基础化工行业2024年报及2025年一季报总结：2024年业绩延续下滑态势，2025年一季度经营明显改善

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [4][8]. Core Insights - The basic chemical industry is currently operating at a low level of prosperity, with signs of improvement in the first quarter of 2025. The total revenue for 2024 was 25,430.03 billion yuan, a slight increase of 0.01% year-on-year, while net profit decreased by 13.46% to 1,172.68 billion yuan [11][12]. - In the first quarter of 2025, the industry showed significant improvement in both year-on-year and quarter-on-quarter performance, with total revenue reaching 6,180.11 billion yuan, a year-on-year increase of 6.87% [12][18]. - The profitability of the industry is stabilizing, with the overall gross margin for the first quarter of 2025 at 17.55%, showing a quarter-on-quarter increase of 0.85% [20][26]. Summary by Sections Industry Performance - The basic chemical industry experienced a decline in profits in 2024, but the first quarter of 2025 showed significant improvements across most sub-industries, indicating a marginal recovery in industry prosperity [11][12]. - In 2024, 17 out of 33 sub-industries saw a year-on-year increase in net profit, while 16 sub-industries experienced a decline, highlighting a significant divergence in performance [12][15]. Profitability Analysis - The overall gross margin for the basic chemical industry in 2024 was 17.33%, a slight decrease from the previous year, but the first quarter of 2025 saw a recovery with a gross margin of 17.55% [19][20]. - The net profit margin for the first quarter of 2025 was 6.28%, reflecting a year-on-year decline but a quarter-on-quarter improvement [20][26]. Financial Indicators - The industry maintained a stable asset-liability ratio, with a slight decrease in operating cash flow observed in the first quarter of 2025 [8][20]. - The scale of construction projects in the industry has begun to decline, indicating a slowdown in investment activity [8][20]. Sub-Industry Insights - The potassium fertilizer and phosphorus chemical sectors are highlighted as areas of potential investment due to their strong resource attributes and improving supply-demand dynamics [5][8]. - Specific sub-industries such as chlor-alkali, dyeing chemicals, rubber products, and compound fertilizers showed relatively better performance in terms of net profit growth in 2024 [12][15].