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前4月化学原料和化学制品制造业利润总额1150亿元，TDI、百草枯价格上涨
Tianfeng Securities·2025-06-05 05:13

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The chemical raw materials and chemical products manufacturing industry reported a total profit of 115 billion yuan in the first four months, a decrease of 4.4% year-on-year [1] - The overall profit of industrial enterprises above designated size in China for January to April was 21,170.2 billion yuan, with a year-on-year growth of 1.4% [1][13] - The TDI market continues to rise, supported by cost increases, while the demand remains stable but cautious due to existing inventory levels [3] - The price of paraquat has increased by 4.35% to an average of 12,000 yuan per ton, driven by supply constraints and steady demand [3] Summary by Sections 1. Key News Tracking - The chemical raw materials and chemical products manufacturing industry had a total operating revenue of 29,439.3 billion yuan in the first four months [1] - The mining industry saw a profit decrease of 26.8%, while the manufacturing sector experienced an 8.6% profit increase [1][13] 2. Key Product Price Tracking - TDI and acetic acid prices rose by 2.9% and 1.3% respectively, while other products like rubber and PVC saw price declines [2] - The top five chemical products with price increases included cryolite (+9.1%), ethylene tar (+9.1%), and sulfur (+8.6%) [2] 3. Chemical Sector Performance - The basic chemical sector fell by 0.28%, outperforming the CSI 300 index by 0.8 percentage points [4][16] - Notable sub-industry gains included pesticides (+5.35%) and adhesives (+3.35%) [19] 4. Focused Sub-industry Insights - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants and phosphates, while also highlighting sectors with improving supply-demand dynamics like organic silicon [5] - Recommended companies include Juhua Co., Yuntianhua, and Wanhu Chemical for their respective sectors [5] 5. Price and Spread Monitoring - Among 345 tracked chemical products, 39 saw price increases, while 119 experienced declines [27] - The basic chemical sector's PB ratio is 1.95, compared to the overall A-share PB of 1.45 [25]