Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's Q4 performance was under pressure, but there is optimism for future performance recovery and long-term growth. The company is expected to benefit from the recovery in the chemical sector and the growth in domestic demand, with new projects contributing to revenue growth [6][8] - In 2024, the company achieved a revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, but the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan. The Q4 revenue was 34.47 billion yuan, down 19.49% year-on-year and 31.80% quarter-on-quarter [6][10] - The company plans to expand its polyurethane production capacity, with MDI capacity expected to reach 4 million tons per year and TDI capacity to reach 1.11 million tons per year by the end of 2024. New projects are anticipated to drive long-term growth [8][10] Financial Summary - In 2024, the company reported a revenue of 182.07 billion yuan, with a year-on-year growth of 3.83%. The net profit attributable to shareholders was 13.03 billion yuan, down 22.49% year-on-year. The projected net profits for 2025, 2026, and 2027 are 14.56 billion yuan, 17.39 billion yuan, and 20.44 billion yuan respectively [6][10] - The company's gross margin for 2024 was 16.2%, with a net margin of 7.2%. The projected EPS for 2025, 2026, and 2027 are 4.64 yuan, 5.54 yuan, and 6.51 yuan respectively [10][13] - The company has a total market capitalization of 176.64 billion yuan, with a current stock price of 56.26 yuan, reflecting a P/E ratio of 12.1 for 2025 [1][10]

事件：万华化学发布2024 年年报和2025 年一季报，24FY 公司实现营业收入1820.69 亿元，同比+4%， 实现归母净利润130.33 亿元，同比-22%，公司每股派发现金红利人民币0.73 元（含税）。25Q1 公司实 现营业收入430.68 亿元，同比-7%，实现归母净利润30.82 亿元，同比-26%。 万华化学于2025 年4 月10 日成功收购法国康睿（Vencorex）的特种异氰酸酯业务。 25Q1 总体量增价减，价差走弱业绩承压，出口MDI 转弱，TDI 以价换量。 据公告，25Q1 聚氨酯、石化、新材料板块销量同比+11%/-1%/+23%，均价同比-5%/-11%/-2%，一季度 公司主要产品销量同比增长，但受产品价格下跌影响业绩承压。价差方面，25Q1 公司MDI/TDI/硬泡聚 醚价差同比+10%/-25%/-10%，环比-1%/持平/+2%，其中MDI/TDI 25Q1 价差时间百分比分位为 56%/11%，同比+17pct/-22pct，环比-2pct/持平，MDI 盈利维持相对高位；石化C3&C4/C2 平台综合价差 同比-8%/+10%，环比+8%/-17%，新材料板块 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [4][7]. Core Views - The company reported a sales revenue of 182.07 billion yuan in 2024, a year-on-year increase of 3.83%, but the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [1]. - In Q1 2025, the company achieved a sales revenue of 43.07 billion yuan, a year-on-year decline of 6.70%, while the net profit attributable to shareholders fell by 26.33% to 3.04 billion yuan [1]. - The company continues to see steady growth in product sales across its three main segments: polyurethane, petrochemicals, and fine chemicals, with significant year-on-year increases in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company achieved a total sales revenue of 182.07 billion yuan, with a net profit of 13.03 billion yuan, reflecting a decline in profitability [1][6]. - The forecast for 2025 estimates a revenue increase to 228.09 billion yuan, with a projected net profit of 12.19 billion yuan, indicating a continued decline in profitability [6][10]. Product Sales - The company reported strong sales growth in 2024, with polyurethane sales reaching 5.64 million tons (up 15.34%), petrochemical sales at 5.47 million tons (up 15.89%), and fine chemicals and new materials at 2.04 million tons (up 27.67%) [2]. - In Q1 2025, sales volumes showed mixed results, with polyurethane at 1.45 million tons (up 8.09%), while petrochemicals and fine chemicals experienced slight declines [2]. Research and Development - The company has made significant advancements in R&D, optimizing production processes and launching new technologies, which have helped maintain its competitive edge in the global market for MDI and TDI products [3]. - New production facilities have been established, including the world's largest single-unit capacity for POCHP, enhancing the company's production capabilities [3]. Market Position and Future Outlook - The company is positioned as a leader in the domestic chemical industry, with plans to expand its MDI capacity to 4.5 million tons by 2026 and TDI capacity to 1.44 million tons by mid-2025 [4]. - The investment outlook remains positive, with projected net profits for 2025-2027 estimated at 12.19 billion, 13.64 billion, and 15.99 billion yuan, respectively, indicating a recovery trend in profitability [4][6].

万华化学（600309.SH）2024 年年报及 2025 年一季报点评 盈利水平承压，年度销量稳步增长 2025 年 04 月 16 日 ➢ 事件：2025 年 4 月 14 日，万华化学发布 2024 年年报及 2025 年一季度报 告。2024 年实现销售收入 1820.69 亿元，同比增长 3.83%，实现归母净利润 130.33 亿元，同比-22.49%，实现扣非归母净利润 133.59 亿元，同比-18.74%。 2025 年一季度实现销售收入 430.68 亿元，同比-6.70%，环比+24.96%；实现 扣非归母净利润 30.40 亿元，同比-26.33%，环比 25.07%。 ➢ 2024 年产品销量保持较高增速，25Q1 销量环比有所下滑。聚氨酯、石化、 精细化学品及新材料三大板块产销量保持稳步增长。其中，聚氨酯系列产品 2024 年实现销量 564 万吨万吨，同比+15.34%，石化系列产品实现销量 547 万吨， 同比+15.89；精细化学品及新材料实现销量 204 万吨，同比+27.67%。2025 年 Q1，聚氨酯系列产品实现销量 145 万吨，同比+8.09%，环比-5.84%； ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][14]. Core Insights - In 2024, the company achieved revenue of 182.069 billion RMB, a year-on-year increase of 3.83%, while the net profit attributable to shareholders was 13.033 billion RMB, a decrease of 22.49% [2]. - For Q1 2025, the company reported revenue of 43.068 billion RMB, down 6.70% year-on-year, with a net profit of 3.082 billion RMB, down 25.87% [2]. - The company’s various business segments are performing stably, with polyurethane sales revenue at 75.844 billion RMB and a gross margin of 26.15% in 2024 [4]. Financial Performance Summary - Sales expenses increased by 20.25% year-on-year to 1.619 billion RMB in 2024, driven by the expansion of marketing and logistics efforts [3]. - Management expenses rose by 23.38% to 3.023 billion RMB, reflecting increased personnel costs [3]. - R&D expenses grew by 11.51% to 4.550 billion RMB, indicating ongoing technological upgrades [3]. - Asset impairment losses surged by 446.94% to 740 million RMB, primarily due to inventory write-downs and fixed asset impairments [3]. Segment Performance - The polyurethane segment is expected to expand its MDI capacity to 4.5 million tons per year by mid-2026, with a current capacity of 3.8 million tons [4]. - The petrochemical segment generated sales of 72.518 billion RMB in 2024, with a gross margin of 3.52% [4]. - The fine chemicals and new materials segment reported revenue of 28.273 billion RMB, with a gross margin of 12.78% [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 13.970 billion RMB, 14.636 billion RMB, and 15.804 billion RMB, respectively, with corresponding EPS of 4.45, 4.66, and 5.03 RMB per share [5]. - The current market valuation corresponds to P/E ratios of 12.64X, 12.07X, and 11.18X for the years 2025, 2026, and 2027 [5].

丨证券研究报告丨 [Table_Title] 核心业务稳健运行，减值报废及 BC 有所拖累 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年度实现收入 1820.7 亿元，同比变动+3.8%，归属 净利润 130.3 亿元，同比变动-22.5%，归属扣非净利润 133.6 亿元，同比变动-18.7%。2025Q1 实现收入 430.7 亿元，同比变动-6.7%，环比变动+25.0%，归属净利润 30.8 亿元，同比变动- 25.9%，环比变动+58.9%，归属扣非净利润 30.4 亿元，同比变动-26.3%，环比变动+25.1%。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨万华化学（600309.SH） 万华化学（600309.SH） cjzqdt11111 [Table_Title2] 核心业务稳健运行，减值报废 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2024 was impacted by asset impairment and a decline in gross margin, with a focus on polyurethane expansion and the improvement of the petrochemical industry chain [1][6] - The company is expected to solidify its market position as a global leader in the polyurethane industry with ongoing capacity expansions [8][9] Financial Performance Summary - In 2024, the company achieved revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [5][9] - For Q4 2024, revenue was 34.47 billion yuan, down 19.49% year-on-year, and net profit was 1.94 billion yuan, down 52.83% year-on-year [5] - In Q1 2025, revenue was 43.07 billion yuan, a decrease of 6.70% year-on-year, while net profit was 3.08 billion yuan, down 25.87% year-on-year [5][7] Business Segment Performance - In 2024, the polyurethane segment generated revenue of 75.8 billion yuan, up 12.6% year-on-year, while the petrochemical segment generated 72.5 billion yuan, up 4.6% year-on-year [6] - The fine chemicals and new materials segment achieved revenue of 28.3 billion yuan, a year-on-year increase of 18.6% [6] - In Q1 2025, the polyurethane segment's revenue was 18.4 billion yuan, up 5.3% year-on-year, while the petrochemical segment's revenue decreased by 11.8% to 16.3 billion yuan [7] Capacity Expansion and Strategic Developments - By the end of 2024, the company had an MDI capacity of 3.8 million tons/year and TDI capacity of 1.11 million tons/year, with further expansions planned [8] - The company is enhancing its petrochemical business through the construction of integrated facilities and strategic partnerships to ensure stable raw material supply [8] Profit Forecast and Valuation - Due to the decline in gross margins and significant asset impairment provisions, the company's earnings forecast for 2025-2026 has been revised downwards [9] - The projected net profits for 2025-2027 are 14.79 billion yuan, 17.20 billion yuan, and 19.39 billion yuan respectively [10][9]

证券代码：600309 证券简称：万华化学 公告编号：临 2025-20 号 万华化学集团股份有限公司 关于以集中竞价交易方式回购股份方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额： 不低于人民币 30,000 万元（含）且不超过人民币 50,000 万元（含），具体回购资金总额以回购方案实施完毕或回购期限届满时实际回购股 份使用的资金总额为准。 ● 回购股份资金来源：公司自有资金。 ● 回购股份用途： 本次回购股份将用于注销并减少公司注册资本。 ● 回购股份价格： 不超过 99.36 元/股（含）（不高于公司董事会通过回购股 份决议前 30 个交易日公司股票交易均价的 150%）。 ● 回购股份方式： 集中竞价交易方式。 ● 回购股份期限： 自公司股东大会审议通过回购方案之日起 12 个月内。 ● 相关股东是否存在减持计划： 截至公司董事会审议通过本次回购方案之日，公司董事、监事、高级管理人员、 控股股东、实际控制人及一致行动人在未来 3 个月、未来 6 个月不存在减持公司 ...

证券研究报告 | 2025年04月15日 万华化学（600309.SH） 优于大市 业绩短期承压，聚氨酯龙头有序扩张 精细化学品及新材料板块产销量同比增加。2025 年一季度公司精细化学品 及新材料板块营收 73.7 亿元，产量/销量为 62/54 万吨。2024 年 TPU 三 期、POE、PEBA、聚碳酸酯二元醇（PCDL）等多个项目投产，有效拓展 产线；2025 年 MS 和 XLPE 项目计划投产，将进一步完善产品结构。 公司核心产品聚氨酯有序扩张。目前公司 MDI 和 TDI 年产能分别为 380 和 111 万吨，稳居全球首位。万华福建 MDI 技改扩能项目预计将于 2026 年 二季度新增 70 万吨产能，万华福建第二套 33 万吨 TDI 项目预计 2025 年 5 月份建成投产，届时 MDI 和 TDI 产能将分别达 450 和 144 万吨。 风险提示：项目投产不及预期；原材料价格上涨；下游需求不及预期等。 投资建议：公司作为聚氨酯行业龙头，产能有序扩张，但由于下游需求疲弱、 中美贸易摩擦等不利因素影响，我们谨慎下调公司 2025-2026 年归母净利润 预测为 139.25/140.64 ...

万华化学（600309）公告，公司拟以不低于3亿元且不超过5亿元资金回购股份，回购股份价格不超过 99.36元/股。本次回购股份将全部用于注销并减少公司注册资本，资金来源为公司自有资金。回购期限 为股东大会审议通过回购方案之日起12个月内。公司将在回购期限内根据市场情况择机实施回购，并根 据进展情况及时履行信息披露义务。 ...