基础化工行业2024年报及2025一季报业绩综述

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [3][4] Core Viewpoints - The basic chemical industry showed a year-on-year revenue growth of 6.49% in Q1 2025, with total revenue reaching 605.93 billion yuan, despite a quarter-on-quarter decline of 5.44% [4][11] - The overall supply-demand situation in the industry remains challenging, with a need for improvement in market conditions [4][11] - The report highlights strong performance in specific segments such as fluorochemicals and synthetic resins, which have shown good year-on-year and quarter-on-quarter results [4][26] Summary by Sections Overall Performance - In Q1 2025, the basic chemical sector's total revenue was 605.93 billion yuan, up 6.49% year-on-year but down 5.44% quarter-on-quarter [4][11] - The average chemical product price index in China saw a year-on-year decline of 5.79% in Q1 2025, indicating a weak pricing environment [11][13] - The net profit attributable to shareholders for Q1 2025 was 36.91 billion yuan, reflecting a year-on-year increase of 5.18% and a significant quarter-on-quarter increase of 351.74% [4][13] Sub-Sector Performance - The report identifies strong revenue growth in sub-sectors such as modified plastics (+26.86%), synthetic resins (+26.17%), and compound fertilizers (+26.09%) in Q1 2025 [27][29] - Conversely, sectors like soda ash (-14.09%) and carbon fiber (-13.69%) experienced significant declines in revenue [28][29] Profitability - The gross margin for the basic chemical sector in Q1 2025 was 17.55%, a slight year-on-year decrease of 0.25 percentage points but an increase of 0.84 percentage points from the previous quarter [4][16] - The net profit margin for the sector was 6.32%, down 0.12 percentage points year-on-year but up 5.09 percentage points quarter-on-quarter [4][16] Fund Holdings - As of the end of Q1 2025, the market value of stocks held by public equity funds in the basic chemical sector accounted for 2.45% of their total holdings, marking a decrease of 0.19 percentage points from the end of Q4 2024, the lowest level since 2020 [4][40]