Soochow Securities·2025-06-08 09:22Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The average prices of pure MDI, TDI, polyethylene, polypropylene, and urea decreased slightly this week, while the average price of polymer MDI increased slightly. The gross margins of pure MDI, polymer MDI, and urea increased, while those of TDI, polyethylene, and polypropylene decreased [2]. - Relevant listed chemical companies include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [2]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - Related Company Performance Tracking - The basic chemical index rose 2.6% in the past week, 4.6% in the past month, 1.8% in the past three months, 7.0% in the past year, and 5.8% since the beginning of 2025. - Wanhua Chemical rose 1.4% in the past week, 2.2% in the past month, -18.1% in the past three months, -36.4% in the past year, and -22.1% since the beginning of 2025. - Baofeng Energy rose 2.9% in the past week, 5.4% in the past month, -0.4% in the past three months, 5.4% in the past year, and 0.3% since the beginning of 2025. - Satellite Chemical rose 1.9% in the past week, -5.9% in the past month, -19.8% in the past three months, -6.3% in the past year, and -9.3% since the beginning of 2025. - Hualu Hengsheng rose 5.2% in the past week, 7.4% in the past month, 6.1% in the past three months, -20.4% in the past year, and 1.3% since the beginning of 2025 [8]. - Related Company Profit Tracking - As of June 6, 2025, Wanhua Chemical had a stock price of 55 yuan, a total market value of 172.3 billion yuan, and net profits attributable to the parent company of 13.033 billion yuan in 2024, 14.254 billion yuan in 2025E, 17.261 billion yuan in 2026E, and 19.257 billion yuan in 2027E. - Baofeng Energy had a stock price of 16 yuan, a total market value of 120.7 billion yuan, and net profits attributable to the parent company of 6.338 billion yuan in 2024, 12.36 billion yuan in 2025E, 14.076 billion yuan in 2026E, and 14.88 billion yuan in 2027E. - Satellite Chemical had a stock price of 17 yuan, a total market value of 57.4 billion yuan, and net profits attributable to the parent company of 6.072 billion yuan in 2024, 7.016 billion yuan in 2025E, 9.147 billion yuan in 2026E, and 11.128 billion yuan in 2027E. - Hualu Hengsheng had a stock price of 22 yuan, a total market value of 46.5 billion yuan, and net profits attributable to the parent company of 3.903 billion yuan in 2024, 4.265 billion yuan in 2025E, 4.69 billion yuan in 2026E, and 5.066 billion yuan in 2027E [8]. - Polyurethane Industry Chain - The average prices of pure MDI, polymer MDI, and TDI were 17,888 yuan/ton, 16,075 yuan/ton, and 12,450 yuan/ton respectively, with week-on-week changes of -13 yuan/ton, +15 yuan/ton, and -63 yuan/ton. The gross margins were 4,663 yuan/ton, 3,856 yuan/ton, and 920 yuan/ton respectively, with week-on-week changes of +40 yuan/ton, +47 yuan/ton, and -283 yuan/ton [8]. - Oil, Gas, and Olefin Industry Chain - The average prices of ethane, propane, power coal, and naphtha were 1,190 yuan/ton, 4,257 yuan/ton, 518 yuan/ton, and 4,025 yuan/ton respectively, with week-on-week changes of -53 yuan/ton, -51 yuan/ton, -8 yuan/ton, and -34 yuan/ton. - The average price of polyethylene was 7,790 yuan/ton, with a week-on-week decrease of 77 yuan/ton. The theoretical profits of ethylene cracking, CTO, and naphtha cracking to produce polyethylene were 1,272 yuan/ton, 1,858 yuan/ton, and 167 yuan/ton respectively, with week-on-week changes of +39 yuan/ton, -35 yuan/ton, and -16 yuan/ton. - The average price of polypropylene was 7,100 yuan/ton, with a week-on-week decrease of 80 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -118 yuan/ton, 1,599 yuan/ton, and 90 yuan/ton respectively, with week-on-week changes of -7 yuan/ton, -37 yuan/ton, and -18 yuan/ton [2][8]. - Coal Chemical Industry Chain - The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,349 yuan/ton, 1,861 yuan/ton, 4,025 yuan/ton, and 2,428 yuan/ton respectively, with week-on-week changes of +2 yuan/ton, -2 yuan/ton, +0 yuan/ton, and -22 yuan/ton. The gross margins were 446 yuan/ton, 186 yuan/ton, -77 yuan/ton, and 109 yuan/ton respectively, with week-on-week changes of -10 yuan/ton, +2 yuan/ton, +163 yuan/ton, and -68 yuan/ton [2][10]. 3.2 Basic Chemical Weekly Report - 2.1 Basic Chemical Index Trend - No specific content is provided in the text, only the topic is mentioned. - 2.2 Polyurethane Sector - The text mainly presents the price and gross margin trends of pure benzene, pure MDI, polymer MDI, and TDI but does not provide a summary analysis [17][18]. - 2.3 Oil, Gas, and Olefin Sector - The text shows the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic power coal, naphtha, and the profitability of different processes for producing polyethylene and polypropylene but does not provide a summary analysis [26][32][34]. - 2.4 Coal Chemical Sector - The text presents the price and gross margin trends of domestic coking coal, coke, synthetic ammonia, urea, acetic acid, DMF, octanol, caprolactam, and adipic acid but does not provide a summary analysis [41][45][52].