Summary of the Conference Call on Wanhua Chemical and the Polyurethane Industry Company Overview - **Company**: Wanhua Chemical - **Industry**: Polyurethane Key Points and Arguments Market Position and Growth Projections - Wanhua Chemical's MDI market share is expected to increase to approximately 50% within three years, with projections for MDI market share rising from 28% to 35% in the next few years, and TDI market share expected to grow from over 40% to around 50% in three years [1][2] - The business segments of polyether polyols and polyester polyols are anticipated to maintain double-digit growth alongside the expansion of MDI and TDI [1][2] Cost Advantages and Production Capacity - Wanhua Chemical has a significant cost advantage in the MDI sector, with production costs lower than peers by 1,500 to 2,000 RMB per ton, attributed to a well-established industrial chain and by-product processing capabilities [1][3] - Current MDI capacity stands at 3.8 million tons, with a 700,000-ton upgrade project in Fujian expected to be completed by Q2 2026, raising capacity to 4.5 million tons per year [1][6] - TDI capacity is currently 1.11 million tons, projected to reach 1.44 million tons by the end of 2024 with the commissioning of a 330,000-ton facility in Fujian [1][6] Price Trends and Market Dynamics - In Q1 2025, pure MDI prices fell to 17,450 RMB per ton, down from 18,700 RMB in Q1 2024, with TDI prices at 11,800 RMB per ton, reflecting a 16% year-on-year decline [1][5] - The global TDI market is undergoing a transformation, with foreign companies exiting and domestic firms expanding capacity, leading to an increase in supply and a decrease in prices [1][7] Financial Performance - Wanhua Chemical reported a 6.7% year-on-year decrease in revenue for Q1 2025, totaling 43 billion RMB, and a 25% decline in net profit attributable to shareholders, amounting to 3.1 billion RMB [1][11] - The company is expected to face pressure in Q2 2025 due to macroeconomic conditions, despite long-term growth potential in the polyurethane business [1][11][17] Emerging Demand and Future Growth Areas - Future demand for polyurethane products is expected to be driven by applications in formaldehyde-free boards, photovoltaic frames, and automotive interiors, with significant growth in the demand for MDI from formaldehyde-free boards increasing from less than 50,000 tons in 2020 to 230,000 tons in 2023 [1][14] - The company is capturing new downstream demand areas, adding approximately 200,000 tons in sales annually [1][14] Valuation and Economic Considerations - The petrochemical business is suggested to be valued based on price-to-book (PB) ratios, with comparisons to other projects indicating a favorable valuation [1][15] - Current macroeconomic conditions are impacting short-term profitability, but historical data suggests that Wanhua can capture new demand and grow when the macro environment improves [1][17] Additional Important Insights - The prices of hard and soft foam polyurethane products are closely linked to macroeconomic conditions, with no significant improvement trends observed [1][9][12] - The decline in HDI prices, currently between 25,000 and 29,000 RMB per ton, is influenced by the recovery of overseas supply and domestic MDI production [1][10]

Core Viewpoint - The collaboration between Sileck and Yantai Lihua Power Technology marks a significant step towards the maturity of the cylindrical battery industry, with increasing positive signals in the supply chain and a trend towards normalized upstream and downstream order cooperation [1][4]. Group 1: Strategic Cooperation - Sileck signed a strategic cooperation agreement with Yantai Lihua Power to collaborate on the development and market promotion of the 46 series cylindrical batteries, including components and automation services [1]. - The agreement includes a plan for Yantai Lihua to purchase 200 million sets of cylindrical battery components over the next five years, translating to an estimated order value of approximately 800-1,000 million yuan [1]. Group 2: Company Background - Yantai Lihua Power was established on March 9, 2023, with a registered capital of 200 million yuan, focusing on high energy density, long cycle life, and high-rate performance cylindrical batteries [2]. - The company is backed by five major shareholders, including state-owned enterprises, with a significant investment of 10 billion yuan in a 25GWh cylindrical battery project in Yantai [2]. Group 3: Production Capacity and Financial Projections - The first phase of the project is expected to be operational by June 2025, with a production capacity of 4GWh for cylindrical lithium iron phosphate cells, generating an annual output value of 2.2 billion yuan and tax revenue of 300 million yuan [3]. Group 4: Market Trends and Future Outlook - Sileck's collaboration with Yantai Lihua Power signifies recognition of its 46 series battery shell, which benefits from advanced production techniques and high material utilization [4]. - The demand for cylindrical battery shells is growing significantly, with Sileck already engaging in deep cooperation with major companies like CATL and Tesla, indicating a robust market potential [5]. - The global market for lithium battery structural components is projected to exceed 65 billion yuan in the next two years, with Sileck poised to leverage its DWI metal precision processing technology for new growth opportunities [5].

业 及 产 业 2025 年 05 月 13 日 24Q4 及 25Q1 公募基金化工重仓股配置环比下 降，原油标的及传统白马配置下滑，制冷剂、新 材料提升 看好 ——24Q4 及 25Q1 公募基金化工重仓股分析 相关研究 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 联系人 赵文琪 (8621)23297818× zhaowq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 基础化工 - ⚫ 2424Q4 和 2025Q1 全国重仓化工整体配置环比持续下降。全国来看，2024Q4 单季度重仓 化工/重仓总体比重环比下滑 0.33pct 至 2.50%，2025Q1 单季度重仓化工/重仓总体比重环比 再度下滑 0.51pct 至 1.99%，处于历史中枢偏下位置。从全国各区域配置上看，各区域配置 比例有所下滑，华东地区 202 ...

| 证券代码：600309 证券简称：万华化学 公告编号：临 | | 2025-26 号 | | | | | --- | --- | --- | --- | --- | --- | | 万华化学集团股份有限公司 | | | | | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， | | | | | | | 并对其内容的真实性、准确性和完整性承担个别及连带责任。 | | | | | | | 万华化学集团股份有限公司（以下简称"公司"）于 | | | | 2023 年 3 月 | 18 日召开的 | | 第八届董事会 2023 年第一次会议审议通过了《关于申请非金融企业债务融资工具 | | | | | | | （DFI）到期继续注册的议案》，并经公司于 12 日召开的 | | | 2023 年 | 5 月 | 2022 年度股 | | 东大会表决通过，同意公司向中国银行间市场交易商协会申请到期继续注册非金融 | | | | | | | 企业债务融资工具（DFI），并在中国境内发行超短期融资券、短期融资券、中期 | | | | | | | 票据、永续票据、资产支持票据、绿色 ...

证券代码：600309 证券简称：万华化学 公告编号：临 2025-26 号 万华化学集团股份有限公司 2025 年度第二期中期票据（科技创新债）发行结果公告 公司根据自身资金计划安排和银行间市场情况，于 2025 年 5 月 12 日在全国银 行间市场发行了 2025 年度第二期中期票据（科技创新债），募集资金已于 2025 年 5 月 12 日到账。发行结果如下： | 名称 | 万华化学集团股份有限公司2025年 | 简称 | 25万华化学 MTN002（科创 | | --- | --- | --- | --- | | | 度第二期科技创新债券 | | 债） | | 代码 | 102582072 | 期限 | 3年 | | 起息日 | 2025年05月12日 | 兑付日 | 2028年05月12日 | | 计划发行总额 | 4亿元 | 实际发行总额 | 4亿元 | | 发行利率 | 1.91% | 发行价格 | 100元/百元面值 | | --- | --- | --- | --- | | 主体评级 | AAA | 评级机构 | 联合资信评估股份有限公司 | | 主承销商 | 中国光大银行股份有限公司 | ...

Group 1 - The core viewpoint is that overseas polyurethane companies faced pressure on volume and price in Q1 2025, leading to a general decline in profits. However, MDI/TDI prices have stabilized and rebounded by the end of April, with supply-side adjustments and progress in US-China trade negotiations suggesting a potential recovery in Q2 2025 for the Asia-Pacific polyurethane business [1][2]. - Major companies reported revenue declines in Q1 2025: BASF and Covestro both saw a 1% decrease, Huntsman a 4% decrease, and Dow a 3% decrease. EBITDA also fell significantly, with BASF down 18%, Covestro down 50%, Huntsman down 11%, and Dow down 32%. The overall demand weakness and price pressures were the main reasons for the revenue decline [1]. - The North American polyurethane market has become increasingly reliant on imports, particularly MDI, with about 500,000 tons imported annually, 70% from China and 30% from Europe. The impact of tariffs and anti-dumping duties is expected to reduce direct exports to the US, shifting trade flows towards Asia-Pacific or Europe [2]. Group 2 - Companies are accelerating asset disposals to cut costs, with BASF proceeding with the divestment of its coatings business and closing a production line in Germany. Huntsman plans to close two downstream factories in Europe and one in Canada, while Dow is shutting down its chlor-alkali/ethylene asset in Schkopau and a silicone plant in the UK [3]. - Earnings guidance remains cautious, with BASF maintaining an EBITDA target of €8-8.4 billion for 2025, Covestro expecting €200-300 million for Q2 2025, Huntsman projecting $35-50 million for Q2 2025, and Dow reducing capital expenditures by $1-2.5 billion [3].

金十图示：2025年05月13日（周二）富时中国A50指数成分股午盘收盘行情一览：银行股全面走高，汽车整车、券商、消费电子 板块走低 中国中车 国电梯瑞 面 2092.15亿市值 1828.91亿市值 3.81亿成交额 2.99亿成交额 7.29 22.77 -0.01(-0.14%) -0.19(-0.83%) @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM +0.16(+2.15%) +0.07(+1.33%) +0.04(+1.03%) 保险 中国太保 中国平安 12.00 中国人保 ■AN 3290.26亿市值 3074.66亿市值 9518.49亿市值 3.79亿成交额 12.36亿成交额 1.81亿成交额 52.27 7.44 31.96 -0.18(-0.56%) -0.33(-0.63%) -0.04(-0.53%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19969.90亿市值 5159.05亿市值 2506.17亿市值 21.61亿成交额 2.75亿成交额 10.57亿成交额 132.91 1589.71 205.43 -14.79(-0.92%) -0.63(-0. ...

联合研究丨行业点评 [Table_Title] 中美关税下调，周期哪些行业受益？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 5 月 12 日，中美发布《中美日内瓦经贸会谈联合声明》，本次中美经贸高层会谈取得实质性进 展，大幅降低双边关税水平，美方取消了共计 91%的加征关税，中方相应取消了 91%的反制关 税；美方在初始的 90 天内暂停实施 24%的"对等关税"，中方也相应在初始的 90 天内暂停实 施 24%的反制关税，对中美贸易往来的大宗产品带来显著利好，具体影响几何？ 分析师及联系人 [Table_Author] 王鹤涛 范超 韩轶超 SAC：S0490512070002 SAC：S0490513080001 SAC：S0490512020001 SFC：BQT626 SFC：BQK473 SFC：BQK468 马太 魏凯 张韦华 SAC：S0490516100002 SAC：S0490520080009 SAC：S0490517080003 SFC：BUT911 SFC：BUT964 SFC：BQT627 张弛 SA ...

Group 1 - The core viewpoint of the article is that Wanhua Chemical has outlined its investment plans for 2024 and 2025, focusing on expanding its production capacity and developing new materials, particularly in the polyurethane and high-performance materials sectors [1][2]. - In 2024, Wanhua Chemical plans to invest a total of 454 billion yuan, with an actual investment completion of 428.3 billion yuan, covering projects related to polyurethane and high-performance materials [1]. - For 2025, the planned investment is 294.3 billion yuan, with a focus on key projects such as MDI capacity expansion and the industrialization of green functional additives and battery materials [1]. Group 2 - The first project mentioned is the HEMA Phase II technical transformation and capacity expansion project, which aims to increase the HEMA production capacity by 20,000 tons per year, bringing the total capacity to 55,000 tons per year [3][4]. - HEMA is a functional organic polymer monomer widely used in medical high polymer materials and various applications such as automotive coatings and 3D printing [4][5]. - The second project is the expansion of the lemon aldehyde HCTA and BRA units, which will increase the MDO capacity from 5,400 tons to 10,000 tons per year [7][8]. - Lemon aldehyde is an important fine chemical widely used in flavors, cosmetics, and pharmaceuticals, particularly as a key intermediate in vitamin A production [7][8].

宏观政策发力，投资品如何布局？20250512 摘要 • 红利策略在经济下行背景下凸显重要性，叠加公募基金高质量发展行动方 案的推动，红利资产配置需求增加，成为跑赢基准的趋势。关注分红比例 提高的公司，将其作为底仓配置。 • AI 应用领域虽催化剂众多，但兑现需时，预期偏高。经济压力可能导致二 次调整，但幅度有限。AI 应用仍是主线，关注长期发展潜力。 • 油价下跌是城市燃气降本的主要逻辑，2024 年进口 LNG 价格中枢下降。 若 LNG 价格进一步下跌，国内现货具备赚取价差空间，看好降本带来的盈 利能力改善。 • 黄金价格受地缘冲突和美国经济韧性驱动，高位震荡。利润框架向信用框 架切换是长期上涨背景，短期调整是买入机会。板块估值仍偏低，关注龙 头公司业绩。 • 有色金属板块中，铜、铝等品种估值偏低。中国加码逆周期政策降低关税 影响，回调风险可控。关注长期景气高位且具备分红属性的品种，以及受 政策驱动的小金属。 Q&A 当前宏观政策持续发力，资本市场在国家政策中的定位如何变化？对投资策略 有何影响？ 公用事业行业一季度表现如何？各子领域有哪些差异？ 一季度能源需求较弱，无论是天然气还是电力需求增速均有所下 ...