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]

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 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥175.36 billion, representing a 5.92% increase from ¥165.57 billion in 2022[14]. - The net profit attributable to shareholders for 2023 was approximately ¥16.82 billion, a 3.59% increase from ¥16.23 billion in 2022[14]. - The total assets increased by 25.99% to approximately ¥253.04 billion at the end of 2023, compared to ¥200.84 billion at the end of 2022[14]. - The weighted average return on equity for 2023 was 20.42%, down 2.33 percentage points from 22.75% in 2022[15]. - The company reported a total of ¥376.91 million in non-recurring gains and losses for 2023, with significant contributions from government subsidies and asset disposals[17]. - The company achieved a net profit of ¥441.02 million from its wholly-owned subsidiary Wanhua Chemical (Ningbo) Co., with total revenue of ¥335.20 million[86]. - The company reported a net profit of ¥195.71 million from its controlling subsidiary Wanhua Chemical (Fujian) Co., with total revenue of ¥111.33 million[86]. - The company achieved significant cost reductions in its acetylene production chain in Sichuan, with improved performance and quality in biodegradable plastics[26]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 16.25 CNY per 10 shares, totaling 5,102,088,267.25 CNY, based on a total share capital of 3,139,746,626 shares as of December 31, 2023[2]. - The company has a remaining undistributed profit of 45,627,452,920.13 CNY to be carried forward for future distribution[2]. - The cash dividend amount (including tax) for the year was ¥5,102,088,267.25, representing 30.34% of the net profit attributable to ordinary shareholders in the consolidated financial statements[128]. Audit and Compliance - Deloitte Huayong Certified Public Accountants issued a standard unqualified audit report for the company[2]. - The company’s financial report is guaranteed to be true, accurate, and complete by its responsible persons[2]. - The company has established a comprehensive compliance audit mechanism, receiving recognition as a "National Advanced Internal Audit Collective" by the Chinese Internal Audit Association[31]. - The company has not faced any penalties from securities regulatory authorities in the past three years[105]. - The company has not reported any overdue interest-bearing debts as of the end of the reporting period, indicating effective debt management[187]. Risk Management - The company reported no significant risks that could adversely affect its future development strategy and operational goals during the reporting period[4]. - The company has not disclosed any significant adverse risks that could impact its future strategies[4]. - The company conducted a dynamic update execution plan for risk management, organizing 11 training and certification sessions in 2023[92]. Innovation and R&D - The company’s R&D expenses increased by 19.32% to CNY 4.08 billion, indicating a strong focus on innovation[44]. - The company applied for 1,120 domestic and international invention patents in 2023, with 982 granted, showcasing its commitment to innovation[28]. - The company is focusing on high-quality development through the application of AI and big data technologies[31]. - The company invested CNY 4.081 billion in R&D for 2023, focusing on enhancing its leading business, breakthroughs in new chemical materials, and battery business development[59]. Operational Efficiency - The company completed 46 major repairs and technical upgrades across its Yantai Industrial Park in 2023, achieving record annual production for multiple products[22]. - The company achieved a 50% efficiency improvement in procurement processes through the establishment of a centralized procurement delivery center and the integration of a procurement platform[31]. - The company successfully implemented ERP across 75 global subsidiaries, marking a significant advancement in digitalization efforts[31]. - The company has established a global integrated supply chain logistics management platform to improve operational efficiency[41]. Market Position and Growth - The company ranked 18th in the 2023 global chemical companies list published by C&EN, reflecting its strong market position[34]. - The company is focusing on internationalization and independent innovation to enhance global operational capabilities and core competitiveness[19]. - The company plans to enhance its battery materials business as a second growth curve, focusing on innovation and market leadership[40]. - The company is developing a 1.2 million tons/year ethylene project, which will enhance its high-end polyolefin production capabilities[36]. Environmental Responsibility - The company invested ¥2,881.98 million in environmental protection during the reporting period[133]. - The company has implemented advanced pollution control technologies, emphasizing source reduction through high-standard design and construction of pollution control facilities[136]. - The company aims for 50% clean electricity coverage from joint ventures and investments in clean energy projects by 2030, focusing on wind, solar, and nuclear energy[146]. - The company achieved a reduction of 2,230,000 tons in carbon dioxide equivalent emissions through various carbon reduction measures, including the use of clean energy and low-carbon raw material substitution[144]. Talent Development - The company recruited over 5,000 new employees in 2023, emphasizing its commitment to talent development[31]. - The company conducted training for 9,027 personnel throughout the year, enhancing workforce capabilities[31]. - The company trained a total of 5,309 employees across various training programs, including leadership, professional skills, and new employee onboarding[122]. - The company is facing a talent supply risk due to a shortage of leadership talent and a high proportion of new employees[92]. Governance and Board Structure - The company has a diverse board with members having extensive experience in various sectors, enhancing strategic decision-making capabilities[98]. - The total compensation for the board members during the reporting period amounted to 1,436.83 million CNY, with an average of 737.11 million CNY per individual[98]. - The remuneration decision process is determined by the company's board of directors and shareholders' meeting[102]. - The company has appointed a new independent director, Ma Yuguo, following the resignation of Zhang Jin due to personal reasons[105]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 141,795, an increase from 137,124 at the end of the previous month[168]. - The controlling shareholder is Yantai Guofeng Investment Holding Group Co., Ltd., established on February 12, 2009, focusing on state-owned asset management and investment[172]. - The report indicates that the top ten shareholders have not changed significantly compared to the previous period[171]. Financial Management - The company has maintained a consistent credit rating across all issued bonds, reflecting its stable financial health and risk management practices[186]. - The company has not changed the use of funds raised from the bond issuance during the reporting period, ensuring transparency in financial management[185]. - Wanhua Chemical Group's financial statements for 2023 were audited and found to fairly reflect the company's financial position and operating results[189].

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]

万华化学集团股份有限公司 第四条 根据《公司章程》的有关规定，董事会主要行使下列职权： 董事会议事规则 第一章 总则 第一条 为健全和规范万华化学集团股份有限公司（以下简称公司）董事会 议事和决策程序，保证公司经营、管理与改革工作的顺利进行，根据《中华人民 共和国公司法》《上市公司治理准则》《上海证券交易所股票上市规则》《万华 化学集团股份有限公司章程》(以下简称《公司章程》)等有关规定，并结合公司 的实际情况，制定本规则。 第二条 董事会是公司经营管理的决策机构，维护公司和全体股东的利益， 负责公司发展目标和重大经营活动的决策。 第三条 董事会下设董事会秘书处作为董事会常设工作机构，处理董事会日 常事务。 第二章 董事会职权 （一）负责召集股东大会，并向大会报告工作； （二）执行股东大会的决议； （六）制定公司增加或者减少注册资本、发行债券或其他证券及上市方案； （七）拟订公司重大收购、回购本公司股票或者合并、分立、解散及变更公 司形式的方案； （八）在股东大会授权范围内，决定公司对外投资、收购出售资产、资产抵 1 （三）决定公司的经营计划和投资方案； （四）制定公司的年度财务预算方案、决算方案； （五）制 ...

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） 根据中国证监会《关于进一步落实上市公司现金分红有关事项的通知》《上 市公司监管指引第3号——上市公司现金分红》《公司章程》等相关文件规定， 万华化学集团股份有限公司（以下简称"公司"）在兼顾公司持续发展的基础上， 为加强投资者合理回报，通过充分论证，综合考虑公司实际经营情况、发展目标、 发展规划、行业发展趋势、资金成本平衡和外部融资环境各项可能影响利润分配 的因素，特制定了公司《未来三年股东回报规划(2024-2026)》（以下简称"规 划"），具体内容如下： 一、分红政策 公司利润分配应充分重视对投资者特别是中小投资者的合理投资回报，并兼 顾公司可持续发展，建立持续、稳定的分红政策，采取现金、股票、现金与股票 相结合等方式分配利润，公司实施利润分配应当遵循以下规定： （一） 分配原则 公司利润分配应当重视对投资者的合理投资回报，利润分配政策应保持连续 性和稳定性。 （二） 分配条件 公司上一会计年度盈利，累计可分配利润为正数，且不存在影响利润分配的 重大投资计划或现金支出事项。 （三） 分配周期 公司原则上按年进行利润分配，并可以进 ...

万华化学集团股份有限公司 董事会审计及合规管理委员会 2023 年度履职报告 报告期内，公司董事会审计及合规管理委员会尽职尽责履行审计及合规管理 委员会职能，合理表达相关事项的专业意见，履行了以下职责： 根据中国证监会《上市公司治理准则》、《上海证券交易所上市公司自律监 管指引第1号——规范运作》、《上海证券交易所股票上市规则》和《公司章程》、 《董事会审计及合规管理委员会议事规则》、《审计及合规管理委员会年报工作 规程》、《独立董事年报工作制度》等有关规定，公司董事会审计及合规管理委 员会本着勤勉尽责的原则，认真履行职责。现就董事会审计及合规管理委员会 2023年度履职情况报告如下： 一、审计及合规管理委员会基本情况 万华化学董事会审计及合规管理委员会由3名成员组成，其中由具有专业会 计资格的独立董事王化成担任主任委员，独立董事武常岐、公司董事长廖增太担 任委员。 二、审计及合规管理委员会召开会议情况 报告期内，董事会审计及合规管理委员会召开会议如下表： | | | 日期 | | | 会议届次 | 审议内容 | | --- | --- | --- | --- | --- | --- | --- | | 20 ...

2023年度独立董事述职报告 根据《公司法》、《上市公司独立董事管理办法》、《上市公司治理准则》、 《上海证券交易所上市公司自律监管指引第1号——规范运作》等法律法规及《公 司章程》的规定，作为万华化学集团股份有限公司的独立董事，我们在2023年度 工作中，本着对公司和股东负责的态度，忠实、勤勉、尽责地履行独立董事职责， 及时了解公司生产经营信息，认真审议董事会各项议案，并对重大事项发表了独 立意见。 现将我们在2023年度的工作情况报告如下： 万华化学集团股份有限公司 一、独立董事的基本情况 武常岐，男，1955 年出生，博士，北京大学光华管理学院教授、博士生导师， 山东大学管理学院院长。兼任万华化学集团股份有限公司独立董事、天能电池集 团股份有限公司独立董事、申万宏源集团股份有限公司独立董事。武常岐先生的 主要研究领域为战略管理、国际商务、产业经济学等方面内容。 王化成，男，1963 年 1 月出生，博士，著名会计学者，中国人民大学商学院 财务与金融系教授、博士生导师。兼任万华化学集团股份有限公司独立董事、同 方股份有限公司独立董事、中信银行股份有限公司独立董事。王化成先生的主要 研究领域为公司财务理论、 ...