基础化工行业周报：聚合MDI价格下降
Soochow Securities·2024-11-24 08:25

Investment Rating - The industry investment rating is "Increase" indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [94]. Core Insights - The average prices for pure MDI, polymer MDI, and TDI are 19,300, 18,140, and 12,600 CNY/ton respectively, with changes of +60, -180, and -160 CNY/ton compared to the previous period [2]. - The gross margins for pure MDI, polymer MDI, and TDI are 6,073, 5,958, and 347 CNY/ton respectively, with changes of +76, -209, and -210 CNY/ton [2]. - In the oil, coal, and gas olefin sector, the average prices for ethane, propane, thermal coal, and naphtha are 1,145, 4,494, 655, and 4,571 CNY/ton respectively, with changes of +91, -50, -5, and +6 CNY/ton [2]. - The average price for polyethylene is 8,365 CNY/ton, showing a decrease of 9 CNY/ton, while the theoretical profits for ethane cracking, CTO, and naphtha cracking for polyethylene are 1,679, 1,889, and -19 CNY/ton respectively [2]. - The average price for polypropylene is 7,300 CNY/ton, remaining unchanged, with theoretical profits for PDH, CTO, and naphtha cracking for polypropylene at -222, 1,378, and -343 CNY/ton respectively [2]. Summary by Sections 1. Basic Chemical Weekly Data Brief - The report provides weekly average prices and gross margins for various chemical products, highlighting significant price changes and profit margins across different sectors [1][2][3]. 2. Polyurethane Sector - The report details the price trends and gross margins for pure MDI, polymer MDI, and TDI, indicating fluctuations in profitability and market dynamics [41][42][43][44][45]. 3. Oil, Coal, and Gas Olefin Sector - The report outlines the pricing trends for ethane, propane, and other related products, along with their theoretical profit margins, reflecting the impact of raw material prices on profitability [48][49][50][58][59]. 4. Coal Chemical Sector - The report discusses the average prices and gross margins for synthetic ammonia, urea, DMF, and acetic acid, showing variations in profitability and market conditions [68][75][78][80].