公司研究 证 券研究 报 告 聚氨酯 2024年03月20日 万 华化学（600309）2023年报点评 强 推 （维持） 经营业绩稳步改善，新材料项目逐步进入兑 目标价：101.85元 现期 当前价：78.58元 事项： 华创证券研究所  公司发布 23年报，23年实现收入1753.61亿元，同比增长 5.92%；实现归母 证券分析师：杨晖 净利润168.16亿元，同比增长3.59%。其中Q4单季度实现收入428.07亿元， 同比增长21.80%；实现归母净利润41.13亿元，同比增长56.65%。公司计划 邮箱：yanghui@hcyjs.com 每股派发现金红利人民币1.625元（含税），合计分配利润约51亿元。 执业编号：S0360522050001  分板块来看，23 年公司实现聚氨酯、石化、精细化工品及新材料业务收入 证券分析师：侯星宇 674/693/238 亿元，同比分别+7%/-0.4%/+18%；实现销量 489/472/159 万吨， 邮箱：houxingyu@hcyjs.com 同比分别+17%/+5%/+68%；实现平均售价 13780/14688/14991 元/吨，同比分 执 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year improvement in Q4 performance, with new production capacity contributing to sustained growth [3] - In 2023, the company achieved operating revenue of 175.36 billion yuan, a year-on-year increase of 5.92%, and a net profit attributable to shareholders of 16.82 billion yuan, up 3.59% year-on-year [3] - The fourth quarter saw operating revenue of 42.81 billion yuan, a year-on-year growth of 21.80%, while net profit attributable to shareholders was 4.11 billion yuan, reflecting a year-on-year increase of 56.69% [3] Summary by Sections Q4 Performance - In Q4, the main product prices declined, but the polyurethane segment saw improved production and sales compared to the previous quarter [4] - The average prices for polymer MDI, pure MDI, and TDI in Q4 were 15,673 yuan/ton, 20,866 yuan/ton, and 17,110 yuan/ton, with respective changes of +5.61%, -1.85%, and -5.34% [4] - The polyurethane segment's production, sales, and revenue for 2023 were 4.99 million tons, 4.89 million tons, and 67.38 billion yuan, showing year-on-year changes of +19.95%, +16.99%, and +7.14% [4] Future Outlook - The demand for MDI is expected to improve due to the "old-for-new" policy and anticipated interest rate cuts in the U.S. [4] - The company is advancing the construction and commissioning of new MDI and TDI facilities, which is expected to enhance the supply landscape [4] - New projects in the new materials sector are projected to be operational in 2024, contributing to a comprehensive industrial chain in the vitamin and flavoring sectors [4] Financial Projections - The company is expected to achieve net profits of 20.28 billion yuan, 25.18 billion yuan, and 28.24 billion yuan for 2024, 2025, and 2026, with respective year-on-year growth rates of 20.6%, 24.2%, and 12.2% [5] - The current stock price corresponds to P/E ratios of 12, 10, and 9 for the years 2024, 2025, and 2026 [5]

公司发布2023年年报，2023 年实现营收1753.61 亿元，同比增长 5.92%，归母净利润 168.16 亿元，同比增长 3.59%，业绩符合预 期。 随着国内外经济的复苏，公司经营保持稳健。公司聚氨酯板块实 现收入673.86 亿元，同比增长 7.14%；石化业务实现收入693.28 亿元，同比减少-0.44%；精细化工以及新材料板块实现收入238.36 亿元，同比增长 18.45%。费用方面， 2023 年司销售费用13.46 亿 元，同比增长16.48%；管理费用24.50亿元，同比增长 24.61%； 公司研发费用40.80 亿元，同比增长19.32%，公司维持持续高水 平研发投入，为公司长远布局构建良好的技术基础。 聚氨酯、石化产品价格有所下行，公司经营稳健。纯 MDI 产品： 全年消费需求向好，下游主要行业外贸、内需订单增加，全年市场 均价在20000 元/吨左右。聚合MDI 产品：随着国际海运费逐步回 落到合理水平，下游冰箱、冷柜行业出口业务增长明显，但投资需 人民币(元) 成交金额(百万元) 求不及预期，全年市场均价在16000 元/吨左右。TDI 产品:在家居 103.00 3,00 ...

证券研究报告 | 年报点评报告 2024年03月19日 万华化学（600309.SH） 全年业绩稳健，高端新材料未来成长可期 公司发布 2023年年度报告。公司 2023年实现营业收入 1754亿元，同比 买入（维持） 增长 5.9%，归母净利润 168亿元，同比增长 3.6%，扣非归母净利润 164 股票信息 亿元，同比增长 4.1%；其中 Q4单季度实现营业收入 428亿元，环比下滑 行业 化学制品 4.7%，归母净利润 41.1 亿元，环比下滑 0.5%，扣非归母净利润 40.1 亿 前次评级 买入 元，环比下滑2.6%。 3月19日收盘价(元) 78.58 聚氨酯价差处于修复通道，福建基地贡献增量。2023 年聚氨酯板块实现营 总市值(百万元) 246,721.29 收/毛利 674/187亿元，同比+7.1/21.4%，产能：截至 2023年末公司聚氨 总股本(百万股) 3,139.75 酯板块产能达 516 万吨，其中 MDI/TDI/聚醚产品分别为 310/95/111 万 其中自由流通股(%) 100.00 吨，分别同比 2022年新增 5/30/0万吨；价格：聚合 MDI、纯 MDI和 TD ...

万华化学（600309.SH）2023年年报点评 销量和利润双增，新一轮增长蓄力待发 2024年03月19日 ➢ 事件概述。2024 年3 月 18 日，万华化学发布 2023 年报，2023 年公 推荐 维持评级 司实现营业收入 1753.61 亿元，同比增长 5.92%，实现归母净利润 168.16 当前价格： 78.99元 亿元，同比增长3.59%，扣非归母净利164.39亿元，同比增长4.06%。2023 年四季度实现销售收入428.07亿元，同比增长21.80%，实现扣非归母净利 [Table_Author] 润40.11亿元，同比增长66.61%。 ➢ 聚氨酯和精细化学品业务销量大增，石化业务将迎来重要项目投产。聚 氨酯板块 2023 年实现产品销量 489 万吨，同比增长 16.99%，精细化学品 板块实现产品销量159万吨，同比增长67.37%，增量显著。2023年第四季 度聚氨酯板块实现销量 130 万吨，同比增长 25.00%，精细化学品板块实现 销量42万吨，同比增长55.56%。这主要得益于MDI、TDI、聚醚、改性、 分析师 刘海荣 PC、PMMA产品等产品的新产能持续投产和市场份额 ...

Compa n y U pda te Ch in a Res ear ch De p t . 2024年03月19日 万华化学(600309.SH) Buy 买进 费倩然 H70507@capital.com.tw 新产能投放驱动业绩增长，看好盈利持续修复 目标价(元) 98 事件：公司发布2023年年报，全年实现营收1753.61亿元，yoy+5.92%；归母 公司基本资讯 净利润168.14亿元，yoy+3.57%，与业绩快报一致。Q4单季实现营收428.07亿 产业别 化工 元，yoy+21.80%,qoq-4.72%；归母净利润41.11亿元，yoy+56.58%，qoq-0.76%。 A股价(2024/3/18) 78.99 上证指数(2024/3/18) 3084.93 此外，公司公布2023年利润分配方案，计划每10股派16.25元，股息率为2.06% 股价12个月高/低 99.78/66.78 点评：新产能投放推动销量增长，在主营产品价格下滑背景下，公司以量补 总发行股数(百万) 3139.75 价，仍维持全年营收业绩同比提升。Q4淡季业绩环比微降，公司盈利韧性凸 A股数(百万) 3139.7 ...

Investment Rating - The investment rating for Wanhua Chemical is "Buy" [1][4][12] Core Views - The company achieved a year-on-year revenue increase of 5.9% in 2023, reaching 175.36 billion yuan, and a net profit of 16.82 billion yuan, up 3.6% year-on-year. The fourth quarter of 2023 saw a significant revenue increase of 21.8% year-on-year, with a net profit growth of 56.6% [1][5][12] - The polyurethane downstream demand showed slight growth in 2023, although prices decreased. The company has MDI and TDI capacities of 3.1 million tons and 0.95 million tons, respectively, with plans for capacity expansion [1][9] - The overall price of petrochemical products declined in 2023, influenced by falling raw material prices, including a decrease of approximately 10.77% for pure benzene and 25.09% for coal [1][11] Summary by Sections Financial Performance - In 2023, Wanhua Chemical reported a revenue of 175.36 billion yuan and a net profit of 16.82 billion yuan. The fourth quarter alone generated a revenue of 42.81 billion yuan and a net profit of 4.11 billion yuan [1][5][12] - The gross profit margin for Q4 2023 was 16.9%, and the net profit margin was 10.4%, both showing year-on-year improvements [1][5] Market Dynamics - The global polyurethane market faced a mixed scenario with domestic demand recovering gradually while external demand remained weak. However, demand from the refrigerator, automotive, and other industries contributed to slight growth [1][9] - The average market prices for pure MDI, polymer MDI, and TDI in 2023 were approximately 20,000 yuan/ton, 16,000 yuan/ton, and 16,500 yuan/ton, respectively [1][9] Raw Material Prices - The prices of key raw materials decreased in 2023, with pure benzene down by 10.77%, coal by 25.09%, and propane and butane by approximately 21.98% and 21.39%, respectively [1][11] Future Outlook - The company is expected to maintain stable profit margins as it continues to advance new projects. The profit forecasts for 2024-2026 are 19.38 billion yuan, 22.47 billion yuan, and 23.34 billion yuan, respectively, with corresponding EPS of 6.17 yuan, 7.16 yuan, and 7.43 yuan [1][12]

2023年年度报告 公司代码：600309 公司简称：万华化学 万华化学集团股份有限公司 2023 年年度报告 ...

证券研究报告 公 2024年03月19日 司 报 告 万华化学(600309) 行 业： 基础化工/化学制品 │ 公 投资评级： 买入（维持） 司 当前价格： 78.99元 全年净利同比增长，新产能助力长期成长 年 目标价格： 99.30元 报 点 事件： 评 基本数据 2024年3月18日，公司发布2023年年报，2023年公司实现营业收入1753.6 总股本/流通股本(百万股) 3,139.75/3,139.75 亿元，同比增长5.92%；归母净利润168.2亿元，同比增长3.59%；扣非后 流通A股市值(百万元) 248,008.59 归母净利润164.4亿元，同比4.06%；基本每股收益5.36元。 每股净资产(元) 28.24 单季度看，23Q4 公司实现营业收入 428.1 亿元，同比增长 21.8%，环比减 资产负债率(%) 62.67 少4.7%；归母净利润41.1亿元，同比增长56.7%，环比减少0.5%。 一年内最高/最低(元) 99.78/66.78  产销增加叠加成本下滑，全年净利润同比增长 23年公司新装置产能快速释放带动主要产品销量增加，但需求端疲软致产 股价相对走势 品销售价格 ...

Investment Rating - The report maintains a "Buy" rating for Wanhua Chemical (600309.SH) [1][4][23] Core Views - The company's performance in 2023 showed a year-on-year increase in revenue and net profit, with revenue reaching 175.36 billion yuan (up 5.9% YoY) and net profit at 16.82 billion yuan (up 3.6% YoY) [1][5] - The polyurethane downstream demand experienced slight growth in 2023, although prices declined. The company has significant MDI and TDI production capacities, with ongoing expansions planned [1][18] - The overall price of petrochemical products decreased in 2023, influenced by lower raw material prices due to falling crude oil prices and a balanced supply-demand situation in the domestic coal market [1][22] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 42.81 billion yuan (up 21.8% YoY, down 4.7% QoQ) and a net profit of 4.11 billion yuan (up 56.6% YoY, down 0.5% QoQ) [1][5] - The gross margin for Q4 2023 was 16.9% (up 0.9 percentage points YoY, down 0.6 percentage points QoQ), and the net margin was 10.4% (up 2.4 percentage points YoY, up 0.1 percentage points QoQ) [1][5] Market Dynamics - The global polyurethane market faced a mixed scenario with domestic demand recovering gradually while external demand remained weak. However, demand from the refrigerator, automotive, and other sectors led to slight growth [1][18] - The average market prices for pure MDI, polymer MDI, and TDI products were approximately 20,000 yuan/ton, 16,000 yuan/ton, and 16,500 yuan/ton respectively in 2023 [1][18] Raw Material Prices - Major raw material prices saw a decline in 2023, with pure benzene, coal, propane, and butane prices decreasing by approximately 10.77%, 25.09%, 21.98%, and 21.39% respectively [1][22] Future Outlook - The company is expected to maintain stable profit margins as a leading player in the polyurethane industry, with ongoing project advancements. The profit forecasts for 2024-2026 are set at 19.38 billion yuan, 22.47 billion yuan, and 23.34 billion yuan respectively, with corresponding EPS of 6.17 yuan, 7.16 yuan, and 7.43 yuan [1][23]