化工行业周报：国际油价下跌，维生素价格下跌、顺酐价格上涨

Investment Rating - The report rates the chemical industry as "Outperform the Market" [13] Core Views - The report highlights the need to focus on high-demand sectors such as refrigerants and vitamins, while also suggesting to pay attention to undervalued leading companies in the industry and the light hydrocracking sub-sector [13][53] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies for their reform and performance improvement [13][53] - The report notes that the overall macroeconomic outlook is improving, which could benefit various sectors within the chemical industry [13][53] Summary by Sections Industry Dynamics - The report indicates that in the week of December 16-22, 2024, among 101 tracked chemical products, 28 saw price increases, 44 experienced declines, and 29 remained stable [53] - International oil prices have decreased, with WTI crude oil futures closing at $69.55 per barrel, down 2.17% for the week [53] - The report mentions that the demand for gasoline in the U.S. has increased, contributing to a rise in overall refined oil demand [53] Company Performance - The report discusses a specific company that achieved revenue of 1.18 billion yuan in functional wet electronic chemicals in the first half of 2024, marking an 80.94% year-on-year increase [9] - The company is expanding its product lines in various sectors, including advanced cleaning solutions and electroplating liquids, and is making progress in establishing a self-controlled supply of core raw materials [9] - The company’s revenue for the first half of 2024 was 797 million yuan, a 38.68% increase year-on-year, although net profit saw a slight decline [27][28] Price Trends - The report notes that vitamin prices have decreased, with the average market price for VA at 133 yuan per kilogram, down 8.28% from the previous week, but up 92.75% year-to-date [53] - Conversely, the price of maleic anhydride has increased, with the average market price reaching 6,971 yuan per ton, an 18.99% increase from the previous week [53] Investment Recommendations - The report recommends focusing on sectors with sustained demand growth, such as fluorochemicals and animal nutrition, as well as companies involved in semiconductor materials due to potential recovery [53] - Specific companies highlighted for investment include China Petroleum, China Oilfield Services, and Wanhu Chemical, among others [53]