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].

万华化学（ [Table_StockNameRptType] 600309） 公司研究/公司点评 四季度业绩同比改善，新产能落地成长可期 主要观点： ⚫[Table_Summary] 事件描述 2024 年 2 月 2 日晚，万华化学发布 2023 年度业绩快报，2023 年公 司实现营业收入 1753.61 亿元，同比增加 5.92%；实现归母净利润 168.14 亿元，同比增加 3.57%。公司第四季度实现营业收入 428.07 亿元，同比增长 21.80%，环比下降 4.72%；实现归母净利润 41.11 亿，同比增长 56.58%，环比下降 0.59%。 ⚫ 2023Q4 主营产品价格回落，收入下降净利超预期 四季度为传统淡季，2023Q4 公司聚合 MDI/纯 MDI/TDI 均价分别为 15673/ 20866/ 17110 元/吨，环比变化-5.61%/-1.85%/-5.34%，公司 2023Q4 归母净利 41.11 亿，超出市场预期，我们推测主要为公司低 成本 LPG 以及 Q4 期间费用环比下降导致。从 2022 年开始，海外经 济进入缓慢增速阶段，需求相对偏弱，聚合 MDI 出口价格有 ...

万华化学（600309.SH）业绩快报点评 营收和利润逆势双增，股东回报有望继续增强 2024年02月05日 ➢ 事件概述。2024 年 2 月 3 日，万华化学发布《关于推动公司“提质增 推荐 维持评级 效重回报”及 2023 年业绩快报》的临时公告。公告显示，公司目前已经形 当前价格： 67.71元 成产业链高度整合，深度一体化的聚氨酯、石化、精细化学品、新材料四大 产业集群，公司通过不断研发生产“为国分忧、为民造福”的好产品，创建 [Table_Author] 受社会尊敬、让员工自豪、国际一流的化工新材料公司。公司公告了2023年 全年的业绩，全年营收和盈利实现双增长。 ➢ 2023年四季度业绩超市场预期，业绩韧性强劲。公司2023年度未经审 计的财务数据显示，全年实现营业收入1753.61亿元，同比增长5.92%；实 现归母净利润 168.14 亿元，同比增长 3.57%；扣除非经常性损益净利润 分析师 刘海荣 164.08 亿元，同比增长 3.87%。实现基本每股收益 5.36 亿元，同比增长 执业证书： S0100522050001 3.68%。从2023年第四季度来看，单季度实现收入428.07 ...

2024 年 2月 3日公司发布公告，将采取措施切实“提质增效重回 报”，并发布 2023 年业绩预告，2023 年公司实现营业收入 1754 亿元，同比增长5.92%，实现归母净利润168亿元，同比增长3.57%。 四季度业绩表现相对较好，再次彰显主业的竞争力。根据业绩预 告的情况，公司四季度实现营业收入428亿元，同比增长 22%，归 母净利润41.11 亿元，同比增长57%。2022 年 11月和 2023 年 5 月，公司福建基地40 万吨MDI 和 25万吨 TDI 相继投产，量增带 动了公司整体营收实现较大程度的提升，从四季度的公司主流产 品看价格呈现小幅下降，根据百川数据，纯 MDI 和聚合 MDI 四季 度均价分别为20895 元/吨、15784 元/吨，价格同比实现了小幅上 行，但环比下降了1.6%、6%，四季度聚合MDI 价差环比下降约9%， 在整体行业相对承压的情况下，公司的规模优势和产业链优势显 现，竞争力在行业供需相对承压的状态下尤为凸显。 聚氨酯项目持续扩充产能，新材料不断获得突破，为公司发展提 人民币(元) 成交金额(百万元) 供蓄力。公司2023 年持续有新增项目投产，在精细化 ...