基础化工行业简评报告：行业单季度业绩改善，未来供需格局有望好转

Investment Rating - The industry investment rating is "Positive" indicating that the industry is expected to outperform the overall market performance [5]. Core Viewpoints - In the first half of 2024, the basic chemical industry experienced a year-on-year decline in net profit attributable to shareholders, but there was a quarter-on-quarter improvement in performance in the second quarter [1]. - The total operating revenue for the basic chemical industry reached 1,061.187 billion yuan, a year-on-year increase of 1.74%, while the net profit attributable to shareholders was 63.264 billion yuan, a year-on-year decrease of 4.86% [1]. - The industry maintained growth in construction projects, with ongoing projects amounting to 367.988 billion yuan as of the end of the second quarter of 2024, an increase of 28.1 billion yuan compared to the end of 2023 [1]. - Capital expenditure in the industry saw a year-on-year decline of 13.62%, totaling 114.051 billion yuan in the first half of 2024 [1]. - The report suggests focusing on leading companies with strong competitive advantages and sectors with supply constraints, such as refrigerants and phosphorus chemicals [1]. Summary by Sections Revenue and Profit Performance - The basic chemical industry achieved total operating revenue of 566.197 billion yuan in the second quarter of 2024, a year-on-year increase of 5.91% and a quarter-on-quarter increase of 14.39% [1]. - The net profit for the second quarter was 34.324 billion yuan, reflecting a year-on-year increase of 4.01% and a quarter-on-quarter increase of 18.60% [1]. Construction Projects and Capital Expenditure - The ongoing construction projects in the industry continued to grow, with a total of 367.988 billion yuan in projects as of the second quarter of 2024, marking a growth of 28.1 billion yuan from the end of 2023 [1]. - Capital expenditure in the industry decreased by 13.62% year-on-year, totaling 114.051 billion yuan in the first half of 2024 [1]. Investment Recommendations - The report recommends focusing on leading companies such as Wanhua Chemical, Hualu Hengsheng, Baofeng Energy, and Satellite Chemical, which are expected to maintain strong profitability and investment value [1]. - It also highlights the potential of the refrigerant sector due to supply constraints and the phosphorus chemical sector driven by policy support and demand [1].