每经记者朱成祥 丨 2025年3月18日星期二丨 NO.1 比利时媒体：对华合作是欧洲电池产业出路 比利时《回声报》日前刊发文章表示，中国当年通过引进欧洲企业合作，实现了汽车制造技术积 淀，如今欧洲在电池领域亟需借鉴这种发展路径。面对现实，"若无法战胜对手，就与其合作"正成为欧 洲电动车产业链的共识，这在电池领域体现得尤为明显。这种合作恰是中国当年借力欧洲车企实现技术 积累的翻版。历史轮回之下，如今该是欧洲以谦逊姿态重走这条合作之路的时候了。 点评：比利时《回声报》刊发的文章指出，欧洲电动车产业链正寻求与中国在电池领域的合作，借 鉴中国过去与欧洲车企合作实现技术积累的经验。这种合作模式反映了"若无法战胜对手，就与其合 作"的共识，特别是在电池技术方面。这一观点强调了国际合作在推动技术创新和产业发展中的重要 性，对于欧洲和中国电动车行业而言，意味着新的发展机遇和挑战。 NO.2 万华化学：2024年净利润130亿元同比下降22.49% 3月17日，万华化学公告称，2024年公司实现营业收入1820.69亿元，同比增长3.83%；归属于上市 公司股东的净利润为130.33亿元，同比下降22.49%。公司总资产29 ...

万华化学集团股份有限公司关于持股5%以上股东部 分股份解除质押公告 证券代码：600309 证券简称：万华化学 公告编号：临2025-04号 万华化学集团股份有限公司 ■ 本次解除质押股份是否用于后续质押及其具体情况：否。 特此公告。 万华化学集团股份有限公司 2025年3月18日 证券代码：600309 证券简称：万华化学 公告编号：临2025-05号 万华化学集团股份有限公司 关于持股5%以上股东部分股份解除质押公告 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: ● 公司股东烟台中诚投资股份有限公司持有万华化学股份330,379,594股，占公司总股本比例10.52%，本 次股份解除质押业务办理完成后，烟台中诚投资股份有限公司累计质押51,000,000股。 万华化学集团股份有限公司获悉公司持股5%以上股东烟台中诚投资股份有限公司所持有本公司的部分 股份办理解除质押手续，具体情况如下表： 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素。 报告期内，公司实现营业收入 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2025-04 号 特此公告。 万华化学集团股份有限公司 2025 年 3 月 18 日 公司股东烟台中诚投资股份有限公司持有万华化学股份 330,379,594 股，占公司总股本 比例 10.52%，本次股份解除质押业务办理完成后，烟台中诚投资股份有限公司累计质 押 51,000,000 股。 万华化学集团股份有限公司获悉公司持股 5%以上股东烟台中诚投资股份有 限公司所持有本公司的部分股份办理解除质押手续，具体情况如下表： | 股东名称 | 烟台中诚投资股份有限公司 | | --- | --- | | 本次解除质押股份数量 | 13,890,000 | | 占其所持股份比例 | 4.20% | | 占公司总股本比例 | 0.44% | | 解除质押时间 | 2025 年 3 月 14 日 | | 持股数量 | 330,379,594 | | 持股比例 | 10.52% | | 剩余被质押股份数量 | 51,000,000 | | 剩余被质押股份数量占其所持股份比例 | 15.44% | | 剩余被质押股份数量占公司总股本比例 | 1.62% | 本 ...

Financial Performance - The company achieved total operating revenue of RMB 18,206,911.92 million, an increase of 3.83% compared to the previous year[3] - Net profit attributable to shareholders decreased by 22.49% to RMB 1,303,306.66 million compared to the previous year[4] - Basic earnings per share decreased by 22.57% to RMB 4.15[2] Assets and Equity - Total assets at the end of the reporting period reached RMB 29,333,334.97 million, reflecting a growth of 15.92% from the beginning of the period[4] - Shareholders' equity attributable to the company increased by 6.73% to RMB 9,462,589.61 million[4] Operational Developments - The company continued to enhance its global channel layout and improve the autonomous operation level of its facilities[4] - Sales volume and revenue of major products maintained a growth trend, despite a decline in trade revenue[4] Investment and Expenses - Research and development investment continued to increase, along with sales, management, and financial expenses[4] Risk and Stability - The overall gross profit remained stable year-on-year due to market price and raw material cost fluctuations[4] - The company issued a risk warning regarding the preliminary nature of the financial data, which has not been audited[2]

证券代码：600309 证券简称：万华化学 公告编号：临 2025-03 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: 公司股东烟台中诚投资股份有限公司持有万华化学股份 330,379,594 股，占公司总股本 比例 10.52%，本次股份质押业务办理完成后，烟台中诚投资股份有限公司累计质押股 份 64,890,000 股，占其持股数量比例 19.64%。 公司于 2025 年 3 月 4 日获悉烟台中诚投资股份有限公司（以下简称"中诚 投资"）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宁波市中凯信创业投资股份有限 公司（以下简称"中凯信"）累计质押股份情况如下： 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 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2025-02 号 公司股东 Prime Partner International Limited 持有万华化学股份 172,993,229 股， 占公司总股本比例 5.51%，本次股份质押业务办理完成后，Prime Partner International Limited 累计质押股份 116,655,045 股，占其持股数量比例 67.43%。 万华化学集团股份有限公司于 2025 年 2 月 17 日获悉股东 Prime Partner International Limited（中文名称"合成国际控股有限公司"，以下简称"合成 国际"）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，上述股东累计质押股份情况如下： 1 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 ...

Investment Rating - The investment rating for Wanhua Chemical is "Outperform the Market" (maintained) [1][3][16] Core Views - The global MDI manufacturers have raised prices due to rising raw material, energy, and logistics costs, which supports the industry's upward trend [2][3][4] - Demand is bolstered by policies promoting home renovation and automotive upgrades, indicating strong support for the MDI market [3][9] - Wanhua Chemical is a leading player in the polyurethane industry, with stable profit guarantees and ongoing project advancements [3][16] Summary by Sections Price Adjustments - Major polyurethane companies have increased MDI and TDI prices across various regions, with Wanhua Chemical raising prices by $200/ton in the ASEAN region [2][4] - MDI market prices have increased since the beginning of the year, with prices for polymer MDI and pure MDI reaching 18,875 and 19,550 CNY/ton respectively, reflecting increases of 750 and 1,150 CNY/ton [2][4] Demand and Supply Dynamics - The demand side benefits from policies supporting home appliance upgrades and automotive replacements, with significant production increases in refrigerators and freezers [9] - The MDI market is experiencing strong export levels, with polymer MDI exports reaching 100,500 tons in December 2024, a year-on-year increase of 87% [5][9] Capacity Expansion - Wanhua Chemical is set to contribute significantly to global MDI capacity expansion, with plans to add 130,000 tons of new capacity [12][13] - The company has multiple ongoing projects, including a 600,000-ton MDI capacity expansion project expected to be completed in 2025 [12][16] Financial Projections - The projected net profits for Wanhua Chemical from 2024 to 2026 are 14.708 billion, 17.272 billion, and 18.944 billion CNY respectively, with corresponding EPS of 4.68, 5.50, and 6.03 CNY [3][16] - The current stock price corresponds to a PE ratio of 14.7, 12.5, and 11.4 for the years 2024 to 2026 [16]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to see stable growth in its polyurethane business, with MDI capacity projected to increase from 3.5 million tons to 4.9 million tons over the next 3-4 years, raising its market share from 32.62% to 38.72% [1] - The petrochemical segment's profitability is expected to improve with the commissioning of the ethylene phase II project in 2025, increasing C2 capacity to 2.2 million tons [1] - The new materials segment continues to launch new products, with ongoing investments in battery materials and other products [1] Company Financials - The company's projected revenue for 2024-2026 is as follows: 2024: 189.48 billion RMB, 2025: 216.82 billion RMB, 2026: 229.35 billion RMB, with growth rates of 8.05%, 14.43%, and 5.78% respectively [5] - The net profit attributable to the parent company is forecasted to be 15.38 billion RMB in 2024, increasing to 19.49 billion RMB by 2026 [5] - The earnings per share (EPS) are expected to be 4.90 RMB, 5.75 RMB, and 6.21 RMB for 2024, 2025, and 2026 respectively [3] Price Tracking - The price of pure MDI is projected to be 18,611 RMB per ton in January 2025, a decrease of 145 RMB from December 2024, reflecting a -0.77% change [1] - The TDI price is expected to be 13,458 RMB per ton in January 2025, an increase of 494 RMB from December 2024, showing a 3.81% change [2] Production and Sales Data - In Q3 2024, the company achieved a polyurethane production volume of 1.38 million tons, a decrease of 6.12% quarter-on-quarter but an increase of 15.97% year-on-year [18] - The sales volume for the same period was 1.41 million tons, reflecting a quarter-on-quarter increase of 2.17% and a year-on-year increase of 13.71% [18]

Investment Rating - The report maintains a **Buy** rating for Wanhua Chemical with a target price of **100.47 yuan**, based on a 17x PE multiple for 2025, reflecting a 15% premium due to its superior long-term ROE and historical growth [4][7] Core Views - Wanhua Chemical is expected to reach a significant inflection point in 2025, driven by improved profitability in its polyurethane business and enhanced dividend potential [2][9] - The polyurethane business, particularly MDI, is anticipated to benefit from a favorable supply-demand dynamic, with limited new global capacity additions and steady demand growth [9][12] - The company's dividend capacity is expected to improve as capital expenditures on heavy-asset projects decrease, shifting focus from upstream bulk chemicals to downstream new materials and fine chemicals [9][13] Financial Projections - Revenue is projected to grow from **175.36 billion yuan** in 2023 to **229.48 billion yuan** in 2026, with a CAGR of **6.1%** [6] - Net profit attributable to shareholders is forecasted to increase from **16.82 billion yuan** in 2023 to **21.45 billion yuan** in 2026, with a CAGR of **15.6%** [6] - EPS is adjusted to **4.76 yuan**, **5.91 yuan**, and **6.83 yuan** for 2024-2026, down from previous estimates of **5.82 yuan**, **6.89 yuan**, and **8.00 yuan** [4] Polyurethane Business Outlook - MDI industry is expected to see improved profitability due to limited new capacity and rising demand, with Wanhua's MDI business entering a prolonged upcycle [9][12] - Global MDI demand is projected to reach **917-991 million tons** by 2027, with supply growth potentially lagging behind demand, creating a tight market [20][21] - Wanhua's cost advantage and strategic capacity expansions position it well to capitalize on the industry's recovery [33][36] Dividend Potential - Wanhua's dividend capacity is expected to improve significantly from 2025, driven by reduced capital expenditures and higher EBITDA [51][53] - The company's dividend payout ratio could reach **40% or higher**, translating to over **8 billion yuan** in dividends, making it attractive to income-focused investors [53][55] Industry and Competitive Landscape - Wanhua's integrated production base, comparable in scale to BASF's, supports its competitive advantage in cost and efficiency [46][48] - The company's shift towards downstream new materials and fine chemicals is expected to reduce cyclicality and improve investment returns [47][49] - Competitors like Covestro and Huntsman face financial challenges, potentially limiting their ability to expand capacity and compete effectively [25][29]

证券代码：600309 证券简称：万华化学 公告编号：临 2024-58 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: 公司股东烟台中诚投资股份有限公司持有万华化学股份 330,379,594 股，占公司总股本 比例 10.52%，本次股份质押业务办理完成后，烟台中诚投资股份有限公司累计质押股 份 39,890,000 股，占其持股数量比例 12.07%。 公司于 2024 年 12 月 13 日获悉烟台中诚投资股份有限公司（以下简称"中 诚投资"）所持有本公司的部分股份被质押，具体情况如下。 2024 年 12 月 14 日 2 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宁波市中凯信创业投资股份有限 公司（以下简称"中凯信"）累计质押股份情况如下： 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 持股份 比例 ...