2024 年 2月 26 日交易各方协商一致并签署协议，万华化学通过万 华化学全资子公司万华化学集团电池科技有限公司（以下简称“万 华电池”）直接受让铜化集团所持有的安纳达及六国化工的部分股 权，交易总金额414,845,016 元。 万华电池通过协议转让方式收购铜陵化学工业集团有限公司持有 的安徽安纳达钛业股份有限公司 32,683,040 股人民币普通股股 份，占安纳达总股份的15.20%，交易金额人民币299,049,816 元， 交易完成后，万华电池将持有安纳达32,683,040 股股份，占安纳 达总股本的 15.20%，为安纳达第一大股东。铜化集团和万华电池 签署《一致行动人协议》约定：铜化集团在安纳达股东大会表决事 项中与万华电池保持一致行动，铜化集团提名的董事在安纳达董 事会表决事项中与万华电池提名的董事保持一致行动。万华电池 为安纳达的控股股东，烟台市人民政府国有资产监督管理委员会 为安纳达实际控制人。此外，万华电池通过协议转让方式收购铜陵 人民币(元) 成交金额(百万元) 化学工业集团有限公司持有的安徽六国化工股份有限公司 109.00 3,000 26,080,000 股人民币普通股股份 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2024-07 号 万华化学集团股份有限公司 关于对外投资暨《股权变更框架协议》进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导 性陈述或者重大遗漏负连带责任。 重要内容提示： 2023 年 11 月 7 日万华化学集团股份有限公司（以下简称"万华化学"）与 铜陵化学工业集团有限公司（以下简称"铜化集团"）及其股东方签署《股权变 更框架协议》，详见万华化学临 2023-69 号公告。 经现场尽调后，2024 年 2 月 26 日交易各方协商一致并签署协议，万华化学 不再受让铜化集团的部分股份，通过万华化学全资子公司直接受让铜化集团所持 有的安纳达及六国化工的部分股权，交易总金额 414,845,016 元（大写：肆亿壹 仟肆佰捌拾肆万伍仟零壹拾陆圆整）： 1、万华化学全资子公司万华化学集团电池科技有限公司（以下简称"万华 电池"）通过协议转让方式收购铜陵化学工业集团有限公司持有的安徽安纳达钛 业股份有限公司（以下简称"安纳达"）32,683,040 股人民币普通股股份，占安 纳达总股份的 15.20%，以转让协议签 ...

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和生产装置的要求，为确保生产装置安全有效运行，按照 年度计划，本公司福建工业园 40 万吨/年 MDI 装置、25 万吨/年 TDI 装置、40 万吨/ 年 PVC 装置及相关配套装置将于 2024 年 3 月 4 日开始停产检修，预计检修 30 天左右。 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重大 影响。 特此公告。 万华化学集团股份有限公司 2024 年 2 月 23 日 股票简称：万华化学 股票代码：600309 公告编号：临 2024-06 号 万华化学集团股份有限公司 福建工业园停产检修公告 ...

Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical [1]. Core Views - Wanhua Chemical achieved steady growth in 2023, with total revenue of 175.4 billion yuan, up 5.92% year-on-year, and a net profit attributable to shareholders of 16.814 billion yuan, up 3.57% year-on-year [16]. - The company is focusing on technological innovation and operational excellence to build competitive advantages in the chemical industry, positioning itself among global chemical giants [4]. - The report highlights the importance of product price differentials in determining short-term profitability and emphasizes the company's ability to innovate and grow in the long term [2][3]. Summary by Sections Financial Performance - In Q4 2023, Wanhua Chemical reported revenue of 42.807 billion yuan, a year-on-year increase of 21.80%, while net profit was 4.111 billion yuan, up 56.58% year-on-year [16]. - The company forecasts net profits of 16.814 billion, 21.981 billion, and 30.872 billion yuan for 2023, 2024, and 2025, respectively, with corresponding PE ratios of 14, 11, and 8 [11]. Price Differential Index - As of February 18, 2024, the price differential index for Wanhua Chemical was 72.81, down 0.29 percentage points from Q4 2023, placing it in the historical 9.03 percentile [5][20]. Project Developments - Wanhua Chemical has received environmental approval for an 80,000-ton/year MDI capacity expansion project, which will double the existing capacity [19][28]. - The company has also established a joint venture with Foster and Trina Solar to manufacture and sell POE particles, with Wanhua holding a 51% stake [7][28]. Market Trends - The report notes an increase in domestic refrigerator and automobile production, while new housing starts have declined [10][9]. - The average price of polymer MDI in January 2024 was 15,652 yuan/ton, reflecting a year-on-year increase of 3.48% [8].

证券代码：600309 证券简称：万华化学 公告编号：临 2024-05 号 万华化学集团股份有限公司 关于持股 5%以上股东部分股份质押公告 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: 公司股东宁波市中凯信创业投资股份有限公司持有万华化学股份 301,808,357 股，占公 司总股本比例 9.61%，本次股份质押业务办理完成后，宁波市中凯信创业投资股份有限 公司累计质押股份 43,400,000 股，占其持股数量比例 14.38%。 公司于 2024 年 2 月 20 日获悉宁波市中凯信创业投资股份有限公司（以下简 称"中凯信"）所持有本公司的部分股份被质押，具体情况如下。 2.本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他 保障用途。 3.股东累计质押股份情况 截至公告披露日，上述股东及其一致行动人烟台中诚投资股份有限公司（以 1 股东 名称 是否为 控股股 东 本次质押股 数 是否为限 售股（如 是，注明 限售类 型） 是否 补充 质押 质押起 始日 质押到 期日 质权人 占其所 持 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 70.01 CNY [2][6]. Core Insights - The company achieved a total revenue of 175.36 billion CNY in 2023, representing a year-on-year growth of 5.9%. The net profit attributable to shareholders was 16.81 billion CNY, with a growth of 3.6% year-on-year [5][6]. - The company is a global leader in polyurethane, with significant capacity in MDI and TDI production, and is expanding its production capabilities [5][6]. - The petrochemical segment is facing challenges due to low market conditions, but upcoming projects are expected to enhance production capacity [5][6]. - The company is focusing on high-end materials and has made progress in developing new materials to replace imports, aiming to become a globally recognized platform in the new materials sector [5][6]. - The company has a strong commitment to shareholder returns, with a dividend payout ratio of no less than 30% as per its 2021-2023 plan [5][6]. Financial Forecast and Valuation - The forecasted net profits for 2023, 2024, and 2025 are 16.81 billion CNY, 20.38 billion CNY, and 23.73 billion CNY, respectively, with corresponding P/E ratios of 13.1, 10.8, and 9.3 [3][6]. - Revenue is expected to grow from 175.36 billion CNY in 2023 to 200.17 billion CNY in 2024, and further to 232.47 billion CNY in 2025, reflecting a growth rate of 14.1% and 16.1% respectively [3][6]. - The company’s return on equity (ROE) is projected to be 17.1% in 2024 and 16.5% in 2025, indicating stable profitability [3][6].

证 券 2024 年 02 月 05 日 研 究 23 年业绩增长，强化落实股东回报 报 告 —万华化学（600309.SH）公司事件点评报告 买入(维持) 事件 分析师：张伟保 S1050523110001 万华化学 2 月 3 日发布公告：将推动公司“提质增效重回 zhangwb@cfsc.com.cn 报”，并发布 2023 年业绩快报，2023 年公司实现营业收入 联系人：刘韩 S1050122080022 1754 亿元，同比增长 5.92%，实现归母净利润 168 亿元，同 liuhan@cfsc.com.cn 比增长3.57%。 基本数据 2024-02-02 投资要点 当前股价（元） 67.71 总市值（亿元） 2126 ▌主要产品以量补价，公司 2023 年业绩实现增长 总股本（百万股） 3140 2023 年，公司实现营业收入 1753.61 亿元，同比增长 流通股本（百万股） 3140 5.92%；归属于上市公司股东的净利润 168.14 亿元，同比增 52周价格范围（元） 67.7-106.8 长 3.57%；归属于上市公司股东的扣除非经常性损益的净利 日均成交额（百万元） 818.2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a year-on-year growth in net profit attributable to shareholders of 3.57% in 2023, with total revenue reaching 175.4 billion yuan, an increase of 5.92% compared to the previous year [3][4] - The company is expected to benefit from ongoing capacity expansion and a favorable long-term growth outlook [4][9] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 175.4 billion yuan, up 5.92% year-on-year, and a net profit attributable to shareholders of 16.814 billion yuan, reflecting a 3.57% increase [3] - The fourth quarter of 2023 saw a revenue of 42.807 billion yuan, a year-on-year increase of 21.80%, while net profit for the same period was 4.111 billion yuan, up 56.58% year-on-year [3] Market Dynamics - The company faced a decline in product sales prices but managed to increase product sales volume, leading to overall revenue and profit growth [4] - In Q4 2023, the domestic MDI market experienced mixed trends, with supply constraints due to maintenance schedules at major plants, impacting pricing dynamics [5] Future Growth Potential - The company has several projects under construction, including a 400,000-ton POE project and a 1.08 million-ton aniline project, which are expected to contribute an additional cumulative revenue of 163.03 billion yuan from 2023 to 2025 if completed on schedule [9] - The profit forecast for 2023-2025 indicates net profits of 16.814 billion yuan, 21.981 billion yuan, and 30.872 billion yuan respectively, with corresponding P/E ratios of 13, 10, and 7 times [9][10]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 88 CNY [1][3]. Core Insights - The company is expected to achieve a revenue of 175.36 billion CNY in 2023, reflecting a year-over-year increase of 5.92%, and a net profit of 16.81 billion CNY, up 3.57% year-over-year [3][4]. - The company emphasizes shareholder returns and aims to maintain a stable dividend payout ratio, with cash dividends over the past three years accounting for 40.65%, 31.84%, and 30.95% of net profit respectively [4][5]. - Despite a decline in product prices, the company has managed to increase sales volume due to new capacity coming online, demonstrating resilience in profitability [3][4]. Summary by Sections Company Overview - The company operates in the chemical industry, with a market capitalization of 212.59 billion CNY and a share price of 67.71 CNY as of February 2, 2024 [2]. - Major shareholders include Yantai Guofeng Investment Holding Group Co., Ltd. with a 21.59% stake [2]. Financial Performance - The company reported a significant increase in Q4 net profit, with a year-over-year growth of 56.58% [3][4]. - The average prices for key products in 2023 were as follows: MDI at 15,800 CNY/ton (down 7.5% YoY), pure MDI at 20,000 CNY/ton (down 3.2% YoY), and TDI at 18,000 CNY/ton (down 0.9% YoY) [3][4]. Earnings Forecast - The company is projected to achieve net profits of 16.81 billion CNY in 2023, 20.5 billion CNY in 2024, and 23.1 billion CNY in 2025, with corresponding EPS of 5.36, 6.53, and 7.36 CNY [5][7]. - The current P/E ratios for the next three years are estimated at 13, 10, and 9 respectively, indicating a low valuation for 2024 [4][5].

Investment Rating - The investment rating for Wanhua Chemical is "Buy" (maintained) [5] Core Views - Wanhua Chemical reported a year-on-year improvement in Q4 2023 performance, with revenue reaching 175.36 billion yuan, a 5.92% increase, and net profit attributable to shareholders at 16.81 billion yuan, a 3.57% increase [1] - In Q4 2023, the company achieved revenue of 42.81 billion yuan, a 21.80% year-on-year increase, and a net profit of 4.11 billion yuan, a 56.58% year-on-year increase, exceeding market expectations [2] - The company is advancing new production capacities in MDI and TDI, with significant projects expected to come online in 2024, which will enhance future performance [3] - Wanhua Chemical emphasizes high dividend payouts, maintaining a cash dividend ratio above 30% of net profit attributable to shareholders [4] Summary by Relevant Sections Financial Performance - In 2023, Wanhua Chemical's revenue was 175.36 billion yuan, with a year-on-year growth of 5.92%, and net profit was 16.81 billion yuan, growing by 3.57% [1] - Q4 2023 saw a revenue of 42.81 billion yuan, up 21.80% year-on-year, and net profit of 4.11 billion yuan, up 56.58% year-on-year [2] Market Dynamics - The average prices for key products in Q4 2023 were 15,673 yuan/ton for polymer MDI, 20,866 yuan/ton for pure MDI, and 17,110 yuan/ton for TDI, reflecting a decline compared to previous quarters [2] - Despite a weak demand environment, MDI export volumes remained high, with polymer MDI exports reaching 1.0437 million tons in 2023 [2] Growth Prospects - New production capacities in Ningbo and Fujian for MDI and TDI are being developed, with additional projects in POE and lemon aldehyde expected to start production in 2024 [3] - The company is also increasing capital expenditures in the new energy sector, aiming to establish a comprehensive lithium extraction and resource recycling industry chain [3] Dividend Policy - Wanhua Chemical has consistently maintained a high dividend payout ratio, with cash dividends exceeding 30% of net profit in recent years [4]