会 「关键化学品与材料」论坛 分享 " 轻·韧·未来 —鞋用高性能 弹性体解决方案" ，并参加生物基展览 （ 展位号：B09 ） 。并且 ，万华化学已竞选 第三届新叶 奖 (New Leaf Award 2025)评选的 创新材料奖 ，该获奖名单将于展会开幕式揭晓。 全球弹性体行业正处于技术创新与绿色转型的关键阶段。其中鞋材的弹性体材料正在向高性能、定制化、环保化方向发展，由于出色的降碳属性， 生 物基弹性体 也越来越受到品牌方的青睐。 根据欧洲生物塑料协会的数据，2022年全球生物基鞋类市场价值约为 12亿美元 ，预计到2028年将增长至 22亿美元 。鞋用生物基弹性体主要涉及生物基TPU、POE、尼龙12等，其中生物基尼龙12弹性体材料在高端鞋材中应用最为广泛。 作为 全球化运营的化工新材料公司，万华化学已经 打通了从 丁二烯到十二内酰胺再到聚酰胺12弹性体的全产业链技术 ，于2024年3月实现了 尼龙 12弹性体工业化装置的顺利投产 成为 全球第二家掌握尼龙12弹性体全产业链技术的公司 。 以万华化学推出的 Wanelite®生物基尼龙12弹性体 （PEBA） 为例，该产品 ...

公司根据自身资金计划安排和银行间市场情况，于 2025 年 4 月 21 日在全国银 行间市场发行了 2025 年度第一期中期票据，募集资金已于 2025 年 4 月 21 日到账。 发行结果如下： | 名称 | 万华化学集团股份有限公司2025年 | 简称 | 25万华化学 MTN001（科创 | | --- | --- | --- | --- | | | 度第一期中期票据（科创票据） | | 票据） | | 代码 | 102581780 | 期限 | 3年 | | 起息日 | 2025年04月21日 | 兑付日 | 2028年04月21日 | | 计划发行总额 | 7亿元 | 实际发行总额 | 7亿元 | | 发行利率 | 1.95% | 发行价格 | 100元/百元面值 | | --- | --- | --- | --- | | 主体评级 | AAA | 评级机构 | 联合资信评估股份有限公司 | | 主承销商 | 中国光大银行股份有限公司 | | | 证券代码：600309 证券简称：万华化学 公告编号：临 2025-23 号 万华化学集团股份有限公司 2025 年度第一期中期票据（科创票据）发行结果 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2025-22 号 万华化学集团股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2025 年 4 月 23 日(星期三) 至 4 月 29 日(星期二)16:00 前登录上证路演中心 网站首页点击"提问预征集"栏目或通过公司邮箱 stocks@whchem.com 进行提问。公司将在 说明会上对投资者普遍关注的问题进行回答。 万华化学集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日发布 公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成 果、财务状况，公司计划于 2025 年 4 月 30 日下午 13:30-14:30 举行 2024 年度业 绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度的经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在 ...

金十图示：2025年04月22日（周二）富时中国A50指数成分股今日收盘行情一览：银行股全天走势分化，保险行业午后转涨 长江电力 中国核电 东方财富 8 1939.56亿市值 3243.93亿市值 7176.53亿市值 22.70亿成交额 8.57亿成交额 34.61亿成交额 29.33 9.43 20.55 +0.02(+0.07%) +0.05(+0.53%) -0.08(-0.39%) 证券 食品饮料 中信证券 国泰海通 海天味业 胸更 3716.99亿市值 3007.63亿市值 2346.02亿市值 11.58亿成交额 6.80亿成交额 2.80亿成交额 17.06 42.19 25.08 -0.15(-0.59%) +0.07(+0.41%) +0.03(+0.07%) 消费电子 化学制药 恒瑞医药 工业富联 立讯精密 3251.38亿市值 3530.91亿市值 2195.96亿市值 31.40亿成交额 8.19亿成交额 31.17亿成交额 17.78 30.30 50.97 -0.03(-0.17%) -0.57(-1.85%) +1.80(+3.66%) 家电行业 农牧饲渔 牧原股份 格力电器 ...

中化新网讯 (记者 徐岩)4月15—18日举行的Chinaplas 2025中国国际橡塑展上，万华化学带来了"绿色动 能、活力智造、健康生活"三大领域的综合性材料解决方案和一站式客户服务，并举行多个新品首发及 战略合作签约仪式。 在绿色动能区，万华化学打造"能源收集—储存—使用"系列的光伏、电池、电动汽车等多个材料解决方 案，助力新能源行业迈向更高效率和更广阔的应用领域。万华化学带来的聚烯烃弹性体(POE)光伏胶膜 及光伏边框用聚氨酯复材，致力于不断提升光伏组件的耐候性及加工性能;打造了汽车材料解决方案： 热塑性聚氨酯弹性体(TPU)漆面保护膜为车衣带来高透亮、高物理强度等效果，聚碳酸酯、聚甲基丙烯 酸甲酯车灯料拥有优异的光学及耐候性能，聚氨酯(PU)模内成型材料提升汽车内外饰的外观表现， TPU&聚氯乙烯(PVC)充电桩线缆、PU电池壳上盖、尼龙12汇流排等高性能材料赋能新能源汽车安全升 级。 在活力智造区，万华化学推出工业、运动等多项材料解决全案。运动领域包括TPU、聚醚嵌段酰胺 (PEBA)、聚酰胺12、POE等高性能鞋底材料及多种塑胶跑道胶黏剂;管路板块有PVC、聚乙烯、PVDF聚 偏氟乙烯等管道专用 ...

金融界4月21日消息，上证指数低开高走，上证180成长指数 (180成长，000028)上涨0.86%，报3171.71 点，成交额450.82亿元。 数据统计显示，上证180成长指数近一个月下跌5.77%，近三个月下跌0.32%，年至今下跌2.07%。 据了解，上证180风格指数系列以上证180指数为样本空间，根据成长因子和价值因子计算风格评分，分 别选取成长得分与价值得分最高的60只上市公司证券构成上证180成长指数与上证180价值指数。另外， 上证180成长指数与上证180价值指数分别与样本空间剩余上市公司证券组成上证180相对成长指数与上 证180相对价值指数。上证180成长指数、上证180价值指数、上证180相对成长指数与上证180相对价值 指数构成上证180风格指数系列，从风格特征的角度进一步刻画上证180指数，为投资者提供更具多元化 风险收益特征的投资标的。该指数以2002年06月28日为基日，以1000.0点为基点。 从指数持仓来看，上证180成长指数十大权重分别为：贵州茅台（10.57%）、紫金矿业（8.55%）、中 芯国际（5.02%）、京沪高铁（4.86%）、海光信息（3.99%）、药明 ...

Core Viewpoint - The company is expected to enhance its competitiveness in 2025, which is designated as a "transformation year," maintaining a "buy" rating [1] Investment Highlights - The "buy" rating is maintained despite significant pressure on the company's petrochemical business, leading to a downward revision of the 2025-2026 EPS estimates to 4.20, 5.45, and 6.07 yuan respectively (previously 6.00, 7.94, and not available) [2] - The target price is adjusted to 67.70 yuan from 90.76 yuan, based on a 16.12 times PE ratio for 2025 [2] - In 2024, the company achieved total revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while the net profit attributable to shareholders was 13.03 billion yuan, a year-on-year decrease of 22.49% [2] - Q4 2024 revenue was 34.47 billion yuan, down 19.49% year-on-year and 31.80% quarter-on-quarter, with a net profit of 1.94 billion yuan, down 52.83% year-on-year and 33.55% quarter-on-quarter [2] - The decline in Q4 performance was primarily due to impairment losses of 732 million yuan and other expenses of 908 million yuan [2] - The petrochemical segment's profitability remains under pressure, with a full-year gross margin of 3.52% and a significantly lower margin of 2.31% in the second half of 2024 [2] Q1 2025 Performance and Strategic Initiatives - In Q1 2025, the company reported revenue of 43.07 billion yuan, a year-on-year decrease of 6.70% but a quarter-on-quarter increase of 24.96%, with a net profit of 3.08 billion yuan, down 25.87% year-on-year but up 58.89% quarter-on-quarter [3] - The company is implementing a series of management changes to foster organizational vitality and expand market boundaries, including changes in mindset, organization, budgeting, and incentive mechanisms [3] - The successful commissioning of multiple facilities at the Wanhua Penglai base has contributed to increased sales volumes, although profits have declined due to falling product prices [3] - The company is focusing on transforming its management thinking from a management-oriented approach to a performance-oriented approach [3] Project Developments - The company has a diverse business portfolio, including polyurethane, petrochemicals, fine chemicals, and new materials [3] - The second TDI project in Fujian, with a capacity of 330,000 tons/year, is expected to be completed in May 2025, bringing total TDI capacity to 1.44 million tons/year [4] - A 250,000 tons/year LDPE facility in Yantai successfully commenced operations at the beginning of 2025, laying a solid foundation for entering the high-end polyolefin sector [3][4] - The MS and XLPE projects are progressing steadily, with expected completion in 2025 [4]

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