基础化工行业2025H1业绩综述：整体业绩向好趋势显现，聚焦景气度上扬标的

Investment Rating - The report maintains a positive outlook on the basic chemical industry, focusing on undervalued stocks with performance potential and improving industry conditions [4]. Core Insights - The basic chemical sector showed a revenue growth of +3.23% year-on-year in H1 2025, an increase of 4.45 percentage points compared to the previous year. However, net profit decreased by -2.00%, improving by 2.66 percentage points year-on-year [1][10]. - In Q2 2025, revenue growth was +0.48%, down by 2.87 percentage points year-on-year and down 5.94% quarter-on-quarter. Net profit saw a decline of -6.50% year-on-year, down 7.57 percentage points year-on-year and down 9.66% quarter-on-quarter [1][11]. - A total of 282 companies in the sector achieved positive growth in net profit after deducting non-recurring items, while 120 companies reported losses [1][7]. Summary by Sections 1. Financial Data Review for H1 2025 - The basic chemical sector's revenue growth rate for H1 2025 was +3.23%, with a net profit growth rate of -2.00%. The annualized return on equity (ROE) was 3.25%, down by 0.07 percentage points year-on-year, and the gross margin was 17.77%, down by 0.17 percentage points year-on-year [10][11]. - In Q2 2025, the sector's revenue growth was +0.48%, with a net profit growth rate of -6.50%. The gross margin for Q2 was 16.70%, down by 0.85 percentage points year-on-year [11]. 2. Positive Outlook on Specific Sub-sectors - The report highlights several sub-sectors with strong investment potential: - Polyester Filament: The industry is expected to see improved supply-demand balance as new capacity comes online, with leading companies like Tongkun Co., New Fengming, and Hengyi Petrochemical recommended [2]. - Refrigerants: With supply constraints and stable demand, companies such as Juhua Co., Sanmei Co., and Yonghe Co. are expected to maintain high growth [2]. - TDI: The industry is experiencing improved profitability due to supply tightness, with recommendations for Wanhua Chemical and Cangzhou Dahua [2]. - Silicone: After a period of price pressure, the sector is expected to recover, with companies like Xin'an Chemical, Xingfa Group, and Hesheng Silicon Industry highlighted [2]. - Compound Fertilizers: The sector is projected to benefit from long-term demand growth and improved industry concentration, with New Yangfeng, Yuntu Holdings, and Stanley recommended [2]. - Pesticides: The sector has shown significant revenue and profit improvement, with companies like Yangnong Chemical and Runfeng Co. recommended [2].