基础化工行业2024年中报总结：24年节后终端补库需求旺盛，叠加国内煤价成本缓解，行业盈利同环比改善

Investment Rating - The report maintains a "Positive" rating for the basic chemical industry [4][5]. Core Insights - In the first half of 2024, the demand for terminal replenishment is strong, coupled with a relief in domestic coal prices, leading to an improvement in industry profitability compared to previous periods [4][5]. - The chemical sector's revenue in Q2 2024 reached 538.1 billion yuan, a year-on-year increase of 5.1% and a quarter-on-quarter increase of 15% [4][24]. - The net profit for the chemical sector in Q2 2024 was 37.5 billion yuan, reflecting a year-on-year increase of 7.7% and a quarter-on-quarter increase of 24.3% [4][24]. - The overall gross margin for the chemical industry in Q2 2024 was 18%, showing a year-on-year increase of 0.4 percentage points [4][24]. Summary by Sections Industry Overview - The chemical index has shown a rebound followed by a decline, with a cumulative decrease of 18.46% since the beginning of 2024 [15][16]. - The PPI data for the chemical sector has gradually improved, with some sub-sectors showing positive growth [20][24]. Q2 2024 Performance - The Q2 2024 performance of the chemical sector indicates a significant recovery in profitability, with revenue and net profit both showing substantial increases [4][24]. - The gross margin and net profit margin have also improved, indicating a recovery in profitability [24][28]. Key Segments and Future Outlook - Key segments such as adhesives, nylon, carbon black, and coal chemical industries have shown significant profit growth due to the decline in coal prices [4][5]. - The report highlights potential growth in sectors like tire manufacturing, fluorine chemicals, and semiconductor materials, suggesting a focus on companies with strong fundamentals and growth potential [4][5][6].