Investment Rating - The investment rating for the company is maintained at "Buy-B" [6]. Core Views - The company demonstrates operational resilience amid economic downturns, with multiple projects underway to release long-term potential [1]. - The company reported a revenue of 97.067 billion RMB for H1 2024, a year-on-year increase of 10.77%, while the net profit attributable to shareholders was 8.174 billion RMB, showing a decline of 4.60% [1]. - The company is expected to benefit from macroeconomic stabilization and recovery, with projected revenues for 2024-2026 of 203.896 billion RMB, 230.145 billion RMB, and 253.999 billion RMB, representing year-on-year growth rates of 16.3%, 12.9%, and 10.4% respectively [8]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 97.067 billion RMB, with a net profit of 8.174 billion RMB, reflecting a decline of 4.60% year-on-year [1]. - The gross profit margin for H1 2024 was 16.41%, a slight decrease of 0.01 percentage points compared to the previous year [1]. - The company announced a cash dividend of 0.52 RMB per share, totaling 1.633 billion RMB, which accounts for 20% of the net profit for H1 2024 [1]. Business Segments - The polyurethane segment generated revenue of 35.455 billion RMB in H1 2024, up 8.19% year-on-year, with a gross margin of 28.00% [5]. - The petrochemical segment reported revenue of 39.575 billion RMB in H1 2024, a year-on-year increase of 9.53%, with a gross margin of 4.52% [5]. - The fine chemicals and new materials segment achieved revenue of 12.979 billion RMB in H1 2024, reflecting a year-on-year growth of 15.23% [5]. Market Dynamics - The company is the largest global supplier of MDI and TDI, with a production capacity utilization rate of 98% as of the end of 2023 [6]. - The company is expanding its production capacity in the polyurethane sector, with plans to increase MDI capacity from 400,000 tons/year to 800,000 tons/year [6]. - The company is also investing in new projects, including a 1.6 million tons/year specialty polyolefin project in partnership with ADNOC and Nordic Chemicals [6].

Investment Rating - The report does not explicitly state an investment rating for Wanhua Chemical Group Core Views - Wanhua Chemical Group reported a revenue of 97.067 billion yuan for the first half of 2024, representing a year-on-year increase of 10.77% [4] - The net profit attributable to shareholders was 8.174 billion yuan, a decrease of 2.54% year-on-year [4] - The company plans to invest 42.14 billion yuan in major projects in 2024, focusing on high-end polyethylene and new material parks [9] - R&D expenses for the first half of 2024 were 2.081 billion yuan, accounting for 2.14% of revenue [9] Company Updates - On August 13, 2024, Wanhua Chemical disclosed its semi-annual report, highlighting a revenue increase and a slight decline in net profit [4] - The company announced a planned maintenance shutdown of its 750,000 tons/year PDH unit starting August 25, 2024, for approximately 45 days [4] - A cash dividend of 0.52 yuan per share was announced, totaling approximately 1.633 billion yuan [4] Industry Updates - The MDI market saw mixed price movements in August, with the average price of MDI at 17,400 yuan/ton, down 1.14% year-on-year [21] - The global demand for MDI is projected to reach 9.425 million tons by 2025, with a compound annual growth rate of around 5% [31] - The downstream demand for MDI is primarily driven by the white goods sector, which accounts for 49.89% of consumption [34] R&D and Capital Expenditure - The company’s R&D expenses and capital expenditures have been increasing, with a focus on optimizing existing processes and developing new materials [6][9] - In 2024, the company plans to invest significantly in projects related to lithium battery materials and high-performance materials [9] Employee Structure - In 2023, Wanhua Chemical recruited over 5,000 employees, with 4,079 in R&D, representing 14.04% of the total workforce [10] Dividend Policy - Since its listing, Wanhua Chemical has distributed a total of 41.273 billion yuan in cash dividends, maintaining a policy of distributing at least 30% of distributable profits in cash annually for the next three years [13]

证券代码：600309 证券简称：万华化学 公告编号：临 2024-46 号 万华化学集团股份有限公司 2024 年半年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.52 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/9/4 | － | 2024/9/5 | 2024/9/5 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 公司 2024 年 4 月 8 日的 2023 年年度股东大会审议通过授权董事会处理中期分配事宜。 公司于 2024 年 4 月 8 日召开的 2023 年度股东大会审议通过了《万华化学集团股份有限公司 未来三年股东回报规划（2024 年-2026 年）》，未来三年内（2024 年-2026 年），公司将坚持以 现金分红为主，保持利润分配政策的连续性和稳定性，在足额提取法定 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2024-45 号 万华化学集团股份有限公司 本次停产检修是根据年度计划进行的例行检修，对公司的生产经营不会产生 影响。 特此公告。 万华化学集团股份有限公司 2024 年 8 月 23 日 烟台产业园 PDH 装置停产检修公告 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。 根据化工企业生产工艺特点，为确保生产装置安全有效运行，按照年度检修 计划，公司烟台产业园 75 万吨/年 PDH 等装置将于 2024 年 8 月 25 日开始停产 检修，预计检修 45 天左右。 ...

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]