万华化学（ [Table_StockNameRptType] 600309） 公司点评 二季度业绩符合预期，新产能落地持续成长 | --- | --- | |------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData]收盘价（元） | 74.92 | | 近 12 个月最高/ | 99.10/66.78 | | 总股本（百万股） | 3,140 | | 流通股本（百万股） | 3,140 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 2,352 | | 流通市值（亿元） | 2,352 | [公司价格与沪深 Table_Chart] 300 走势比较 -38% -25% -12% 1% 14% 8/23 11/23 2/24 5/24 万华化学 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com [Table_CompanyReport] 相 ...

abc 2024 年 08 月 13 日 Global Research and Evidence Lab 快评 万华化学 二季度净利润环比下滑3.4%，略低于我们预期 二季度实现净利润40.2亿元 公司上半年实现营业收入971亿元，同比增长11%；实现净利润81.7亿元， 同比下滑4.6%。其中二季度净利润同比/环比下滑11%/3.4%至40.2亿元， 略低于我们预期，我们认为主要由于：1）聚氨酯价差环比下降。我们测算 二季度MDI加权价差/TDI价差环比下滑4%/18%；且海外BC子公司上半年盈 利低于我们预期。2）石化板块景气度环比改善，但毛利率仍承压。3）新材 料板块虽销量同比/环比增长，但毛利率同比下滑5个百分点。4）公司上半 年期间费用率同比增长0.7个百分点至5.5%，另外所得税率同比增长5个百 分点至14%。 聚氨酯和石化景气度仍承压，销量小幅增长 二季度公司聚氨酯板块销售单价环比下滑2.6%，但销量环比增长5.3%，带 动板块收入环比增长2.6%。分产品来看，聚合MDI市场均价环比增长6%， 但纯MDI/TDI价格环比下滑7%/11%，且原材料苯/甲苯价格环比上 升7%/9%，拖累MDI加权 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Wanhua Chemical [2][4]. Core Views - Wanhua Chemical's performance is driven by the growth in polyurethane demand, particularly in the cold and automotive sectors, alongside favorable conditions in overseas markets. The company is also focusing on new materials, breaking through domestic technology barriers in POE production [2][4]. - The company reported a slight decline in total revenue for the first half of 2024, with total revenue at 97.067 billion yuan, a year-on-year increase of 10.77%, and a net profit attributable to shareholders of 8.174 billion yuan, a year-on-year decrease of 4.60% [1][2]. - The second quarter of 2024 saw revenue of 50.906 billion yuan, a year-on-year increase of 11.42%, but a net profit decrease of 11.03% year-on-year and 3.38% quarter-on-quarter [1][2]. Financial Summary - For the fiscal year 2024, total revenue is projected to reach 192.9 billion yuan, with a year-on-year growth of 10%. The net profit attributable to shareholders is expected to be 17.195 billion yuan, reflecting a 2% increase [3][11]. - The company’s earnings per share (EPS) are forecasted to be 5.48 yuan for 2024, with a price-to-earnings (PE) ratio of 13.7 times [3][8]. - The report highlights a stable operating performance across three major business segments, with the polyurethane segment achieving revenue of 35.455 billion yuan in Q2 2024, driven by a sales volume of 2.69 million tons [2][4]. Business Strategy - Wanhua Chemical is strategically focusing on the new materials sector, with significant advancements in POE technology, marking a key milestone in domestic production capabilities. The company’s project in Penglai, with a capacity of 200,000 tons, is set to reduce reliance on imports [2][4]. - The company is also expanding its product portfolio in emerging fields such as ADI, bisphenol A, and flavor and fragrance, enhancing its market competitiveness [2][4]. Market Performance - The total market capitalization of Wanhua Chemical is reported at 235.2 billion yuan, with a return on equity (ROE) of 18.0% [4][11]. - The stock has shown a mixed performance, with a 1-month absolute performance of -5% and a 12-month performance of -21% [5].

2024 4E 08 月 12 日 万年化学（600309.SH） T人（年時行级） A司点行 证券研究报告 业绩符合预期，坚持高质量成长 事件 公司发布 2024 年半年报，2024 年上半年公司实现营收 970. 67 亿 元、同比增长 10.77%，归寻淨利润 81.74 亿元、同比减少 4.6%, 业绩符合预期。 分析 公司整体经营保持稳健，财务食用奉所得税食用有所增加。公司 祭 氦酯板块实现妆入 354.55 亿元，同比增长 8.19%； 石化业务实 现妆入 395. 75 亿元，同比增长 9. 5%；精细化工以及新材料板块实 现妆入 129. 79 亿元，同比增长 15. 23%。费用方面，2023 年司销 售 贵 用 7. 33 亿元，同比增长 15. 50%；管理贵 用 14. 21 亿元，同比 增长 28.56%；财务费用 11.09 亿元，同比增加 58.04%，主委为有 总负债增加导致利息费用增加所致；公司研发费用 20.81 亿元, 同比增长 16.18%，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。所得税費用方面，公司上半年所得税費用 14.91 亿元，同比增加 ...

Investment Rating - Maintains an "Overweight" rating with a target price of 91.43 yuan, down from 102.14 yuan [2][3] Core Views - Q2 performance meets expectations with revenue of 509.06 billion yuan, up 11.42% YoY and 10.28% QoQ, but net profit declined by 11.03% YoY and 3.38% QoQ to 40.17 billion yuan [2] - Gross profit margin for Q2 was 15.31%, down 0.09 pct YoY and 2.32 pct QoQ, while net profit margin was 8.66%, down 1.98 pct YoY and 1.23 pct QoQ [2] - The decline in profitability is attributed to rising costs, with the average price of pure benzene increasing by 24.35% YoY to 8,652 yuan/ton in H1 2024 [2] - Q2 production and sales volumes increased significantly, with total production up 22% YoY and 5% QoQ to 3.38 million tons, and total sales up 20% YoY and 3% QoQ to 3.24 million tons [2] - The company's polyurethane and new materials businesses drove revenue growth, benefiting from strong MDI market dynamics and global demand [2] Business Highlights - Polyurethane: Completed the expansion of the Fujian MDI project from 400,000 tons/year to 800,000 tons/year [2] - Petrochemicals: Key projects such as PDH, POCHP, EO, polyether, EOD, and storage facilities are in the pipeline pressure testing and cable laying stages, with ethylene phase II and Penglai phase I projects progressing [2] - New Materials: The first phase of the 200,000 tons/year POE project has commenced production, with emerging businesses like citral and fragrances advancing [2] Financial Performance - H1 2024 revenue reached 970.67 billion yuan, up 10.77% YoY, while net profit attributable to shareholders was 81.74 billion yuan, down 4.60% YoY [2] - 2024-2026 EPS forecasts are 6.27/7.51/8.50 yuan, with a 25-year PE ratio of 12.18x [2] - The company's market cap is 235.23 billion yuan, with a current price of 74.92 yuan [4] - Net debt ratio stands at 75.94%, with shareholder equity at 92.402 billion yuan and a P/B ratio of 2.5x [5] Market Performance - The stock has underperformed over the past 12 months, with a 20% decline in absolute terms and a 9% underperformance relative to the index [6] - The 52-week price range is 67.70-97.76 yuan [4] Financial Projections - Revenue is expected to grow from 200.603 billion yuan in 2024E to 271.841 billion yuan in 2026E, with net profit increasing from 19.683 billion yuan to 26.699 billion yuan over the same period [8] - ROE is projected to remain stable at around 19-20% from 2024E to 2026E [8] - The company's EV/EBITDA is forecasted to decline from 7.66x in 2024E to 5.80x in 2026E, indicating improving valuation metrics [8]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 106.02 [1][4][6] Core Views - The company reported a revenue of RMB 971 billion for H1 2024, representing a year-on-year increase of 10.8%, while the net profit attributable to the parent company was RMB 82 billion, down 4.6% year-on-year [1] - The polyurethane sales volume increased by 14% year-on-year to 2.69 million tons, driven by new production capacity in Fujian [2] - The company is entering a new growth cycle with several projects set to commence production in 2024, including significant expansions in polyurethane and petrochemical segments [4] Summary by Sections Financial Performance - H1 2024 revenue was RMB 971 billion, with a net profit of RMB 82 billion, reflecting a year-on-year decrease of 4.6% [1] - The company plans to distribute a cash dividend of RMB 5.20 per 10 shares [1] - The projected net profits for 2024-2026 are RMB 175 billion, RMB 206 billion, and RMB 233 billion, respectively, with corresponding EPS of RMB 5.58, RMB 6.56, and RMB 7.43 [1] Market Dynamics - The polyurethane segment saw a sales volume increase of 14% year-on-year, with revenue rising to RMB 355 billion, despite a slight decline in gross margin due to high raw material prices [2] - The average prices for MDI, TDI, and polyether products showed mixed trends, with MDI prices increasing by 8% year-on-year [2] Growth Prospects - The company has several projects in the pipeline, including new capacities in MDI and TDI, which are expected to contribute to future revenue growth [4] - The total balance of ongoing construction projects is RMB 598 billion, indicating significant future growth potential [4]

2024 年半年度报告 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 2024 年半年度报告 1 / 181 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实 性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 二、 未出席董事情况 | --- | --- | --- | --- | |----------------|----------------|----------------------|--------------| | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | 董事 | 荣锋 | 其他工作安排 | 廖增太 | | 董事 | 刘勋章 | 其他工作安排 | 廖增太 | 三、本半年度报告未经审计。 四、公司负责人廖增太、主管会计工作负责人李立民及会计机构负责人（会计主管人 员）聂辉强声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 以2024年6月30日总股本3,139, ...

证券代码：600309 证券简称：万华化学 公告编号：临 2024-40 号 万华化学集团股份有限公司 第九届董事会 2024 年第三次会议决议公告 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个别及连带责任。 重要内容提示： 公司应出席的董事11人，实际出席会议的董事人数9人，荣锋董事、刘勋章董事因 其他工作安排授权董事长廖增太代为行使表决权。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定。 （二）本次董事会于 2024 年 8 月 5 日以电子通讯的方式发出董事会会议通 知及材料。 （三）本次董事会于 2024 年 8 月 10 日在公司总部会议室采用现场结合通讯 的方式召开。 （四）本次董事会会议应出席的董事 11 人，实际出席会议的董事人数 9 人， 荣锋董事、刘勋章董事因其他工作安排授权董事长廖增太代为行使表决权。 （五）会议由公司董事长廖增太先生主持，公司部分高管及监事列席会议。 （一）审议通过《万华化学集团股份有限公司 2024 年半年度报告》，同意票 ...

重要内容提示： ● 每股派发现金红利人民币 0.52 元（含税） ● 本次利润分配股本以实施权益分派股权登记日登记的总股本为基数，具体日期将在 权益分派实施公告中明确。 证券代码：600309 证券简称：万华化学 公告编号：临 2024-42 号 万华化学集团股份有限公司 2024 年半年度利润分配方案公告 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个别及连带责任。 共计分配利润总额为 1,632,668,245.52 元，剩余未分配利润 50,311,228,040.68 元结转以后分配。 二、公司履行的决策程序 公司于 2024 年 8 月 10 日召开的第九届董事会 2024 年第三次会议审议通过 《万华化学集团股份有限公司 2024 年半年度利润分配方案》，赞成票 11 票，反 对票 0 票，弃权票 0 票。 根据公司于 2024 年 4 月 8 日召开的 2023 年度股东大会审议通过的《万华化 学集团股份有限公司未来三年股东回报规划（2024 年-2026 年）》，未来三年内 （2024 年-2026 年），公司将坚持以 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2024-41 号 万华化学集团股份有限公司 2024年半年度主要经营数据公告 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个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之《第 十三号——化工》的相关规定，现将万华化学集团股份有限公司 2024 年半年度主要 经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 2024 年上半年公司聚氨酯系列产品实现销售收入 3,545,534 万元，石化系列产 品和 LPG 贸易实现销售收入 3,957,476 万元，精细化学品及新材料系列产品实现销 售收入 1,297,868 万元。 | 主要产品 | 产量（万吨） | 销量（万吨） | | --- | --- | --- | | 聚氨酯系列 | 283 | 269 | | 石化系列 | 277 | 275 | | 精细化学品及新材料系列 | 100 | 92 | 注：以上销量为各系列产品产量对应的销售量，包含产品系列之间的内部使用量。销售收 ...