基础化工行业深度分析：行业景气复苏态势初现，二季度经营态势明显改善

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [5]. Core Insights - The basic chemical industry shows signs of recovery, with significant improvements in operational performance in the second quarter of 2024. Revenue and profit indicators have improved compared to the first quarter, indicating a rebound from the industry's low point [5][10]. - The overall revenue for the basic chemical industry in the first half of 2024 reached 12,426.70 billion, a year-on-year increase of 1.11%, while net profit was 766.14 billion, a slight decline of 1.65% [10][11]. - The profitability of the industry has been on the rise since the second half of 2023, with the gross profit margin continuously improving since the third quarter of 2023 [5][20]. Summary by Sections 1. Industry Performance - The basic chemical industry experienced low-level operations in the first half of 2024, but signs of improvement are emerging. Revenue and operating profit showed slight growth, while net profit saw a minor decline, indicating a recovery from the previous quarter's performance [5][10]. - In the second quarter of 2024, the industry achieved a revenue of 6,636.09 billion, a year-on-year increase of 5.76% and a quarter-on-quarter increase of 14.71% [11][12]. 2. Profitability Trends - The overall gross profit margin for the basic chemical industry in the first half of 2024 was 17.92%, an increase of 0.44 percentage points compared to the same period in 2023 [20][22]. - In the second quarter of 2024, the gross profit margin rose to 18.04%, reflecting a continuous upward trend over four consecutive quarters [22]. 3. Financial Indicators - The financial indicators of the basic chemical industry remain stable, with a significant improvement in operating cash flow in the first half of 2024. The asset-liability ratio has remained stable, and the growth rate of construction projects has slowed down [5][20]. - The cash flow from operating activities has improved significantly, indicating better operational efficiency [5][20]. 4. Sub-industry Performance - In the first half of 2024, 21 out of 33 sub-industries in the basic chemical sector reported revenue growth, with notable performances from nylon, viscose, rubber additives, nitrogen fertilizers, and chlor-alkali industries [14][15]. - The profitability of most sub-industries has improved, with 18 out of 33 sub-industries experiencing a year-on-year increase in gross profit margin [25][26].