化工行业周报：国际油价上涨，磷酸一铵、VA、VE价格上涨

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the rise in international oil prices and the increase in prices of diammonium phosphate, vitamin A, and vitamin E, suggesting a focus on large energy state-owned enterprises and related oil service companies for potential investment opportunities [1] - It emphasizes the seasonal demand and inventory replenishment in sub-industries such as chemical fibers, refrigerants, and fertilizers, indicating a potential recovery in the pesticide sector [1] Summary by Sections Industry Performance and Price Changes - As of May 19, 2024, 41.58% of tracked chemical products saw a month-on-month price increase, while 51.49% experienced a decrease, and 6.93% remained stable [5] - The average price of WTI crude oil decreased by 4.3%, while NYMEX natural gas increased by 18.8% [5] Investment Recommendations - The report suggests focusing on large energy state-owned enterprises and oil service companies due to rising commodity prices and potential operational improvements [5] - It recommends monitoring semiconductor and OLED companies that exceeded expectations in their first-quarter reports, as well as the seasonal demand in chemical fibers, refrigerants, and fertilizers [5] - Long-term investment themes include the recovery of the semiconductor and display panel industries, with attention to advanced packaging and OLED penetration [5] Company Highlights - Wanhu Chemical is highlighted as a key stock for May, with a projected EPS of 6.51, 7.79, and 8.54 for 2024-2026 [6][8] - Anji Technology is also noted for its strong revenue growth and profitability, with a projected EPS of 4.92, 6.17, and 7.29 for the same period [10][12]