基础化工周报：纯MDI价格继续上升-20250817

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the polyurethane sector, this week, the average prices of pure MDI, polymer MDI, and TDI were 17,940 yuan/ton, 15,790 yuan/ton, and 16,004 yuan/ton respectively, with week - on - week changes of +100 yuan/ton, - 130 yuan/ton, and - 392 yuan/ton. Their respective gross profits were 4,572 yuan/ton, 3,479 yuan/ton, and 4,497 yuan/ton, with week - on - week changes of +152 yuan/ton, +2 yuan/ton, and - 358 yuan/ton [2]. - In the oil, gas, and olefin sector: ① This week, the average prices of ethane, propane, steam coal, and naphtha were 1,102 yuan/ton, 3,966 yuan/ton, 495 yuan/ton, and 4,059 yuan/ton respectively, with week - on - week changes of - 28 yuan/ton, +68 yuan/ton, +0 yuan/ton, and - 69 yuan/ton. ② The average price of polyethylene was 7,777 yuan/ton, a week - on - week decrease of 3 yuan/ton. The theoretical profits of ethylene cracking, CTO, and naphtha cracking to produce polyethylene were 1,343 yuan/ton, 1,911 yuan/ton, and 102 yuan/ton respectively, with week - on - week changes of +25 yuan/ton, - 3 yuan/ton, and +66 yuan/ton. ③ The average price of polypropylene was 7,000 yuan/ton, unchanged from the previous week. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were 53 yuan/ton, 1,596 yuan/ton, and - 32 yuan/ton respectively, with week - on - week changes of - 60 yuan/ton, +0 yuan/ton, and +69 yuan/ton [2]. - In the coal chemical sector, this week, the average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,289 yuan/ton, 1,750 yuan/ton, 4,095 yuan/ton, and 2,205 yuan/ton respectively, with week - on - week changes of - 134 yuan/ton, - 23 yuan/ton, +70 yuan/ton, and - 7 yuan/ton. Their respective gross profits were 359 yuan/ton, 67 yuan/ton, - 190 yuan/ton, and - 91 yuan/ton, with week - on - week changes of - 149 yuan/ton, - 32 yuan/ton, +82 yuan/ton, and - 10 yuan/ton [2]. - Relevant listed companies in the chemical industry include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, and New Hope Liuhe [2]. 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing - Related Company Price Change Tracking: As of August 15, 2025, the basic chemical index had a weekly increase of 2.5%, a monthly increase of 8.7%, a three - month increase of 13.0%, a one - year increase of 39.9%, and a year - to - date increase of 19.1%. Among the related companies, Wanhua Chemical had a weekly increase of 3.6%, a monthly increase of 14.0%, a three - month increase of 9.5%, a one - year decrease of 9.2%, and a year - to - date decrease of 10.5%. Baofeng Energy had a weekly increase of 0.3%, a monthly decrease of 2.0%, a three - month decrease of 0.6%, a one - year increase of 5.7%, and a year - to - date decrease of 5.3%. Satellite Chemical had a weekly decrease of 0.4%, a monthly increase of 8.5%, a three - month increase of 4.9%, a one - year increase of 23.2%, and a year - to - date increase of 3.9%. Hualu Hengsheng had a weekly increase of 2.7%, a monthly increase of 14.2%, a three - month increase of 17.8%, a one - year increase of 14.1%, and a year - to - date increase of 14.8%. New Hope Liuhe had a weekly increase of 0.7%, a monthly increase of 4.9%, a three - month increase of 2.9%, a one - year increase of 19.5%, and a year - to - date increase of 7.2% [8]. - Related Company Profit Tracking: As of August 15, 2025, for Wanhua Chemical, with a stock price of 63 yuan and a total market value of 197.2 billion yuan, the归母 net profits for 2024A, 2025E, 2026E, and 2027E were 13.033 billion yuan, 13.676 billion yuan, 16.777 billion yuan, and 19.539 billion yuan respectively, with corresponding PEs of 15.1, 14.4, 11.8, and 10.1, and a PB of 2.0 in 2025E. Similar data are provided for other companies such as Baofeng Energy, Satellite Chemical, Hualu Hengsheng, and New Hope Liuhe [8]. - Polyurethane Industry Chain: This week, the average price of pure MDI was 17,940 yuan/ton, a week - on - week increase of 100 yuan/ton, with a seven - year quantile of 21%, and a gross profit of 4,572 yuan/ton, a week - on - week increase of 152 yuan/ton, with a seven - year quantile of 60%. Similar data are presented for polymer MDI and TDI [8]. - Oil, Gas, and Olefin Industry Chain: - Raw Material Prices: This week, the average price of ethane was 21 cents/gallon (1,102 yuan/ton), a week - on - week decrease of 0.54 cents/gallon (28 yuan/ton), with a ten - year quantile of 31% (39%). Similar data are provided for propane, NYMEX natural gas, Brent crude oil, naphtha, steam coal, and methanol [8]. - Profit Comparison of Different Routes: For ethylene cracking to produce polyethylene, the profit was 1,343 yuan/ton, a week - on - week increase of 25 yuan/ton, a decrease of 24 yuan/ton compared to the beginning of the year, and a decrease of 346 yuan/ton year - on - year. Similar profit data are presented for other routes such as naphtha cracking and CTO [8]. - C2 and C3 Segments and Coal Chemical Industry Chain: Detailed price, price change, quantile, and profit data are provided for various products in the C2 segment (e.g., ethylene, HDPE), C3 segment (e.g., propylene, polypropylene), and coal chemical industry chain (e.g., coking coal, coke, traditional coal chemical products, and new materials) [10]. 3.2 Basic Chemical Weekly Report - Basic Chemical Index Trend: No specific content provided in the given text other than the mention of the topic [12]. - Polyurethane Sector: The report presents the price trends of pure benzene, pure MDI, polymer MDI, and TDI, as well as the price and profit data of polymer MDI, TDI, and pure MDI [17][18][21]. - Oil, Gas, and Olefin Sector: It includes the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic steam coal, naphtha, and crude oil, as well as the profit data of different production routes such as ethane cracking to produce polyethylene, PDH to produce polypropylene, coal - based production of PE and PP, and naphtha - based production of PE and PP [25][26][34]. - Coal Chemical Sector: The report shows the price trends of domestic coking coal, coke, acetic acid, DMF, synthetic ammonia, urea, octanol, caprolactam, adipic acid, and PA6, as well as their corresponding profit data [42][49][54].