公司报告 | 半年报点评 产能释放带动产销规模提升，多项目稳步推进 事件：万华化学发布 2024 年中报，实现营业收入 970.67 亿元，同比增长 10.8%；归属于上市公司股东的净利润 81.74 亿元，同比下降 4.6%，扣除非 经常性损益后的净利润 81.0 亿元，同比减少 2.54%。按 31.40 亿股的总股 本计，实现每股收益 2.60 元，每股经营现金流为 3.28 元。第二季度实现 营业收入 509.06 亿元，同比增长 11.42%、环比增长 10.28%；实现归属于 上市公司股东的净利润 40.17 亿元，同比减少 11.03%、环比减少 3.39%； 折合单季度 EPS 1.28 元。 公司拟实施 2024 年半年度利润分配，以总股本 31.40 亿股为基数，向全 体股东每 10 股派发 5.20 元现金红利（含税）。 产销量规模增加，毛利率持稳，非经常性因素影响公司业绩。2024 年上半 年，公司主营业务中聚氨酯系列、石化系列、精细化学品及新材料系列分 别实现营收 354.55、395.75、129.79 亿元，较去年同期分别变动+26.85、 +34.43、+17.15 亿元，yo ...

2024 年度第二期中期票据（科创票据）发行结果公告 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。 万华化学集团股份有限公司（以下简称"公司"）于 2023 年 3 月 18 日召开的 第八届董事会 2023 年第一次会议审议通过了《关于申请非金融企业债务融资工具 （DFI）到期继续注册的议案》，并经公司于 2023 年 5 月 12 日召开的 2022 年度股 东大会表决通过，同意公司向中国银行间市场交易商协会申请到期继续注册非金融 企业债务融资工具（DFI），并在中国境内发行超短期融资券、短期融资券、中期 票据、永续票据、资产支持票据、绿色债务融资工具等产品。 公司于 2023 年 6 月 30 日收到中国银行间市场交易商协会核发的《接受注册通 知书》（中市协注[2023]DFI36 号），中国银行间市场交易商协会接受公司债务融 资工具注册，注册自通知书落款之日起 2 年内有效，在注册有效期内可分期发行超 短期融资券、短期融资券、中期票据、永续票据、资产支持票据、绿色债务融资工 具等产品。 公司根据自身资金计划安排 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is strengthening its advantages in polyurethane and is expected to continue growing in new materials [3] - The company has a high degree of integration in the global polyurethane industry chain and is expanding at a low cost, with MDI capacity expected to increase from 3.1 million tons in 2023 to 5.3 million tons by 2027, raising its global market share from 31% to 42% [3][31] - The company has shown resilience during industry downturns, with its polyurethane segment revenue increasing by 7% year-on-year in 2023, while competitors faced declines [3] Summary by Sections Polyurethane - Multiple overseas MDI facilities have faced force majeure events, leading to low operating rates and high-cost capacities potentially exiting the market [3] - The company’s MDI exports have been strong, with domestic exports increasing by 2% year-on-year in the first four months of 2024 [3] - The company’s polyurethane segment has demonstrated superior risk resistance during downturns, with a gross margin increase of 3.2 percentage points in 2023 [3] Petrochemicals - The petrochemical segment is expected to see a recovery in profitability, with the price difference index at a cyclical low as of August 18, 2024 [4] - The company plans to diversify raw materials for its ethylene project, which is expected to reduce costs [4] New Materials - The company invests 3 to 4 billion yuan annually in R&D, driving growth in new materials [4] - New projects, including a 20,000-ton POE plant launched in June 2024, are expected to enhance profitability [4] Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 190.6 billion yuan, 230.5 billion yuan, and 261.8 billion yuan, respectively, with net profits of 19.0 billion yuan, 25.5 billion yuan, and 31.4 billion yuan [4][10] - The company is expected to maintain a high growth trajectory, justifying the "Buy" rating [4] Market Position - The company is positioned to increase its MDI market share, with domestic MDI capacity expected to rise from 437,000 tons in 2023 to 577,000 tons by 2026 [6][31] - The company’s TDI capacity is projected to grow from 95,000 tons in 2023 to 147,000 tons by 2026, increasing its global market share from 29% to 38% [31] Financial Metrics - The company’s financial metrics indicate a strong outlook, with projected P/E ratios of 12, 9, and 7 for 2024, 2025, and 2026, respectively [4][10]

Investment Rating - The investment rating for Wanhua Chemical is "Buy" with a target price of 70.36 CNY [4][3]. Core Views - The report highlights that Wanhua Chemical is positioned well for long-term growth, with a focus on the integrated industrial chain and global competitive advantages. The company is expected to see steady profit growth in the coming years [4][3]. Summary by Sections Financial Performance - In the first half of 2024, the polyurethane segment saw a year-on-year sales increase of 14.47% and revenue growth of 8.19%. The MDI prices showed an upward trend, while TDI and polyether markets faced a downturn [3]. - The petrochemical segment experienced a significant year-on-year sales decline of 59.8%, although revenue increased by 9.53% due to fluctuations in international oil prices and insufficient downstream demand [3]. - The fine chemicals and new materials segment reported a sales increase of 24.32% year-on-year, with revenue growth of 15.23% [3]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 17.91 billion CNY, 22.35 billion CNY, and 25.23 billion CNY, respectively. The corresponding P/E ratios are projected to be 12.34, 9.88, and 8.76 [4][5]. Valuation Metrics - The report provides a comparison of Wanhua Chemical's valuation metrics with peer companies, indicating a P/E ratio of 12.34 for 2024, which is competitive within the industry [6][5]. Market Data - As of August 15, 2024, Wanhua Chemical's market capitalization is approximately 220.91 billion CNY, with a trading range over the past 52 weeks between 66.78 CNY and 99.10 CNY [3].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that despite a sluggish global economic recovery, the company's main products have achieved year-on-year sales growth. The polyurethane series sales volume reached 2.69 million tons, a year-on-year increase of 14.47%, while the average price decreased by 5.48% to 13,200 CNY/ton. The petrochemical series production volume was 2.77 million tons, up 23.11% year-on-year, although the overall profit level in the industry remains low. The fine chemicals and new materials series sales volume increased by 24.32% year-on-year, with an average price of 14,100 CNY/ton, down 7.32% [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 97.067 billion CNY, a year-on-year increase of 10.77%. The net profit attributable to the parent company was 8.174 billion CNY, a decrease of 4.60% year-on-year, while the net profit excluding non-recurring items was 8.099 billion CNY, down 2.54% year-on-year. The second quarter's net profit excluding non-recurring items was 3.972 billion CNY, a decrease of 8.09% year-on-year and 3.76% quarter-on-quarter [4][5] Sales and Production - The report indicates that the company has made significant progress in project construction and digital transformation to enhance production efficiency. The company is pushing forward with the construction of the second phase of ethylene and the first phase of Penglai, aiming for timely production. The HDI product line is becoming more competitive with the successful launch of the 180,000-ton hexamethylenediamine project [5][6] Profit Forecast - The profit forecast remains unchanged, with expected net profits for 2024, 2025, and 2026 projected at 20.007 billion CNY, 23.076 billion CNY, and 25.639 billion CNY, respectively. The corresponding EPS for these years is estimated to be 6.37 CNY, 7.35 CNY, and 8.17 CNY. The report maintains a price-to-earnings ratio (PE) of 13-15 times for 2024, with a reasonable value range of 82.81-95.55 CNY [5][6][9]

Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical [5] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 97.067 billion yuan, a year-on-year increase of 10.77%, and a net profit of 8.174 billion yuan, a year-on-year decrease of 4.6% [5] - The polyurethane segment is seeing new capacity being released, while the petrochemical segment is supported by high costs but faces demand pressure [5][8] - The demand for refrigerators and freezers remains high, with Q2 production and sales maintaining elevated levels [5][13] - Short-term demand is expected to be weak due to seasonal factors, but supply-side support is strong, indicating potential recovery in the upcoming peak season [5][20] - The company is focused on high R&D investment and capital expenditure to support long-term growth and aims to become a leader in the global chemical industry [5][22][23] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 97.067 billion yuan, with a net profit of 8.174 billion yuan, reflecting a year-on-year decrease of 4.6% [5][6] - The Q2 revenue was 50.906 billion yuan, a year-on-year increase of 11.42% [5] Business Segments - **Polyurethane Segment**: Revenue reached approximately 17.95 billion yuan in Q2, with a year-on-year increase of 5.1% [8] - **Petrochemical Segment**: Revenue was 21.061 billion yuan in Q2, with a year-on-year increase of 17.4% [8] - **New Materials Segment**: The segment continues to expand, with Q2 production increasing by 29.3% year-on-year [9] Market Demand - The refrigerator industry, which accounts for a significant portion of MDI demand, saw production of 26.889 million units in Q2 2024, a year-on-year increase of 7% [13] - Domestic MDI demand is improving, supported by strong export performance [17] Future Outlook - The company anticipates a recovery in demand as the peak season approaches, despite current seasonal weaknesses [20] - By 2025, Wanhua Chemical's global market share in MDI is expected to approach 40%, benefiting large-scale enterprises [20] R&D and Capital Expenditure - The company maintains a high level of R&D investment, approximately 4 billion yuan annually, to support technological advancements [22][23] - Significant capital expenditures are planned to accelerate the industrialization of technology reserves [22][23]

万华化学 600309.SH 公司研究 | 深度报告 万华化学系列之十一：福建合作项目打开 新篇章 核心观点 近期，万华化学公告披露计划将与阿布扎比国家石油（ADNOC）为主的联合体，以 50%:50%的持股比例共同在福州投资建设 160 万吨/年的特种聚烯烃一体化项目。我们认 为对于两家企业来说，都打开了发展的新篇章。具体如下： ⚫ ADNOC：平衡策略下的东进。ADNOC 的发展思路与阿联酋国家发展规划高度契 合。2019 年后，阿联酋主动调整了外交策略，开始转向偏中立的外交方式。目前其 在欧洲与美国已有较多化工产业投资，但在中国还几乎没有投资。特别是与中东大 国沙特头号公司沙特阿美比较，ADNOC 在国内的产业影响力远远不足。从阿联酋的 外交策略、ADNOC 现有的产业布局、对沙特阿美的参考与竞争等各角度分析，我们 认为未来 ADNOC 在国内开展大规模产业投资是大势所趋。 ⚫ 万华化学：从主导到共赢。本次合作对于万华来说也是发展方式的突破，ADNOC 在 国内重大投资的代表性意义、两家企业的长期互信、万华成熟高效的化工产业能 力、绿电资源布局等条件为本次合作奠定了良好基础。以较有代表性的博禄化学与 卫 ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **107.09 CNY** [2] Core Views - The company, Wanhua Chemical, plans to jointly invest with ADNOC in a **1.6 million tons/year special polyolefin integrated project** in Fuzhou, marking a new chapter for both companies [1] - The project leverages ADNOC's domestic investment significance, long-term trust, and Wanhua's efficient chemical industry capabilities, along with green energy resources [1] - The project's profitability is expected to be comparable to Borouge, with **gross margins of 48%, 44%, and 37% in 2021-2023** respectively, driven by product differentiation and ethane resource advantages [1] Profit Forecast and Valuation - The company's EPS for 2024-2026 is forecasted to be **5.82, 6.89, and 8.00 CNY** respectively [2] - A **15% valuation premium** is applied due to the company's superior long-term ROE and historical growth, resulting in a **18x PE multiple** for 2024 [2] ADNOC's Strategic Expansion - ADNOC's development aligns with the UAE's national strategy, focusing on **sustainable assets** to hedge against future declines in oil and gas revenues [13] - ADNOC has been actively expanding its chemical assets, including **5 million tons of polyolefin capacity** in Ruwais and a **1 million tons ethane cracker** in the US [13][14] - ADNOC's recent capital operations, such as acquiring stakes in OMV and Fertiglobe, indicate a shift towards **large-scale industrial investments in China** [13][15] Wanhua Chemical's Strategic Shift - The collaboration with ADNOC represents a shift from **dominance to partnership** for Wanhua, marking a new phase in its international development [21] - The project will utilize **Borstar technology** from Borealis, with Wanhua providing industrial support and green energy solutions [22] - The project is expected to benefit from **low carbon emissions** due to the use of green electricity, with a **310MW offshore wind power project** already approved [22] Economic Assessment - The project's economic viability is supported by **Borstar technology** and **ethane resource advantages**, similar to Borouge's operations [25] - Borouge's **product premium** contributed **19% and 15% to gross margins in 2022 and 2023** respectively, which is expected to be replicated in the Fuzhou project [26] - Despite higher ethane transportation costs in China, Wanhua's operational efficiency and joint ethane fleet with ADNOC are expected to offset these disadvantages [27][29] Comparative Analysis - Borouge's **investment intensity** for its ethane cracker projects is significantly higher than that of domestic companies like Satellite Chemical, with **single-ton ethylene investment intensity** exceeding **2.45 million CNY** [20] - Satellite Chemical's Lianyungang project demonstrates that **domestic efficiency** can offset resource disadvantages, with **net margins** comparable to Borouge after adjusting for product premiums [29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][20] Core Views - The company achieved a revenue of 97.067 billion yuan in the first half of 2024, representing a year-on-year growth of 10.77%, while the net profit attributable to shareholders decreased by 4.60% year-on-year to 8.174 billion yuan [4][5] - The company is progressing with new projects, including a joint venture to build a 1.6 million ton specialty polyolefin project, indicating a move towards internationalization [3][10] - The company is expected to experience high growth in the future as new capacities come online, with projected revenues of 190.616 billion yuan, 230.538 billion yuan, and 261.770 billion yuan for 2024, 2025, and 2026 respectively [10][18] Financial Performance - In Q2 2024, the company reported a revenue of 50.906 billion yuan, a year-on-year increase of 11.42%, but a net profit of 4.017 billion yuan, which is a decrease of 11.03% year-on-year [1][4] - The operating cash flow for Q2 2024 was 7.208 billion yuan, an increase of 1.53 billion yuan year-on-year [1] - The gross profit margin for Q2 2024 was 15.31%, a slight decrease compared to the previous year [1] Segment Performance - The petrochemical segment generated a revenue of 39.575 billion yuan in the first half of 2024, with a gross margin of 4.52%, reflecting a year-on-year increase of 2.22 percentage points [2] - The polyurethane segment saw a revenue of 12.979 billion yuan, with a gross margin of 16.99%, although it decreased by 5.06 percentage points year-on-year [6][12] - The company’s MDI production capacity is set to double, enhancing its competitive edge in the market [10][18] Future Outlook - The company is expected to maintain a stable dividend policy, proposing a cash dividend of 5.20 yuan per 10 shares for the first half of 2024 [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 6.06 yuan, 8.12 yuan, and 10.01 yuan respectively, indicating a positive growth trajectory [11][20] - The company’s return on equity (ROE) is projected to remain stable at around 19% for 2024, increasing to 22% by 2026 [11][20]

证券代码：600309 证券简称：万华化学 公告编号：临 2024-43 号 万华化学集团股份有限公司 关于召开 2024 年半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。 副总裁兼董事会秘书、财务负责人：李立民 重要内容提示： 投资者可于 2024 年 8 月 16 日(星期五) 至 8 月 22 日(星期四)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 2024 年 8 月 13 日发布 公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年 度经营成果、财务状况，公司计划于 2024 年 8 月 23 日 下午 16:00-17:00 举行 2024 年半年度业绩说明会，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 年半年度的 ...